Lansdowne Oil & Gas plc – LOGP – Interim Results

Lansdowne Oil & Gas plc – LOGP – Interim Results

Lansdowne Oil & Gas ("Lansdowne" or "the Company") is pleased to announce its unaudited results for the six months ended 30 June 2020. Lansdowne is an upstream oil and gas company, focused on exploration and appraisal activities in the North Celtic Sea Basin, off the south coast of Ireland. The Company has targeted the Irish offshore shelf areas close to existing operating infrastructure for exploration, as these provide shallow water (generally less than 100 metres), and relatively low drilling costs and the Directors believe that these factors, combined with favourable fiscal terms, have the potential to deliver high value reserves and consequential shareholder value.

First Half Highlights

Operational

·    Barryroe Oil Field (Standard Exploration Licence "SEL" 1/11)

o  Reassignment of equity back to Providence/EXOLA and Lansdowne from APEC, returning Lansdowne's interest to 20%

Term-sheet signed with SpotOn Energy Limited, granting exclusivity through to 31 October 2020 with a view to concluding a binding farm-out before then

Financial

·    Cash balances at 30 June 2020 of £0.19 million (31 December 2019: £0.02 million)

·    Loss for the period after tax of £0.2 million (full year to 31 December 2019: loss £0.2 million)

·    Loss per share of 0.03 pence (full year to 31 December 2019: loss 0.03 pence)

Financing

·    In February 2020, the Company placed 83,333,333 new ordinary shares of 0.1 pence each ("Ordinary Shares") at a placing price of 0.6 pence a share to raise £500,000 before costs (the "Placing").

·    At the same time, the Shareholder Loans entered into with Brandon Hill Capital Ltd. and LC Capital in June 2019, were converted into new Ordinary Shares at the Placing Price.

·    In connection with the Placing and the conversion of the Shareholder Loans, the Company also granted a total of 139,368,491 warrants, on a one warrant per Placing or Loan Share basis, to subscribe for new Ordinary shares in the Company at a price of 1.2 pence per share, with an expiry of 31 December 2020.

Post-First Half events

·    Barryroe Oil Field (Standard Exploration Licence "SEL" 1/11)

o  The composition of the SpotOn Energy Development Consortium was announced, comprising "Blue Chip" companies with extensive experience in offshore oil and gas projects

The participants are: Schlumberger, Aker Solutions, AGR, Maersk Drilling, Keppel FELS and Aibel AS

Discussions continued to finalise the work programme and commercial agreements with a view to concluding a binding farm-out agreement during the period of exclusivity ending 31 October 2020

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