Lansdowne plans Celtic Sea expansion

Offshore staff

DUBLIN, Ireland --Lansdowne Oil & Gas plans to acquire fellow Celtic Sea specialist Milesian Oil & Gas for up to $16.8 million.

Milesian's chief assets are licensing options 05/2 and 05/1, awarded by Ireland's government in 2005. The company's analysis of existing seismic data has led it to identify two large structures in 05/2, both considered prospective for oil in Jurassic reservoir targets.

Amergin is a tilted fault block in 350 m (1,148-ft) of water, 40-km (24.85 mi) south of the Irish south coast. The main reservoir objective is the basal Upper Jurassic sandstone sequence that generated oil in the Helvick discovery. Milesian estimates resources of up to 90MMbbl in this target area.

Eremeon, in a similar water depth and distance from the coast, is an exploration lead comprising a north-east to southwest trending horst block, with secondary reservoir targets in deeper Jurassic horizons and in shallower Cretaceous Wealden sands.

New seismic will be acquired over both prospects during 2008. The acreage is also adjacent to some of Lansdowne Celtic Sea holdings.

11/30/2007