Energy firm Lansdowne Oil and Gas said yesterday it had raised more than £6million for drilling an appraisal well in the Celtic Sea.
The Dublin firm issued new shares to raise the funds, which included £1.7million from Ramco Hibernia, a subsidiary of north-east-based investor SeaEnergy.
The issue has given Lansdowne the cash to take part in the drilling operation in the Barryroe field, in which it has a 20% interest, with work expected to begin in September.
SeaEnergy’s contribution means its stake in Lansdowne has increased from 23.03% to 24.68%. SeaEnergy chairman Steve Remp said he hoped the results of the appraisal well would unlock the full potential of the Celtic Sea basin.