This is the reason why we still await farmout news on Celtic Sea prospects.
Licensing and Fiscal review
Noel Dempsey T.D., the Minister for the Department of Communications, Marine and
Natural Resources, announced earlier this year a review of Licensing and Fiscal
terms that apply to the exploration and production of hydrocarbons. It is
possible that the existing terms will change as a result of this review and
Lansdowne has been informed that any new licences granted as a result of the
applications it has filed this week are likely to fall under the new regime.
Accordingly, the applications submitted this week are all conditional on the new
fiscal terms being acceptable to the applicants.
The outcome of the review of licensing and fiscal terms is expected in the first
quarter of 2007.
Farm out programme
A number of companies have expressed an interest in farming into one or more of
Lansdowne licences and discussions are continuing, but the conclusion of any
agreement will also depend upon the outcome of the licensing and fiscal review.
21 December 2006
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