LONDON (Thomson Financial) - Lansdowne Oil & Gas Plc. said it has won a new
licensing option -- Barryroe -- in the North Celtic Sea basin, off the south
coast of Ireland, in which it will hold a 40 percent interest.
Island Oil & Gas Plc. and Providence Resources Plc. will hold 30 percent
each in the Barryroe licence, it said.
Lansdowne will act as the operator of the licence for the period of time up
to and including the acquisition of any seismic data over the acreage.
Thereafter, Providence will become the operator for any drilling and development
activities.
Part of the Barryroe acreage lies beneath the Seven Heads Gas Field, with
the boundary between the two concessions lying at 4,000 feet sub-sea.
Within the Barryroe area oil has been successfully tested at flow rates of
between 1,300 and 1,600 barrels of oil per day, from three exploration or
appraisal wells, Lansdowne said.
The oil from Barryroe licence is light and has relatively high wax contents
ranging from 12 percent to 22 percent, which may require treatment to avoid
production difficulties, the company added.
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