Summary

Lansdowne Oil & Gas is pleased to announce that it has signed an Engagement Letter ("EL") with Diamond McCarthy LLP to pursue its Energy Charter Treaty ("ECT") arbitration claim against Ireland for the refusal to award a Lease Undertaking for the Barryroe Oil and Gas field. The EL provides for Lansdowne's expected costs associated with the claim, to be fully funded by Diamond McCarthy LLP, on a non-recourse basis. The compensation claim is expected to be a minimum of US$100 million plus interest.

Background

An application for a Lease Undertaking was submitted in April 2021, as a follow-on authorisation to Lansdowne's Exploration Licence SEL1/11, in which it held a 20% interest, through its 100% owned subsidiary, Lansdowne Celtic Sea Limited. Under the terms of the SEL1/11 Licence the licencees had the right to progress to a Lease Undertaking.

After considerable delay, in May 2023 the application for a Lease Undertaking was refused by the Irish Department of the Environment, Climate and Communications.

In June 2023 Lansdowne gave Ireland notice that a dispute existed under the ECT.

Engagement with Diamond McCarthy LLP

The EL provides sufficient funds, on a non-recourse basis, to cover legal fees and costs associated with pursuing the claim through to resolution. Diamond McCarthy is a U.S. law firm with decades of experience in cross-border litigation and international arbitration.

To date, Lansdowne has been advised on its claim by Mantle Law, a London and United Arab Emirates based international arbitration law firm with a focus on energy, construction, and infrastructure disputes.

Mantle Law and Diamond McCarthy will co-counsel to progress the claim to conclusion.

The gross compensation claim is expected to be at least $100 million plus interest. In the event of a successful award in an amount of approximately $100 million, Lansdowne's share of the proceeds is expected to be between 60% and 70%.

Further updates will be provided as and when appropriate.

...

OCR-ed text, errors may be present.