North Celtic Sea-focussed Lansdowne Oil & Gas has published an operational update citing findings from its latest seismic inversion work in the Galley Head gas accumulation and Midleton and SE Rosscarbery prospects.
Results of the seismic inversion highlighted positive fluid anomalies which were likely indicative of the presence of gas, the group stated. Additional fluid anomalies were also identified in the Upper Wealdon sands in Main Rosscarbery and other prospects.
The group stated that fluid anomalies endorsed the structural interpretations of the prospects and further de-risked the opportunities ahead of drilling.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Steve Boldy, Chief Executive Officer of Lansdowne Oil & Gas, said: "The results of the 3D seismic inversion work are exciting and positively demonstrate the benefits of using the latest technology. The Amergin oil prospect and the gas prospects have been substantially de-risked and the conceptual development studies endorse the commercial possibilities of these prospects."
AIM-listed Lansdowne has its headquarters in Dublin and the group's share price was up 0.9% to 53.50p at 11:22 on Thursday morning.
MF
-
Going part-time could leave a £58,000 hole in your pension: how to plug the gapThere are many reasons for switching to part-time work, but some savers don’t consider the impact on their pension until it is too late
-
Three bargain investment trusts to add to your portfolioThese three investment trusts are bargains compared to their net asset value (NAV), but one fund analyst thinks the deep discounts are unwarranted.
