Lansdowne Oil and Gas has invoked an agreement allowing it to raise £300,000 through a share placing to cover the cost of a legal dispute with Transocean.
Lansdowne Oil and Gas
The UK Supreme Court will not hear Providence Resources' appeal against a decision to make the Irish oil and gas explorer and its partner pay Transocean $7million.
Lansdowne Oil and Gas reported a slight improvement in its financial position in what the Dublin-based firm described as a “very challenging” first half of 2016.
Lansdowne Oil and Gas posted a loss of £15million for the year to the end of December - including an impairment charge of £14.95 million.
Lansdowne Oil and Gas has called a meeting of shareholders giving them the opportunity to vote on the company's proposals to raise "essential" funds by issuing 350 million shares, devaluing the company in the process.
Troubled north-east energy service firm SeaEnergy can keep going at least another few weeks after striking a deal with a preferred bidder for its Return to Scene (R2S) subsidiary.
Lansdowne Oil & Gas has confirmed licences it holds in the Celtic Sea have expired after attempts to farm them out failed.
Upstream oil and gas independent Lansdowne Oil & Gas said lower drilling costs in the shallow water off Ireland's southern coast would help the company deliver high value resereves.
Alternative investment market (AIM)-listed Lansdowne Oil and Gas said today it has placed 20,753,636 new ordinary shares with new and existing investors to raise about £1.04million before costs. The company, in which Aberdeenshire energy service group SeaEnergy has a 21.48% stake, has also issued a loan note to the value of £1,862,318 to 25.76% shareholder LC Capital Master Fund.