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.

Irish exploration company, Lansdowne Oil & Gas has said latest seismic studies on its assets in the Celtic Sea have yielded positive signs; “substantially” de-risking the projects ahead of anticipated drilling later this year and developmental partners coming on board.

THE largest concerted oil and gas drilling campaign ever carried out off the coast of Ireland will begin this summer in search of reserves which a government study has suggested could be worth as much as $1 trillion at current prices.