Irish exploration firm Lansdowne Oil and Gas has shelved its sales process after the successful raise of £2.1m (€2.7m), allowing it to pay off debt and meet working capital requirements into next year.

Troubled Irish exploration firm Lansdowne Oil and Gas is seeking shareholder permission to issue new shares in the company in a bid to raise fresh equity to pay off debt and remain afloat.

Troubled Irish exploration firm Lansdowne Oil and Gas has been dealt a fresh blow with the announcement two of its exploration licences in the Celtic Sea have expired following failure to find farm-out partners to further develop the assets.

Management at Lansdowne Oil and Gas has maintained the company still has a future, despite highly anticipated drilling at one of its assets in the Celtic Sea failing to find any commercial potential.

Ireland’s exploration sector is set to receive a timely boost, with drilling primed to begin at one of Lansdowne Oil & Gas’ Celtic Sea assets in August.