IRELAND-based Lansdowne Oil & Gas is considering a sale, a merger or an asset farm-down under a strategic review launched as it considers new options to maximise value.
In an announcement to the London Stock Exchange, Lansdowne said it was evaluating its business plan, operational assets, development strategy, market valuation of assets and capital structure.
“Given the current position of Lansdowne and the quality of its assets, continuing with the current strategy and structure remains a viable option,” the group said.
“However it recognises that there may be other opportunities for maximising values for shareholders.”
“Although this announcement has put Lansdowne into what is known as an ‘offer period’… there can be no certainty that a sale of the company will in fact take place,” Lansdowne said.
Lansdowne has appointed Cantor Fitzgerald Europe as its nominated adviser under the plan.
The company is largely focused on projects in the North Celtic Sea basin, off the south coast of Ireland – with one of its most important assets being the a 20 per cent stake in the Providence Resources-operated Barryroe field.
Providence, which holds the remaining 80% operating stake in the field, confirmed in early February that it had reached a farm-in agreement over the asset – albeit one which remained subject to closing conditions, including that of the proposed farminee raising the required level of financing.
“Given its conditional nature, shareholders should note that there is no certainty that the farm-in will be concluded with the proposed farminee and further announcements will be issued in due course as appropriate.”