Leni Gas & Oil

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Leni Gas and Oil plc is an international oil and gas exploration, development and production company headquartered in London, trading on the FTSE AIM All-Share. The Company has assets in the US Gulf of Mexico, Spain, Trinidad, Hungary and Malta. LGO’s strategy is to deliver growth through the acquisition of proven reserves and the enhancement of producing assets in low risk countries.

Website:
http://www.lenigasandoil.com/
Phone:
+44 (0)20 7440 0645
Address:
Suite 3B Princes House, 38 Jermyn Street, London SW1Y 6DN.
Super Sector:
Energy
Sector:
Oil & Gas Producers
Industry:
Exploration & Production
EPIC / Symbols:
LON:LGO
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Sector: Oil & Gas Producers

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Current Statement
Leni Gas and Oil plc has brought together a management team of individuals with a wide range of skills and experience including evaluation, exploration, development and production of oil and gas assets, asset acquisition and divestment and corporate management. The Directors believe that their broad collective experience together with the support of consultant experts in the areas of evaluation and exploitation will enable the Company to achieve its objectives.

• Establish a portfolio of proven reserves and producing assets in low risk countries with
   significant development and enhancement potential

• Identify and acquire underexploited projects, and implement both proven and leading
   edge oilfield technologies to maximise exploitation

• Leverage the management’s extensive expertise in the oil and gas sector to convert acquisition
   opportunities providing collective and individual asset profitability across the entire portfolio
 
The Company’s primary strategic approach will be to identify projects and businesses which may contain a development premium which can be unlocked through a combination of financial, commercial and technical expertise. The Company intends to draw on a network of independent experts to assist in evaluating investments to ensure development success.

LGO intends to execute this strategy by investing in a relatively small number of assets. This strategy will allow the Company to be an active investor, and accordingly, may seek participation in the management or board of directors of a company in which it invests.

Since its incorporation in 9 August 2006, the Company has been fulfilling this strategy and investing in acreage in a number of the prime oil producing regions of the world. LGO has secured exploration areas in the US Gulf of Mexico, Spain, Trinidad, Hungary and Malta. All geographical regions in which the Company has invested an interest have proven track records in the production of hydrocarbons and represent a great opportunity to further develop and maximize shareholder value.
Current Operations

Gulf of Mexico

Byron Energy (28.94% LGO)

• Private E&P focused on shallow water Gulf of Mexico and onshore US
• Company has rights to acquire 25% of Leed Petroleum (AIM: LDP) interests
   through a scouting agreement whereby Byron Energy is the acquisition and
   technical partner for Leed Petroleum’s portfolio
• Rights acquired on Eugene Island blocks 172, 183 and 184 with existing
   production and development drilling in progress. Additional rights include
   six oil and gas assets in varying stages of appraisal and development drilling
• CPR assessment (March 2008) of current Byron assets places net 2P at
   36bcfe and 3P at 114bcfe

For further information please CLICK HERE

 

Spain

Ayoluengo Oilfield (100% LGO)

• Largest Spanish onshore oilfield with mean STOIIP of 104 mmbbls
• Historical production of 17 mmbbls (only 17% recovery), 37 API oil
• Current production of 130 bopd and rising through improved well
   productivity programs
• Major secondary recovery program initiated to increase recovery
   to ~30%, lift production above 1,000 bpd and identify in-fill drilling targets

 

(Halo) Acreage Exploration and Development (85% LGO)

• Combined acreage of 556 sq.kms with numerous undeveloped
   oil and gas discoveries
• Contingent and prospective resources of mean 13mmboe reserves
• Major re-interpretation underway to qualify prospects

For further information please CLICK HERE

 

Trinidad

Icacos Deep Prospect (50% LGO)

    * Significant oil and gas discoveries in halo vicinity of Icacos
    * High API oil identified indicating deep oil system
    * Seismic and area re-interpretation planned
    * Significant activity by others to prove deep reservoirs

 

Icacos Oilfield (50% LGO) & Icacos Deep Prospect (50% LGO)

• 8 sq.kms onshore oilfield in SW Peninsula, 15km from Venezuela coastline
   and in middle of prolific East Venezuelan oil basin
• Mature shallow oil production of 35bpd, producing since 1966 with 28 API oil
• Production enhancement program underway to lift production to ~150 bpd
• Full data re-interpretation underway to identify step change production
   potential and identify “sweet spot” production zones

For further information please CLICK HERE

 

Hungary

Penészlek Development Area (7.27% LGO)

• Mature gas field previously operated by MOL on border with Romania
• Remaining GIIP potential of 22bcf with identified undeveloped discoveries
• Production commenced August 2008 at 4 mmscfd
• 3D seismic planned to validate undeveloped prospects and
   accelerate incremental production to utilise new facilities

 

Zala Basin Re-Development Venture (14.54% LGO)

• Multiple tight gas reservoirs on border with Slovenia operated by MOL with
   pilot re-development planned
• Multiple horizontal re-entries to increase recovery
• Pilot on Bajcsa field to increase recovery from 28% to near 50%
• Once proven approach to be repeated on analogue fields

For further information please CLICK HERE

 

Malta

Malta Southern Offshore (10% LGO)

• High potential exploration play in highly prospective oil and gas basin in
   proximity to Tunisia and Libya active petroleum basins
• Major seismic interpretation executed on the 5700 sq km PSC area
• Identified four prospects and five leads with gross mean 2P STOIIP of 5
   billion barrels and recoverable reserves of 1.475 billion barrels
• PSC signed with the Maltese Government to drill well on Area 4 (South
   Offshore Malta) to depth of 2500m. Currently targeting high chance of
   success drilling locations

For further information please CLICK HERE

Managment

 

Mr. David Lenigas, Executive Chairman, Age 50

Mr. Lenigas holds a Bachelor of Applied Science Degree in Mining Engineering. Currently the Executive Chairman of Lonrho plc, Lonrho Mining plc, Lonzim plc, and Templar Minerals Ltd.  He is a Director of Vatukoula Gold Mine plc and GCM Resources plc.  Previously Mr. Lenigas held the position of Chairman of Mediterranean Oil and Gas plc, which is producing gas and condensate in Italy and holds extensive oil and gas resources in Italy, Malta, Tunisia and France.  Mr. Lenigas is the Chairman of the Audit and Remuneration committees.

Mr. Neil Ritson, Chief Executive Officer, Age 55

Mr. Ritson holds a Bachelors degree in Geophysics.  He has worked in the energy sector of over 33 years, initially with BP plc, where he held the roles of International Chief Geophysicist, Head of Geoscience Research and Business Unit Leader for both Norway and Alaska Exploration.  Subsequently Mr. Ritson managed the international operations of Burlington Resources Inc. and more recently he was CEO at Regal Petroleum plc before founding the Vanguard Energy Group where he was Chairman and CEO. 

Mr. Donald Strang, Finance Director, Age 43

Mr. Strang is a qualified chartered accountant with 20 years’ experience in the financial and natural resources sectors including extensive experience with AIM. He is currently a Non-Executive Director of Lonrho plc and Vatukoula Gold Mines plc. Mr. Strang was previously the Chief Financial Officer and Company Secretary for GCM Resources plc and BDI Mining Corp. He has also held senior financial positions with Ernst and Young and several publicly listed Australian Resource Companies. Mr. Strang is a member of the Audit committee.

Mr. Fraser Pritchard, Operations Director, Age 45

Mr. Pritchard holds Bachelor degrees in Physics, Software Engineering and a Masters Degree in Process Engineering.  He is an experienced international oil and gas senior executive with a track record spanning 20 years from most global oil and gas provinces and a diversity of listed and national energy companies. This experience has been gained from direct leading roles with the major oil and gas operator ExxonMobil, and oil and gas consultancies, IBM, PricewaterhouseCoopers, and DNV. He maintains a focus on securing investment for, and managing junior E&Ps from startup into sustainable operations.  He has recently held executive positions for Noble Energy Europe and Ascent Resources plc.

Mr. Steve Horton, Non Executive Director, Age 57

Mr. Horton holds a Bachelor of Science degree in Mining Engineering and a Master of Science in Business Administration. Mr. Horton has 34 years experience working in the energy industry around the world, including 27 years with BP plc where he held several executive roles including worldwide Director of Drilling.  He co-founded Silverstone Energy Limited in 2005, a North Sea focused exploration and production company, which grew from start-up through operated exploration and development to production within four years.

 

Corporate Information

Nominated Advisor
Beaumont Cornish Limited
2nd Floor, Bowman House,
29 Wilson Street,
London, EC2M 2SJ

Solicitors
Kerman and Co. LLP
200 Strand,
London, WC2R 1DJ
 
Registrars
Share Registrars Limited
Suite E, First Floor,
9 Lion and Lamb Yard,
Farnham,
Surrey, GU9 7LL

Broker
Mirabaud Securities Limited,
21 St James’s Square,
London, SW1Y 4JP
 
Auditors
Chapman Davis LLP
2 Chapel Court,
London, SE1 1HH
 
Principal Bankers
Bank of Scotland
38 Threadneedle Street,
London, EC2P 2EH

Contact Information

Address:   
Level 5   
22 Arlington Street
London
SW1A 1RD
United Kingdom

Tel:  +44 (0)20 7016 5103
Fax: +44 (0)20 7016 5101
Email:    info@lenigasandoil.com

Major Shareholders

Significant Shareholder % of Issued Capital
David Lenigas 14.39%
TD Waterhouse Nominees (Europe) Ltd 06.28%
Barclayshare Nominees Ltd 05.49%
Canaccord Nominees Ltd 05.13%
State Street Nominees Ltd 05.08%
Simplystockbroking Nominees Limited 04.92%
Credit Agricole Cheuvreux International Limited 03.97%
BNY Mellon Nominees Limited 03.10%
Total Significant Holders 48.57%
Shares on Issue Number of Shares
Total Shares on Issue 919,254,965
Outstanding Options 062,300,000
Outstanding Warrants 103,863,906
Total Shares on Issue (fully diluted) 1,085,418,871
% of Securities not in Public Hands 19.27%

 

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