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LENI GAS and OIL


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Former BP executive and Regal Petroleum CEO, Neil Ritson took over as CEO at LGO in Nov 2010. Since then the company's fortumes have taken a sharp turn for the good and is already starting to deliver stong production growth at it's Spanish assets.

 

There is major potential in Spain where it is re-developing a known field with 104 million barrels OIP (P50)

 Discovered in 1964 by Chevron

 Largest onshore field in Spain, 53 wells

 37oAPI fuel oil grade low sulphur crude

 Total production 17 mmbbls, peak in 1969

 Remaining oil in place 104 mmbbls (P50)

 Original facilities handling 10,000 bopd

 Acquired by LGO in October 2007

 Future potential in EOR and deeper targets

 

Latest operations update demonstrates strong production increase from a workover of just 7 of the 53 wells.

 

Latest ops update:--

http://tools.euroland.com/investortools/rnsclient/LoadAnnouncement.aspx?aID=10906923&tidm=LGO&cid=51437&transLang=en&sesLang=&source=rns

 

Will be developing on existing Trinidad production within months and announcing a further acquisition there shortly.

 

Has a small interest in a Gulf of Mexico producing field with further production to come there also.

 

Further interest in an offshore exploration project in the Mediterranean with MOG

 

Latest Presentation

http://www.lenigasandoil.com/images/presentations/document_LGO_Corporate_Overview_June_2011.pdf'>http://www.lenigasandoil.com/images/presentations/document_LGO_Corporate_Overview_June_2011.pdf

 

Very strong potential here for major increase in the SP. The new mangement have started to transform this company and are delivering.

 

Chart looking ready for a strong upside break -- Further production update expected soon in Spain and farm‐in to exploration and

production leases in Trinidad at HoA stage -- expect announcement shortly.

 

Website:--

http://www.lenigasandoil.com/

 

DYOR -

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25 July 2011

LENI GAS AND OIL PLC

 

 

Farm-in Trinidad

 

Leni Gas & Oil plc today announces an agreement to farm-in to the Advance Oil Company (Trinidad) Limited ("Advance") North Moruga area leases. LGO plans to work-over existing producing wells and drill up to nine (9) new wells on the leases.

 

 

The Heads of Agreement with Advance sets out the framework for a full farm-in agreement and joint operating agreement by which LGO will:

 

 

· take over operatorship of the Advance leases,

 

· reactivate production from the existing wells on the leases,

 

· drill a minimum of three (3) exploration and up to six (6) development wells,

 

· obtain an immediate 33% interest in net production revenues,

 

· on conclusion of the farm-in work programme, and depending on the number of wells drilled, earn between 33% and 49% interest in the Advance leases.

-------------------------

 

Full release:--

http://tools.euroland.com/investortools/rnsclient/LoadAnnouncement.aspx?aID=10928936&tidm=LGO&cid=51437&transLang=en&sesLang=&source=rns

 

 

 

Also further production to come on line this week after the workover and perforation over a new 40 metre reservoir zone at their Hontomin well in Spain.

 

 

CEO Neil Ritson is delivering.

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