The information contained within
this announcement is deemed by the Company to constitute inside
information as stipulated under the retained EU law version of the
Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the
publication of this announcement via Regulatory Information Service
("RIS"), this inside information is now considered to be in the
public domain. If you have any queries on this, then please contact
Steve Boldy, the Chief Executive Officer of the Company
(responsible for arranging release of this
announcement).
26 February 2024
Lansdowne Oil & Gas
plc
("Lansdowne" or the "Company")
Update on Energy Charter
Treaty Claim
As announced in January, in light of the Irish
Government's refusal to engage in worthwhile discussions, the
Company is focused upon progressing its Energy Charter Treaty
("ECT") claim against Ireland following the refusal to award a
Lease Undertaking for the Barryroe oil and gas field
("Barryroe").
· Lansdowne
has appointed Mantle Law, an international law firm with offices in
London and the United Arab Emirates, whose global team consist of
the best dispute and arbitration lawyers in the construction,
infrastructure and energy sectors.
· Mantle
Law and the Company are in the process of contacting litigation
funders, with a view to providing third-party finance to fund
its ECT claim and the resulting arbitration process.
Given the lack of engagement or any ability to have a
respectful and frank conversation with the Irish Government, the
Company believes it now has no alternative other than to pursue
vigorously its ECT claim.
For further
information please contact:
|
Lansdowne Oil
& Gas plc
|
+353 1 963 1760
|
|
Steve Boldy
|
|
|
|
|
|
SP Angel
Corporate Finance LLP
|
+44 (0) 20 3470 0470
|
|
Nominated
Adviser and Joint Broker
|
|
|
Stuart Gledhill
|
|
|
Richard Hail
|
|
|
|
|
|
|
|
|
Tavira
Financial Limited
|
+44 (0) 20 3192 1739
|
|
Joint
Broker
|
|
|
Oliver Stansfield
|
|
Notes to
editors:
About
Lansdowne
Lansdowne Oil & Gas (LOGP.LN) is an oil and
gas exploration and appraisal company focused on the North Celtic
Sea and quoted on the AIM market and head quartered in
Dublin.
In May 2023 the application for a Lease
Undertaking for the Barryroe Field, in which Lansdowne held a 20%
interest, was refused by the Irish Department of the Environment,
Climate and Communications.
In June 2023 Lansdowne announced the
commencement of action under the Arbitration Process of the Energy
Charter Treaty.
Since 20 September 2023, Lansdowne has been
designated a "Cash-Shell" under AIM Rule 15.
For more information on Lansdowne, please refer
to www.lansdowneoilandgas.com.