Sea Discovery

Lansdowne Oil & Gas Announces Its First Half Interim Results

Image: Lansdowne Lansdowne Oil & Gas announced its interim results for the six months to 30 June 2012.
Operational highlights
Barryroe appraisal well 48/24-10z successfully tested at a stabilized rate of 3,514 bopd and 2.93 mmscfgd (4,000boepd)
Barryroe updated P50 oil in place estimates currently total 1,043MMBO for the Middle & Basal Wealden reservoirs. Lansdowne 20% interest.
Barryroe additional potential identified in Lower Wealden and Purbeckian reservoir intervals with P50 oil in place estimate of 778MMBO
Barryroe North Licensing Option secured over c. 500 sq kms.
Amergin, Midleton & Rosscarbery prospects de-risked substantially by 3D seismic mapping. Robust prospects. Industry farm-out data room exercise ongoing.
Financial highlights
Loss after tax for period of £620,000 (6 months to June 2011 loss £429,000).
Post balance sheet fundraising of £10.0 million (before expenses) through the placing of 18,182,000 new ordinary shares at a price of 55 pence per share in August 2012.

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