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Shares in explorer Lansdowne Oil & Gas (LON:LOGP) fell by 13.93% to 1.61p (as of 12:45 GMT) after its partners voluntarily elected not to act on a site survey permission in Barryroe. The Irish government’s decision to grant survey permission had been appealed and following legal advice it has been decided not to act on the permission.
The company said that it would reapply for permission to conduct the survey in early 2019 and still plans to drill in the third quarter of next year.
Lansdowne’s CEO Steve Boldy commented: “We share Providence’s conclusion that it makes sense to reschedule the Barryroe Site Survey for Q1 2019 and take comfort from the fact that this will not unduly change the delivery of the overall multi-well drilling programme“.