Lansdowne Oil & Gas Faces Setbacks Amidst Financial Challenges

Lansdowne Oil & Gas ( (GB:LOGP) ) has issued an update.

Lansdowne Oil & Gas announced its audited results for the year ending December 2023, highlighting significant challenges and developments. The company’s shares have been suspended since March 2024 as it works on a Reverse Take Over to seek re-admission to AIM. A major setback occurred when the Irish Department of the Environment, Climate and Communications refused to grant a Lease Undertaking for the Barryroe Oil Field due to financial capability concerns, leading Lansdowne to fully impair the asset’s value. This decision has prompted Lansdowne to initiate arbitration proceedings and seek third-party litigation funding. Financially, the company reported a loss of £16.3 million for 2023, with significant fundraising efforts through share placements to support ongoing operations.

More about Lansdowne Oil & Gas

Lansdowne Oil & Gas plc is a company operating in the oil and gas industry, primarily focused on exploration and appraisal activities. The company is involved in the Barryroe Oil Field project, which is part of a joint venture aimed at developing hydrocarbon resources in Ireland.

Technical Sentiment Signal: Sell

Current Market Cap: £1.39M

For an in-depth examination of LOGP stock, go to TipRanks’ Stock Analysis page.