Lansdowne Oil & Gas plc has secured further unsecured convertible loan notes for £110,000 with “a number” of its existing shareholders, ahead of its proposed reverse takeover.
BARRYROE
Among the participants, chairman and director Jeffrey Auld subscribed for £20,000 CLNs on the same terms as other investors.
The company said that the aggregate CLNs outstanding now total £440,000.
Over the past two years, the overall loan has been used for working capital and to secure further funds for Lansdowne’s litigation claim for compensation, of US$100 million plus interest, against the Irish Government over the Barryroe oil and gas field lease.
The company has also used the money on costs as part of its proposed reverse takeover, which it expects to complete during April 2026.
Lansdowne’s shares remain suspended from trading until completion of the reverse takeover, which needs publication of an admission document and shareholders’ approval.
In December 2025, the company engaged Diamond McCarthy LLP to take legal action under the Energy Charter Treaty for the Irish Government’s refusal to award a lease undertaking for the Barryroe oil and gas field.
The field, estimated to contain 300 million barrels of oil, is within licence 1/11 located in the North Celtic Basin some 50km off the southeast coast of Ireland.
Lansdowne owns 20% of the licence while operator Barryroe Offshore Energy, through its subsidiary Exola Dac, owns 80%.