Lansdowne Oil & Gas (LON:LOGP) said it is looking forward to an exciting period ahead after raising £10 mln as it continues evaluating the Barryroe oilfield offshore Ireland.
The company, which is purely focused on the North Celtic Sea Basin, said the highlight of this continued evaluation is likely to be the revised recovery estimate for the field due to be announced in the fourth quarter.
The funds, raised in August through the issue of just over 18 mln new ordinary shares of 5p each at a price of 55p per share, will help operator Providence Resources (LON:PVR) push on with its evaluation work of Barryroe.
“All in all, the period ahead promises to be an exciting one and I hope to be able to report continued progress in the weeks and months ahead,” said chairman John Greenall.
Highlights in the period included the Barryroe appraisal well 48/24-10z successfully testing at a stabilised rate of 3,514 bopd and 2.93 mmscfgd (4,000boepd), while the company also picked out the additional potential identified in Lower Wealden and Purbeckian reservoir intervals (with P50 oil in place estimate of 778MMBO) as a significant landmark.
The company reported a loss after tax of £621,000 for the six months to 30 June compared with a loss of £429,000 in 2011.
Lansdowne had cash in the bank of £719,000 at the end of June, while it had £3.3 mln at its disposal last year.
Shares nipped up 0.9% to 56.8 pence.