AIM-listed Lansdowne Oil & Gas, a North Celtic Sea focused, oil and gas exploration and appraisal company, has announced its unaudited results, for the six months ended 30 June 2025.
First half Highlights
Operational
Ireland
- Energy Charter Treaty Barryroe Oil and Gas Field (SEL 1/11)
- The Company continued to engage with other parties, that are qualifying investors under the terms of the Energy Charter Treaty, to advance a claim for compensation for Ireland's refusal to award a Lease Undertaking for the Barryroe Oil and Gas field.
- Working through contracted legal advisers a great deal of information has been provided to a potential third-party litigation funder that has expressed interest in funding the claim.
- A conclusion to this process is expected in the very near future.
- There can, however, be no guarantee of a positive outcome.
- Helvick Oil Field Lease Undertaking
- The extension to this Lease Undertaking remains under consideration by DECC.
Reverse Take Over
- Work advanced throughout the first half of the year to complete the necessary documentation for a Reverse Take Over of the targeted company.
Financial highlights
- Cash balances at 30 June 2025 of £0.013million (31 December 2024: £0.011 million).
- Loss for the period after tax of £ 0.337 million (2024: loss £0.138 million).
- Loss per share of 0.02pence (2024: loss 0.01 pence).
- In January 2025 and March 2025, the Company announced the completion of a further Convertible Loan Agreement with existing shareholders, for £45,000 and £50,000 respectively, on the same terms as those issued in September 2024.
- These terms are unsecured, carry no interest, and shall be converted into New Ordinary Shares at the time of completing a reverse takeover, subject to shareholder approval for the extension of share issuance authorities. The conversion price is 0.1 pence or a 20% discount to the share issue price at the time of the reverse takeover.
Post Balance Sheet Events
- In July 2025 the Company announced the completion of further Convertible Loan Agreement for £50,000 on the same terms as those issued in September 2024, January 2025 and March 2025.
- The Company's shares continued to be suspended on AIM, awaiting the completion of the planned reverse takeover.
Chairman's Statement
The first half of 2025 proved to be very busy, with work continuing to progress the Company's ECT Claim for the loss of the Barryroe asset and to progress the planned reverse takeover.
Both work streams have continued into the second half of the year. It had been hoped to reach a conclusion of both of these workstreams in the third quarter, but this has slipped into the fourth quarter.
Trading in the Company's shares remains suspended on AIM awaiting a successful conclusion to the planned Reverse Take Over.
Source: Lansdowne Oil & Gas
