() told investors that continuing with the current strategy and company structure remains a viable option; though an ongoing strategic review will ensure that all opportunities have been considered.

The Irish oil and gas explorer launched the review last month and it will consider various possibilities including potential mergers, a sale of the company or share sales to third parties.

Asset sales or farm-outs may also be considered, the company said.

It comes amid continued uncertainty over the timing and nature of partnership deals for the flagship Barryroe oil field development project, off Ireland's south coast.

Commercial terms were agreed with between a potential partner and project operator () though the details have remained confidential and the deal has yet to close as it is conditional on the new partner securing financing (which has not yet happened).

The Celtic Sea, where Barrroe is located, has been a key focus for the company for a number of years and it is envisaged that the next operational phase will involve drilling but first there has to be some corporate progress.

"The next phase of activity, which requires the successful conclusion of our farm-out processes, will be a new drilling campaign," the company said in a statement. "We remain focused on delivering this programme, starting with a well at Midleton, but it is taking longer than originally anticipated."

Lansdowne raised £2.9mln of new capital prior to the launch of the strategic review. The cash injection has provided the company with sufficient working capital whilst the corporate efforts are ongoing.

The pre-revenue explorer today reported, for the twelve months to December 31, a pre-tax loss of £1.3mln. The cash balance at the end of 2014 was around £300,000 though this has been supplemented following the recent placing.

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