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Celtic Sea gas hopes

IRISH exploration company Lansdowne Oil & Gas is upbeat about the latest seismic studies on its assets in the Celtic Sea.

The Dublin company owns a 20pc stake of the Providence Resources-controlled Barryroe field off the Cork coast.

The firm said that seismic analysis of the Celtic Sea gas assets that it fully controls has confirmed the presence of fluid anomalies that have been interpreted as gas.

Lansdowne is planning to begin drilling across the Amergin, Rosscarbery and Midleton assets in late 2013/early 2014 and it is looking to take an equity stake in return for covering the drilling/development costs. Discussions are continuing and advancing with "a number of interested parties", the group said.