IOG.L Regulatory News (IOG)

22 Aug 2006 11:01

Lansdowne Oil & Gas plc22 August 2006 22 August 2006 Lansdowne Oil & Gas plc ("Lansdowne" or "the Company") Drilling at Inishbeg, offshore Ireland commences Lansdowne is pleased to announce that the Inishbeg exploration well spuddedearlier this morning. This frontier exploration well, operated by LundinExploration B.V. a subsidiary of Lundin Petroleum, is located offshore Irelandin Block 13/12 in water depth of 319ft, approximately 75 kms off the northwestcoast of County Donegal. It is designed to target a large but shallow, gas pronestructure at Triassic reservoir level. Well operations are expected to last forapproximately one month. Under the terms of a farm-out agreement, Lansdowne is carried through all thecosts associated with the drilling and testing of the well by subsidiaries ofIsland Oil and Gas plc and Petroceltic International plc Steve Boldy, CEO of Lansdowne, commented: "This is an important milestone for Lansdowne as it marks our firstparticipation in exploration drilling since our admission to AIM in April thisyear. Our strategy is to work up exploration and appraisal opportunities inshallow water areas and then farm-out to be carried through the drilling phase.In addition to Inishbeg, evaluation work continues on our portfolio of prospectsin the Celtic Sea, off the south coast of Ireland, where we were encouraged bythe Old Head (49/23-1) gas discovery announced recently by Island Oil and Gas". Participants in Block 13/12 are Lundin Petroleum. (30.00%), Island Oil and Gas(31.00%), Lansdowne Oil & Gas (19.25%), Petroceltic International (16.25%) andSunningdale Donegal Basin Limited (3.50%). ENQUIRIES: Lansdowne Oil & Gas plcChris Moar Director 01224 352200 College Hill - LondonNick Elwes / Paddy Blewer 020 7457 2020 www.lansdowneoilandgas.com This drilling update has been reviewed and approved by Steve Boldy, ChiefExecutive of Lansdowne. Steve Boldy is a geology graduate with a Ph.D fromTrinity College Dublin and is a member of the Petroleum Exploration Society ofGreat Britain. He has 26 years experience in the oil and gas exploration sectorand is a qualified person as defined in the guidance note for Mining, Oil & GasCompanies, March 2006 of the London Stock Exchange. This information is provided by RNS The company news service from the London Stock Exchange