LANSDOWNE OIL & GAS PLC () told investors that planning is underway for drilling activity on the Barryroe oil field development project in the Celtic Sea next year.
The work is being planned with a view to achieving 'first oil' from the field by 2018.
It is envisaged, by the operator (), that via a staged development the field could produce up to 30,000 barrels of oil per day in the first phase using a floating production and storage solution.
A subsequent second phase would then lift output up to a peak rate of 100,000 barrels per day using fixed offshore platforms.
Starting drilling next year is subject to Providence and Lansdowne bringing in a development partner via an ongoing farm-out process, which after some delay is now believed to be in the final stages.
Lansdowne, in today's interim results statement, said it remains optimistic that the farm out talks will yield a positive outcome and pointed to comments from Providence last month which said the process was "nearing completion".
At the same time Lansdowne is pursuing a separate farm-out for its Celtic Sea assets, with new partners sought to drill programmes of its own. The company said, like Barryroe, the process has not progressed as fast as it would have liked but negotiations are on-going.
Lansdowne said it remains optimistic that its farm out process will result in a positive outcome as well.
"In recent years, Lansdowne has participated in the rejuvenation of the North Celtic Sea Basin, offshore Ireland," the company said.
"The next phase of activity, which requires a satisfactory conclusion to our farm-out processes, will be a new drilling campaign and we remain focused on delivering this in 2015."
Lansdowne, a pre-revenue explorer, reported a £0.76mln loss for the six months to June 30 which as a consequence of forex movements represents an increase from the £0.32mln loss in the same period of 2013.
It ended the first half with a cash balance of £1.1mln.
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