Lansdowne licences lapse after farm-out fails

Ireland-focused offshore oil and gas company Lansdowne Oil & Gas allowed two of its licences in the Celtic Sea on Tuesday, having failed to progress them beyond the paper stage.

The AIM-traded company had hoped to farm-out SEL 5/07, containing the Rosscarbery and SE Rosscarbery gas prospects, and SEL 5/08, containing the Amergin prospect.

Lansdowne’s board confirmed on Tuesday that these attempts had been unsuccessful.

As the company was not able to demonstrate that drilling will be achieved in 2016, the licences have lapsed with effect from 31 December 2015.