Lansdowne Oil & Gas PLC - North Celtic Sea-focused oil and gas exploration company - Says SpotOn Energy Ltd, with which it signed a farm-out agreement in November, has not yet received funding for the Barryroe oil & gas field, part of the SEL1/11 licence. Notes Lansdowne holds a 20% interest in SEL1/11 through its subsidiary Lansdowne Celtic Sea Ltd, with operator of the licence EXOLA DAC, a subsidiary of Providence Resources, holding the remaining 80%. Says the agreement is conditional upon SpotOn receiving a minimum of USD166 million in funding for the early development programme, and getting Irish government approval.
"The funding has not so far been secured and SpotOn is negotiating a restructuring of the funding component. Accordingly, the Barryroe partners have agreed to allow an extension of two months to April 30, 2021 for the funding to be put in place," says Lansdowne Oil & Gas.
Current stock price: 0.98 pence, down 19% on Monday
Year-to-date change: down 21%
By Zoe Wickens; zoewickens@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.