Lansdowne Oil & Gas has confirmed licences it holds in the Celtic Sea have expired after attempts to farm them out failed.
The company announced today that their standard exploration licences for Rosscarbery, SE Rosscarbery and the Amergin prospect have effectively lapsed as at 31 December 2015.
Lansdowne said the tough conditions in oil and gas markets meant it was unable to secure farm-out deals for the SEL 5/07 and SEL 5/08 licences, both located in the Celtic Sea offshore the south coast of Ireland.
Last year chairman John Greenall spoke of the “challenging” market conditions and the lack of appetite for large company “discretionary” spending.
Lansdowne stated today: “We have not been able to demonstrate that drilling will be achieved in 2016.”
The company has previously been offered extensions of its licences in the Barryroe oil field up to July 2017.
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