Lansdowne Oil & Gas plc, the Dublin-based exploration company, announces that a 2D seismic acquisition programme has commenced over recently awarded Licence 5/08, in the Celtic Sea, offshore Ireland.
Standard Exploration Licence 5/08 was awarded last month to Lansdowne’s recently acquired wholly-owned subsidiary Milesian Oil & Gas Limited (“Milesian”). Standard Exploration Licence 5/08 covers an area of 449 sq kms over parts of blocks 47/25, 48/21, and 48/22. The blocks are located 30 kms from the coastline, in water depths of approximately 100 metres.
The Norwegian based company, Wavefield Inseis ASA, is carrying out the survey on behalf of Milesian/Lansdowne using the M/V Malene Østervold, which sailed from Cork on 29 April 2008 and commenced seismic acquisition at 15.00 Hours on 30 April 2008. The 2D seismic survey of approximately 485 kms will be acquired over the Amergin and Eremon structures that have been mapped from existing seismic data. Amergin has been independently verified as having best case potentially recoverable prospective resources of 63 million barrels of oil equivalent (“MMBOE”).
Standard Exploration Licence 5/08 is valid for a period of six years (in two three year phases) during which Milesian is required to drill an exploration well and to complete the acquisition of 300 kms of new seismic data within the first three year phase. The ongoing acquisition of seismic data will fulfil the latter obligation. Under the terms of the licence, on 31 March 2011 Milesian is required to surrender 50 per cent. of the licence area.
Steve Boldy, Chief Executive of Lansdowne, commented:
"We are pleased that the seismic survey has commenced so quickly after the licence award and look forward to working with Wavefield Inseis on this programme, which we expect to better define the large structures we have identified upon Licence 5/08."