Lansdowne share price jumps 15% on sale reaction

Irish exploration firm Lansdowne Oil & Gas saw its share price jump by nearly 15% yesterday on the back of it attracting a development partner for its Celtic Sea assets.

The AIM-listed firm, which is a junior partner at the highly-rated Barryroe field off the Cork coast, has sold an 80% interest in its Midleton/East Kinsale gas prospect to Kinsale Energy; a subsidiary of Malaysian group Petronas.

Under the terms of the deal, Kinsale will take over 80% ownership of the gas prospect in return for covering Lansdowne’s share of the cost of any drilling and well-testing programme up to $2.5m (€2m), with Lansdowne having a free carry.

“Securing a farm-in partner for Midleton is a critical first step to delivering our objective of a multi-well programme in the Celtic Sea which, in addition to exploration wells, we expect to also include further appraisal/pre-development drilling on the Barryroe oil field,” said Lansdowne’s chief executive Steve Boldy yesterday, adding that the company now looked forward to drilling.

The Midleton prospect lies around 20km north-east of the Kinsale Head gas field — which contains about 1.7 trillion cubic feet of gas; and 20km east of the Ballycotton gas field which contains around 60 billion cubic feet of gas.

Lansdowne’s London-based share price was up by 14.94%, yesterday, at 12.5p.


We know porridge is one of the best ways to start the day but being virtuous day in, day out can be boring.The Shape I'm In: Food blogger Indy Power

Sheila O’Flanagan can’t pin down an exact number of books she has written.First lady of fiction: Sheila O'Flanagan is happy to be accessible

This might not be the most entertaining topic but it is that time of year when colds, flus and nasty bugs enter classrooms and homes.Mum's the Word: Top tips for keeping nasty bugs and illnesses at bay

Laura Whalen is a Munster-based dollmaker and mother-of-five, and the founder of the Bábóg project, a community crafting drive to make a commemorative doll for all the babies born in Irish mother and baby homes.Made in Munster: Meet the West Cork dollmaker who uses bio-degradable materials for her craft

More From The Irish Examiner