Lansdowne Oil & Gas rises on farm out news

AIM-listed Lansdowne Oil & Gas (LON:LOGP) has seen its share price climb by 7.93% to 1.16p (as of 14:55 BST) after a proposed farm out of the Barryroe field was announced by Providence Resources.

Lansdowne CEO Steve Boldy commented: “We welcome today’s announcement disclosing the participants in the SpotOn consortium. It is testament to the potential Barryroe offers that a consortium of market leaders has been established for its development. These companies are experts in their respective fields and bring with them not only the financial wherewithal but also a wealth of experience in delivering offshore oil and gas projects.

“With the consortium now in place, we will focus on concluding discussions with respect to a suitable work programme and the subsequent finalisation of commercial arrangements for the Barryroe development. Barryroe is a material asset of singular importance to Lansdowne’s shareholders and has the ability to make a major contribution to the future energy security of Ireland“.