Ireland: Lansdowne Quadruples Galley Head Estimates

Irish explorer Lansdowne Oil & Gas has encountered encouraging results on the Rosscarbery licence in the North Celtic Sea, with 3D seismic results showing the gas discovery may be more than four times greater than previously expected.

Following a course of 3D seismic activity, during which Lansdowne examined the Galley Head gas discovery, estimates for gas reserves have raised significantly. 

A previous Competent Person's Report (CPR) undertaken in February of last year put estimated gas-initially-in-place (GIIP) amounts at 7.1 billion cubic feet (bcf), with 5.3 billion square cubic feet (bdcf) thought to be recoverable. However, those figures have now been upped to 30 bscf of GIIP, with 25 bscf of that thought to be recoverable.

"The Rosscarbery licence contains the Galley Head gas discovery that now looks more promising than previously thought, along with a number of other identified gas prospects as interpreted by 3D seismic," CEO of Lansdowne Steve Boldy said.

"Should drilling prove successful there would appear to be scope for a cluster development of these prospects in due course."

The company also said today that it is conducting further interpretation on two gas prospects, the Lower Cretaceous 'A' Greensand and Upper/Middle Wealden gas prospects, due to amplitude anomalies noted there. Lansdowne says the interpretation of these anomalies may reduce the perceived risk ahead of drilling.

Lansdowne is the operator of the Galley Head gas discovery with a 99 per cent stake.