Resources

Lansdowne Oil & Gas shares rise on Barryroe’s announcement from Providence Resources


By Anthony O. Goriainoff


Lansdowne Oil & Gas PLC shares rose on Monday after it said Providence Resources PLC recognized that an appraisal well was the next vital step in moving the Barryroe offshore field forward.

Shares at 09:19 GMT were up 0.05 pence, or 11%, to 0.53 pence.

The London-listed oil and gas company said it has long argued that an appraisal well is vital in moving the offshore project to gradual development.

“We anticipate that a new appraisal well will provide excellent technical information to enable the execution of the first phase of hydrocarbon resource development at Barryroe,” Providence Resources said separately.

Providence Resources said preliminary concept planning has progressed and it envisions first production in 2026.

Lansdowne added that the lease application for Barryroe – a critical requirement needed to resume operations and move the project forward under an oil license – was under consideration by the Irish Department for Environment, Climate and Communications.

“Barryroe, which contains significant oil and gas resources, can play an important role in providing a secure local energy supply for Ireland,” the company said.


Write to Anthony O. Goriainoff at [email protected]