UK firm takes 13% stake in Barryroe partner

By Geoff Percival

UK corporate finance house Brandon Hill Capital is to take a near 13% stake in Dublin-based exploration company Lansdowne Oil and Gas, the junior partner in the Barryroe field located off the Cork coast.

The move forms part of Lansdowne’s latest refinancing effort, which will ultimately see it raise £900,000 (€1.03m) from a share placing in order to cover its share of costs at Barryroe and ongoing working capital requirements.

Providence Resources’ newly proposed Barryroe farm-out agreement will halve its stake in the field to 40% and Lansdowne’s holding will drop from 20% to 10%.

Brandon Hill has been a major lender to Lansdowne for some time. Its £350,000 loan facility, agreed last summer, will now be converted into equity, giving it more than 12.6% of the company.

LC Capital Master Fund will own 29% of Lansdowne after the placing.