() is to launch a strategic review of options available to maximise the value of its assets including sales or farm-outs.

The Irish oil and gas group owns 20% of the Barryroe prospect in the Celtic Sea, but also has Helvick, Middleton, Rosscarbery and Amergin in the North Celtic Sea.

The group recently farmed out 80% of its Midelton/East Kinsale gas prospect to Malaysian state oil Petronas, which will fund the costs of one well with Lansdowne having a free carry.

The review will involve a wide ranging and careful evaluation of its plan, operational assets, development strategy, market valuation of assets and capital structure.

of its assets, continuing with the current strategy and structure remains a viable option.

"The review of strategic options may include a corporate transaction such as a merger with, acquisition of or subscription for the company's securities by a third party, a sale of the business or a farm down or disposal of assets."

The scope of the review means Lansdowne can now classify itself as being in "formal sale process" mode under Takeover Panel rules.


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