ABERDEEN, UK – SeaEnergy subsidiary Ramco Hibernia Ltd, has agreed to new shares in Lansdowne Oil & Gas, lifting its interest in the company to 24.68%.
The net proceeds of the placing will allow Lansdowne to participate in drilling of an imminent appraisal well on the Barryroe oilfield in the Celtic Sea off southern Ireland, in which Lansdowne holds a 20% interest.
Providence Resources is the operator, the other partner being San Leon Energy.
Lansdowne’s share of the costs is estimated at £5 million ($8 million), including provision for a test program. If it chooses to participate in a potential side-track, following a successful vertical well, that share will increase by a further £2 million ($3.25 million).
In this event, Ramco Hibernia and another major shareholder in Lansdowne have agreed to underwrite a further £1 million ($1.6 million) of equity capital to cover the expenditure.