Lansdowne Oil & Gas has raised £300,000 by way of a placing of 60,000,000 new ordinary shares of 0.1 pence each at a placing price of 0.5 pence per Placing Share.  Tavira Securities Limited ("TSL") acted as broker.

The proceeds of the Placing will be used to meet the Company's expected share of Barryroe costs and to fund the Company's ongoing working capital requirements for the next 6 months, whist awaiting the outcome of the application for a Lease Undertaking for Barryroe.

Jeffrey Auld, Non-Executive Chairman of Lansdowne, commented:
"The Placing proceeds provide funding for the Company for the next 6 months whilst we await the outcome of our application for a Lease Undertaking for the Barryroe Field, which was submitted in April 2021.

The conclusion of the technical studies and the new Competent Person's Report ("CPR"), announced in February, has demonstrated that the first phase of development could yield substantial indigenous resources, with 2C resources estimated at 81.2 million barrels, 16.2 million net to Lansdowne.

Analysis modelled in the CPR suggest strong economic returns for both the Barryroe partners and the Irish State, from such a development. Based upon a first phase 2C oil resources case, an NPV10% value of $104 million was calculated for Lansdowne's 20% share, under a Brent Oil Price assumption of US$68 per barrel in 2027, rising to $70/bbl in 2028 and 2029 and inflated at 2% per annum thereafter. 

The tragic events unfolding in Ukraine have demonstrated the vulnerability of oil and gas supplies in Europe and resulted in the current Brent Oil Price rising to around US$115 per barrel.

In these uncertain times, security of supply is an ever increasing concern and the development of Barryroe can address this.

The first step is to secure the Lease Undertaking from the Department of the Environment, Climate and Communications ("DECC") and to proceed to drill an appraisal well in 2023, success of which will is expected to move Barryroe forward to development and production."

KeyFacts Energy Ireland company/country profiles:   Lansdowne Oil & Gas