LOSSES at Lansdowne Oil & Gas, the Irish explorer spun-out from Aberdeen-based SeaEnergy, widened last year as the firm carried out mapping work to assess three prospects.
The Dublin-based company, in which SeaEnergy still holds a 21.48 per cent stake after Lansdowne joined the Alternative Investment Market (Aim) in 2006, is in talks to develop joint ventures to drill wells.
Lansdowne chairman John Greenall said: “The company is confident of forming joint-ventures through farm-out with industry partners ahead of an exciting high-impact drilling programme in 2014.”
The firm was left with £5.5m of cash at the end of 2012, up from £3.2m at the end of 2011 after a share placing. Lansdowne has a 20 per cent stake in the Barryroe well, potentially Ireland’s first oil discovery.