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<title>Proactiveinvestors United Kingdom Leni Gas & Oil</title>
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<title><![CDATA[News - Leni Gas & Oil mobilises rig for re-development of Goudron oilfield, Trinidad - UPDATE ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/43087/leni-gas-oil-mobilises-rig-for-re-development-of-goudron-oilfield-trinidad-update-43087.html</link>
<description><![CDATA[<p><strong>--- adds broker comment and share price ---</strong></p>
<p class="MsoNormal"><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) has now mobilised a workover rig to start re-developing the onshore Goudron oilfield in south-eastern Trinidad.</p>
<p class="MsoNormal">As previously announced, the company plans to re-develop the Goudron oilfield in partnership with Trinidad and Tobago state-owned Petrotrin under the terms of an existing contract.</p>
<p class="MsoNormal">Field operations are starting imminently. LGO will first be working over up to 50 existing wells and will then drill additional wells.</p>
<p class="MsoNormal">The Goudron field lies between the East Moruga and Beach Marcelle fields in south-eastern Trinidad and has direct access to the Petrotrin oil export pipeline to the Pointe-a-Pierre refinery in western Trinidad. </p>
<p class="MsoNormal">The oil reservoirs generally lie between 300 and 3,500 feet below surface and the oil is low sulphur and has API gravities ranging between 25 and 55 degrees.</p>
<p class="MsoNormal">Proven reserves, recoverable using existing wells and a small number of infill wells, have been estimated at 1.9 million barrels (mmbbls), whilst proven plus probable reserves were estimated at 8 mmbbls. </p>
<p class="MsoNormal">LGO has recently engaged Challenge Energy to prepare a Competent Persons Report (CPR) on the Goudron field and the report is expected in the third quarter 2012.</p>
<p class="MsoNormal">Broker Old Park Lane Capital views the announcement as important as it values Goudron as the company’s core asset.</p>
<p class="MsoNormal">“Upon the conclusion of the partnership agreement to co-develop the field with <a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a>, we believe that LGO’s ultimate 50% interest in Goudron will be worth approximately 2.4p per share (fully diluted),” said the broker, which is a 'buyer'.</p>
<p class="MsoNormal">This suggests significant upside to the current price of 0.82 pence, which has dipped 0.02 pence, or 2.4 per cent, today.</p>
<p class="MsoNormal">“We believe that the commencement of workover operations and the publication of a CPR will act as catalysts for further value recognition for the Goudron Field,” the broker concluded.</p>
<p> </p> ]]></description>
<pubDate>Mon, 21 May 2012 12:46:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/43087/leni-gas-oil-mobilises-rig-for-re-development-of-goudron-oilfield-trinidad-update-43087.html</guid>
</item>
<item>
<title><![CDATA[News - Leni Gas & Oil mobilises rig for re-development of Goudron oilfield, Trinidad ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/43060/leni-gas-oil-mobilises-rig-for-re-development-of-goudron-oilfield-trinidad-43060.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) has now mobilised a workover rig to start re-developing the onshore Goudron oilfield in south-eastern Trinidad. <br /><br />As previously announced, the company plans to re-develop the Goudron oilfield in partnership with Trinidad and Tobago state-owned Petrotrin under the terms of an existing contract.<br /><br />Field operations are starting imminently. LGO will first be working over up to 50 existing wells and then drill additional wells.<br /><br />The Goudron field lies between the East Moruga and Beach Marcelle fields in south-eastern Trinidad and has direct access to the Petrotrin oil export pipeline to the Pointe-a-Pierre refinery in western Trinidad. <br /><br />The oil reservoirs generally lie between 300 and 3,500 feet below surface and the oil is low sulphur and has API gravities ranging between 25 and 55 degrees. <br /><br />Proven reserves, recoverable using existing wells and a small number of infill wells, have been estimated at 1.9 million barrels (mmbbls), whilst proven plus probable reserves were estimated at 8 mmbbls. <br /><br />LGO has recently engaged Challenge Energy to prepare a Competent Persons Report on the Goudron field and the report is expected in the third quarter 2012.</p> ]]></description>
<pubDate>Mon, 21 May 2012 07:58:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/43060/leni-gas-oil-mobilises-rig-for-re-development-of-goudron-oilfield-trinidad-43060.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Operational Update, Goudron Field, Trinidad ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120521lgo7003d/</link>
<description><![CDATA[]]></description>
<pubDate>Mon, 21 May 2012 07:01:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120521lgo7003d/</guid>
</item>
<item>
<title><![CDATA[News - Leni Gas & Oil expects to seal Spanish sale in May ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/42245/leni-gas-oil-expects-to-seal-spanish-sale-in-may-42245.html</link>
<description><![CDATA[<p>Leni Gas & Oil says it expects to complete a deal to sell its Spanish assets by the end of this month. Due diligence is now 'well advanced' and some talks have taken place regarding the deal structure. </p>]]></description>
<pubDate>Wed, 02 May 2012 07:32:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/42245/leni-gas-oil-expects-to-seal-spanish-sale-in-may-42245.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Update - Spanish Divestment and Trinidad ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120502lgo4631c/</link>
<description><![CDATA[]]></description>
<pubDate>Wed, 02 May 2012 07:00:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120502lgo4631c/</guid>
</item>
<item>
<title><![CDATA[News - Leni Gas to look at other Eugene Island opportunities after sidetrack marginal - UPDATE ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/40734/leni-gas-to-look-at-other-eugene-island-opportunities-after-sidetrack-marginal-update-40734.html</link>
<description><![CDATA[<p> </p>
<p>Adds broker comment</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said today the A-2 sidetrack well at Eugene Island has been plugged after the operator decided not to move to production.</p>
<p>The A2ST01 sidetrack in the Gulf of Mexico was designed to test the Cranberry Creek prospect at the Tex-X2 reservoir level. </p>
<p>The well reached a total depth of 13,496 feet but the Tex-X2 reservoir was encountered slightly high to prognosis and was found to be water wet. </p>
<p>Logging while drilling results showed a 5 foot thick hydrocarbon pay zone at a different level within the well, but operator Marlin decided this was not sufficient to justify installation of a production completion. </p>
<p>Leni Gas has a 7.25 per cent working interest in the Eugene Island leases operated by Marlin.</p>
<p>The A2ST01 sidetrack was drilled from the non-producing A2 well of the Eugene Island-184 platform whilst production from the A1, A3, A4, A5 and A8 wells continued as normal.</p>
<p>Neil Ritson, Leni Gas’s chief executive, said: "Although oil was encountered in this sidetrack, the economics of installing a completion appeared marginal. </p>
<p>This well has shown that additional opportunities remain in the Eugene Island Field and we look forward to the operators proposals in due course. Profitable production of the existing oil and gas reserves continues."</p>
<p>Old Park Lane Capital analyst Barney Gray said: "Eugene Island will continue to generate cash flow for the company going forward and we believe that the pause in activity in the Gulf of Mexico leaves LGO in a good position to focus on the divestment of its Spanish assets and the acceleration of its core development activities in Trinidad."</p>
<p>He added: "This current hiatus in the drilling programme reduces marginally our valuation from 5.1 to 5.0p, leaving our target price unchanged."</p>
<p>Old Park Lane Capital recommends a 'buy' stance.</p>
<p> </p> ]]></description>
<pubDate>Mon, 26 Mar 2012 15:25:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/40734/leni-gas-to-look-at-other-eugene-island-opportunities-after-sidetrack-marginal-update-40734.html</guid>
</item>
<item>
<title><![CDATA[News - Leni Gas to look at other Eugene Island opportunities after sidetrack marginal ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/40729/leni-gas-to-look-at-other-eugene-island-opportunities-after-sidetrack-marginal-40729.html</link>
<description><![CDATA[<p> </p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said today the A-2 sidetrack well at Eugene Island has been plugged after the operator decided not to move to production.</p>
<p>The A2ST01 sidetrack in the Gulf of Mexico was designed to test the Cranberry Creek prospect at the Tex-X2 reservoir level. </p>
<p>The well reached a total depth of 13,496 feet but the Tex-X2 reservoir was encountered slightly high to prognosis and was found to be water wet. </p>
<p>Logging while drilling results showed a 5 foot thick hydrocarbon pay zone at a different level within the well, but operator Marlin decided this was not sufficient to justify installation of a production completion. </p>
<p>Leni Gas has a 7.25 per cent working interest in the Eugene Island leases operated by Marlin.</p>
<p>The A2ST01 sidetrack was drilled from the non-producing A2 well of the Eugene Island-184 platform whilst production from the A1, A3, A4, A5 and A8 wells continued as normal.</p>
<p>Neil Ritson, Leni Gas’s chief executive, said: "Although oil was encountered in this sidetrack, the economics of installing a completion appeared marginal. </p>
<p>This well has shown that additional opportunities remain in the Eugene Island Field and we look forward to the operators proposals in due course. Profitable production of the existing oil and gas reserves continues."</p>
<div><br /></div>
<p> </p> ]]></description>
<pubDate>Mon, 26 Mar 2012 14:10:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/40729/leni-gas-to-look-at-other-eugene-island-opportunities-after-sidetrack-marginal-40729.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Gulf of Mexico drilling update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120326lgo0793a/</link>
<description><![CDATA[]]></description>
<pubDate>Mon, 26 Mar 2012 13:00:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120326lgo0793a/</guid>
</item>
<item>
<title><![CDATA[News - Leni Gas & Oil to sell Spanish assets UPDATE ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/40625/leni-gas-oil-to-sell-spanish-assets-update-40625.html</link>
<description><![CDATA[<p>--- adds broker comment and share price ---<br /><br /><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> PLC (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said it has received a number of strong expressions of interest from international oil companies to either participate in the development of its Spanish oil assets, or to buy them outright. <br /><br />It has received several cash bids at a very significant premium to the initial outlay of €2.6 million, and is now in talks with the bidders with a view to closing a transaction.<br /><br />The stock moved only little after the news was announced this morning, but inched higher throughout the session to reach 1.44 pence by 3.57 pm, a rise of 7.5 per cent.<br /><br />The group announced in October 2011 it was seeking a commercial partner to develop the Ayoluengo oil field in Northern Spain, with mean stock tank oil initially in place (STOIIP) of 104 million barrels.<br /><br />The options for the field included an enhanced oil recovery (EOR) project.<br /><br />The deadline for submissions was yesterday, March 21, and the data room is now closed.<br /><br />The board has decided that divestment could potentially represent the best opportunity for the company in light of the new development opportunities previously announced in Trinidad.<br /> <br />Chief executive Neil Ritson said: "We have been delighted with the interest shown in our Spanish properties and believe that if this results in a divestment, the funds raised can be utilised in Trinidad and the Gulf of Mexico where the company has many opportunities to invest in work programmes with greater potential for near-term production.” <br /><br />Old Park Lane Capital said in a note this is very good news for LGO, particularly given that any additional cash could put the company in an excellent position to accelerate the development of its businesses in Trinidad and the US Gulf of Mexico.<br /><br />Oil and gas analyst Barney Gray values the Spanish assets at €5.7 million. If LGO was to realise a premium to that valuation, he noted, this would also be accretive to his current valuation of the company in the short term and he would look to adjust the valuation accordingly upon a formal announcement.<br /><br />LGO plans to complete the previously announced Trinidad farm-in with Advance Oil in April 2012 and drill the first of three initial wells in mid-year 2012, although final timing depends on contracting a rig.<br /><br />LGO holds a 50 percent interest in the Icacos licence which covers a total of 1,960 acres. The company controls adjacent leases, giving it a total interest in over 3,700 acres. <br /><br />In the Gulf of Mexico, LGO has a 7.25 per cent interest in the Eugene Island field, operated by Marlin Energy, where drilling the sidetrack of the A-2 production well is close to reaching the target reservoir.<br /><br />The target fault block, the Cranberry Creek prospect, has an estimated mean recoverable reserve of 0.5 million barrels of oil within the Tex-X2 target level. A second sidetrack is also planned to target the deeper Tex-X3 reservoir.</p> ]]></description>
<pubDate>Thu, 22 Mar 2012 15:59:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/40625/leni-gas-oil-to-sell-spanish-assets-update-40625.html</guid>
</item>
<item>
<title><![CDATA[News - Leni Gas & Oil to sell Spanish assets ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/40595/leni-gas-oil-to-sell-spanish-assets-40595.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said it has received a number of strong expressions of interest from international oil companies to either participate in the development of its Spanish oil assets, or to buy them outright. <br /><br />It has received several cash bids at a very significant premium to the initial outlay of €2.6 million, and is now in talks with the bidders with a view to closing a transaction.<br /><br />The group announced in October 2011 it was seeking a commercial partner to develop the Ayoluengo oil field in Northern Spain, with mean stock tank oil initially in place (STOIIP) of 104 million barrels.<br /><br />The options for the field included an enhanced oil recovery (EOR) project.<br /><br />The deadline for submissions was yesterday, March 21, and the data room is now closed.<br /><br />The board has decided that divestment could potentially represent the best opportunity for the company in light of the new development opportunities previously announced in Trinidad.<br /> <br />Chief executive Neil Ritson said: "We have been delighted with the interest shown in our Spanish properties and believe that if this results in a divestment, the funds raised can be utilised in Trinidad and the Gulf of Mexico where the company has many opportunities to invest in work programmes with greater potential for near-term production." <br /><br />LGO plans to complete the previously announced Trinidad farm-in with Advance Oil in April 2012 and drill the first of three initial wells in mid-year 2012, although final timing depends on contracting a rig.<br /><br />LGO holds a 50 percent interest in the Icacos license which covers a total of 1,960 acres. The company controls adjacent leases, giving it a total interest in over 3,700 acres. <br /><br />In the Gulf of Mexico, LGO has a 7.25 per cent interest in the Eugene Island field, operated by Marlin Energy, where drilling the sidetrack of the A-2 production well is close to reaching the target reservoir.<br /><br />The target fault block, the Cranberry Creek prospect, has an estimated mean recoverable reserve of 0.5 million barrels of oil within the Tex-X2 target level. A second sidetrack is also planned to target the deeper Tex-X3 reservoir.</p> ]]></description>
<pubDate>Thu, 22 Mar 2012 07:43:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/40595/leni-gas-oil-to-sell-spanish-assets-40595.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Interest received in Spanish assets ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120322lgo8302z/</link>
<description><![CDATA[]]></description>
<pubDate>Thu, 22 Mar 2012 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120322lgo8302z/</guid>
</item>
<item>
<title><![CDATA[News - Leni Gas & Oil close to hitting target in Eugene Island drilling ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/40019/leni-gas-oil-close-to-hitting-target-in-eugene-island-drilling-40019.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said it is close to drilling into the target reservoir at the Eugene Island field in the US Gulf of Mexico.<br /><br />As previously announced, the Ocean Columbia jack-up rig was successfully installed at the EI-184 platform on February 17. Drilling operations commenced on the planned sidetrack of the A-2 production well the next day. <br /><br />The well has been drilled to a depth of 12,566 feet and is now approximately 500 feet above the anticipated reservoir. <br /><br />The target fault block, the Cranberry Creek prospect, has an estimated mean recoverable reserve of 0.5 million barrels of oil within the Tex-X2 target level at a depth of approximately 13,000 feet subsea. <br /><br />A second sidetrack is also planned to target the deeper Tex-X3 reservoir.<br /><br />Leni Gas has a 7.25 per cent interest in the project, which is operated by Marlin Energy.<br /><br />The net cost to LGO of drilling, logging and evaluating the A-2 sidetrack is an initial US$280,000. Any incremental production is expected to be realised quickly with a short payback period on the investment.<br /><br />Chief executive Neil Ritson said: "Operations have been running largely to plan and we now look forward to the imminent intersection with the prognosed reservoir zone."<br /></p> ]]></description>
<pubDate>Fri, 09 Mar 2012 07:28:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/40019/leni-gas-oil-close-to-hitting-target-in-eugene-island-drilling-40019.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Gulf of Mexico Drilling Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120309lgo0061z/</link>
<description><![CDATA[]]></description>
<pubDate>Fri, 09 Mar 2012 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120309lgo0061z/</guid>
</item>
<item>
<title><![CDATA[News - Leni Gas & Oil can become major producer, says broker ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/39232/leni-gas-oil-can-become-major-producer-says-broker-39232.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a>'s (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) Gulf of Mexico acreage and its agreement with <a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/range-resources-1350.html" class="companyPopupTrigger" rel="1350">LON:RRL</a>) in Trinidad can transform it into a major producer, according to Old Park Lane.</p>
<p>Leni has a 7.25 per cent interest in the Eugene Island 184 field in the shallow water Gulf of Mexico.</p>
<p>The operator, Marlin Energy, is preparing to drill two sidetracks and recomplete a third well over the next three months, with production set to increase from April.</p>
<p>Leni will receive a significant boost to cash flow in the second half of the year from this, though long term it is the Goudron oil field in Trinidad that represents the company’s core focus, suggests the broker.</p>
<p>The deal with <a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a> envisages the Goudron field’s production rising to over 1,800 barrels per day within four years.</p>
<p>Old Park Lane says it is a great deal for Leni Oil as Range will provide initial funds of US$8 million to kick start development activity.</p>
<p>In Spain, the 100 per cent owned Ayoluengo oil field generates cash and an enhanced oil recovery programme could boost production longer term, while a farm-out is a possibility.</p>
<p>According to Old Park Lane, Leni has sufficient funds to fulfil its near term obligations in the Gulf of Mexico while the deal with <a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a> in Trinidad will enable it to grow over the longer term. </p>
<p>The broker has put a valuation of US$118m on Leni Oil’s core assets, equivalent to 5.1p per share on a fully diluted basis. </p>
<p>“This represents significant upside to the current share price and we instigate formal coverage with a buy,” it concluded.</p> ]]></description>
<pubDate>Tue, 21 Feb 2012 11:17:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/39232/leni-gas-oil-can-become-major-producer-says-broker-39232.html</guid>
</item>
<item>
<title><![CDATA[News - Leni Gas & Oil kicks off Eugene Island drilling operations ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/39109/leni-gas-oil-kicks-off-eugene-island-drilling-operations--39109.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) told investors that it is now ready to start drilling on the Eugene Island field in the US Gulf of Mexico.</p>
<p>Last week the group revealed that the Ocean Columbia jack-up rig had been held up at the site of a previous job.</p>
<p>After the slight delay the rig is now stationed over the EI-184 platform in around 88 feet of water. </p>
<p>The well will be sidetracked from a depth of 7,600 feet.</p>
<p>The sidetrack is designed to intersect Tex-X2 sandstones reservoirs. The target has an estimated mean recoverable reserve of 0.5 million barrels of oil.</p>
<p>It is expected that drilling and evaluation operations will last three to four weeks. And if successful, the well will be completed for production. </p>
<p>A second sidetrack is also planned to target the deeper Tex-X3 reservoir.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> has a 7.25 per cent interest in the project, which is operated by Marlin Energy.</p>
<p>The net cost to LGO of drilling, logging and evaluating the A-2 sidetrack is an initial US$280,000. Any incremental production is expected to be realised quickly with a short payback period on the investment.</p> ]]></description>
<pubDate>Fri, 17 Feb 2012 07:16:00 +0000</pubDate>
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<title><![CDATA[RNS press release - Gulf of Mexico Drilling Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120217lgo5904x/</link>
<description><![CDATA[]]></description>
<pubDate>Fri, 17 Feb 2012 07:00:00 +0000</pubDate>
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<title><![CDATA[News - Leni Gas & Oil reveals slight delay to Eugene Island drilling ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/38681/leni-gas-oil-reveals-slight-delay-to-eugene-island-drilling-38681.html</link>
<description><![CDATA[<p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) today told investors that its drilling operations have been slightly delayed at the Eugene Island Field, in the Gulf of Mexico.</p>
<p>The delay relates to a problem with the drilling rig’s previous contractor. And LGO says there are no cost implications for the Eugene Island partners.</p>
<p>The current operator of the Ocean Columbia jack-up rig at Eugene Island-51 has had difficulty withdrawing the rig’s legs from the seafloor. </p>
<p>Work is currently underway to free the legs so that they can be raised and the rig can be towed to the Eugene Island location, which is about 55 kilometres away. </p>
<p>At Eugene Island, the drilling programme will start with the A-2ST01 well, a sidetrack of the existing A-2 well, which targets mean recoverable reserves of 0.5 million barrels of oil within the Tex X2 target level.</p>
<p>The slightly deeper Tex-X3 reservoir will also be tested by the well. Both reservoirs are productive in other wells throughout the field.</p>
<p>The partners have budgeted a total 16 days for the drilling and evaluation. The net cost to LGO of drilling, logging and evaluating the A-2 sidetrack is an initial US$280,000.</p>
<p>Any incremental production is expected to be realised quickly with a short payback period on the investment.</p>
</p> ]]></description>
<pubDate>Tue, 07 Feb 2012 07:38:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/38681/leni-gas-oil-reveals-slight-delay-to-eugene-island-drilling-38681.html</guid>
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<title><![CDATA[RNS press release - Gulf of Mexico Drilling Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120207lgo8933w/</link>
<description><![CDATA[]]></description>
<pubDate>Tue, 07 Feb 2012 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120207lgo8933w/</guid>
</item>
<item>
<title><![CDATA[RNS press release - Appointment of Joint Broker ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120201lgo5481w/</link>
<description><![CDATA[]]></description>
<pubDate>Wed, 01 Feb 2012 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120201lgo5481w/</guid>
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<title><![CDATA[News - Leni Gas & Oil says drilling at Eugene Island field may start next week - UPDATE ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/38260/-leni-gas-oil-says-drilling-at-eugene-island-field-may-start-next-week-update-38260.html</link>
<description><![CDATA[<p><strong>---Adds broker comments---</strong><br /><br /><a href="http://proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said drilling on the Eugene Island field in the Gulf of Mexico could begin next week with the arrival of the Ocean Columbia jack-up rig expected imminently.<br /><br />The rig has now been released by the previous operator and will be mobilised to the Eugene Island platform shortly if weather conditions allow.<br /><br />The company and operator of the Eugene field, Marlin Energy last month approved additional drilling at the Eugene Island-184 leases, in which LGO currently holds a 7.25 percent working interest.<br /><br />The drilling programme will start with the A-2ST01 well, a sidetrack of the existing A-2 well, which targets mean recoverable reserves of 0.5 million barrels of oil within the Tex X2 target level.<br /><br />The slightly deeper Tex-X3 reservoir will also be tested by the well. Both reservoirs are productive in other wells throughout the field.<br /><br />The partners have budgeted a total 16 days for the drilling and evaluation. The net cost to LGO of drilling, logging and evaluating the A-2 sidetrack is an initial US$280,000.<br /><br />Any incremental production is expected to be realised quickly with a short payback period on the investment.<br /><br />Only yesterday, LGO announced a tie-up with <a href="http://proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a> (<a href="/companies/overview/1350/range-resources-1350.html" class="companyPopupTrigger" rel="1350">LON:RRL</a>, ASX:RRS) to jointly develop onshore oilfields in Trinidad.<br /><br />The deal will see Range taking a 50 per cent stake in LGO’s Goudron oilfield by spending US$8 million. And LGO has an option to acquire a 15 per cent stake in Range’s Beach Marcelle project by spending a maximum of US$7 million.<br /><br />Shore Capital analyst Craig Howie described the tie up with Range as "very good news" for LGO in a note today.<br /><br />It provides strong synergies across the two companies’ portfolios and gives LGO the necessary funding to ramp up activity levels in Trinidad, where the broker see excellent potential for reserves and production growth, he said.</p> ]]></description>
<pubDate>Thu, 26 Jan 2012 12:24:00 +0000</pubDate>
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"id" => "43087",
"title" => "News - Leni Gas & Oil mobilises rig for re-development of Goudron oilfield, Trinidad - UPDATE",
"pubdate" => "2012-05-21 12:46:00",
"seftitle" => "leni-gas-oil-mobilises-rig-for-re-development-of-goudron-oilfield-trinidad-update-43087.html",
"description" => "<p><strong>--- adds broker comment and share price ---</strong></p>
<p class="MsoNormal"><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) has now mobilised a workover rig to start re-developing the onshore Goudron oilfield in south-eastern Trinidad.</p>
<p class="MsoNormal">As previously announced, the company plans to re-develop the Goudron oilfield in partnership with Trinidad and Tobago state-owned Petrotrin under the terms of an existing contract.</p>
<p class="MsoNormal">Field operations are starting imminently. LGO will first be working over up to 50 existing wells and will then drill additional wells.</p>
<p class="MsoNormal">The Goudron field lies between the East Moruga and Beach Marcelle fields in south-eastern Trinidad and has direct access to the Petrotrin oil export pipeline to the Pointe-a-Pierre refinery in western Trinidad. </p>
<p class="MsoNormal">The oil reservoirs generally lie between 300 and 3,500 feet below surface and the oil is low sulphur and has API gravities ranging between 25 and 55 degrees.</p>
<p class="MsoNormal">Proven reserves, recoverable using existing wells and a small number of infill wells, have been estimated at 1.9 million barrels (mmbbls), whilst proven plus probable reserves were estimated at 8 mmbbls. </p>
<p class="MsoNormal">LGO has recently engaged Challenge Energy to prepare a Competent Persons Report (CPR) on the Goudron field and the report is expected in the third quarter 2012.</p>
<p class="MsoNormal">Broker Old Park Lane Capital views the announcement as important as it values Goudron as the company’s core asset.</p>
<p class="MsoNormal">“Upon the conclusion of the partnership agreement to co-develop the field with <a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a>, we believe that LGO’s ultimate 50% interest in Goudron will be worth approximately 2.4p per share (fully diluted),” said the broker, which is a 'buyer'.</p>
<p class="MsoNormal">This suggests significant upside to the current price of 0.82 pence, which has dipped 0.02 pence, or 2.4 per cent, today.</p>
<p class="MsoNormal">“We believe that the commencement of workover operations and the publication of a CPR will act as catalysts for further value recognition for the Goudron Field,” the broker concluded.</p>
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"id" => "43060",
"title" => "News - Leni Gas & Oil mobilises rig for re-development of Goudron oilfield, Trinidad",
"pubdate" => "2012-05-21 07:58:00",
"seftitle" => "leni-gas-oil-mobilises-rig-for-re-development-of-goudron-oilfield-trinidad-43060.html",
"description" => "<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) has now mobilised a workover rig to start re-developing the onshore Goudron oilfield in south-eastern Trinidad. <br /><br />As previously announced, the company plans to re-develop the Goudron oilfield in partnership with Trinidad and Tobago state-owned Petrotrin under the terms of an existing contract.<br /><br />Field operations are starting imminently. LGO will first be working over up to 50 existing wells and then drill additional wells.<br /><br />The Goudron field lies between the East Moruga and Beach Marcelle fields in south-eastern Trinidad and has direct access to the Petrotrin oil export pipeline to the Pointe-a-Pierre refinery in western Trinidad. <br /><br />The oil reservoirs generally lie between 300 and 3,500 feet below surface and the oil is low sulphur and has API gravities ranging between 25 and 55 degrees. <br /><br />Proven reserves, recoverable using existing wells and a small number of infill wells, have been estimated at 1.9 million barrels (mmbbls), whilst proven plus probable reserves were estimated at 8 mmbbls. <br /><br />LGO has recently engaged Challenge Energy to prepare a Competent Persons Report on the Goudron field and the report is expected in the third quarter 2012.</p> ",
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"id" => "120521lgo7003d",
"title" => "RNS press release - Operational Update, Goudron Field, Trinidad",
"pubdate" => "2012-05-21 07:01:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120521lgo7003d/"
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"id" => "42245",
"title" => "News - Leni Gas & Oil expects to seal Spanish sale in May",
"pubdate" => "2012-05-02 07:32:00",
"seftitle" => "leni-gas-oil-expects-to-seal-spanish-sale-in-may-42245.html",
"description" => "<p>Leni Gas & Oil says it expects to complete a deal to sell its Spanish assets by the end of this month. Due diligence is now 'well advanced' and some talks have taken place regarding the deal structure. </p>",
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"id" => "120502lgo4631c",
"title" => "RNS press release - Update - Spanish Divestment and Trinidad",
"pubdate" => "2012-05-02 07:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120502lgo4631c/"
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"title" => "News - Leni Gas to look at other Eugene Island opportunities after sidetrack marginal - UPDATE",
"pubdate" => "2012-03-26 15:25:00",
"seftitle" => "leni-gas-to-look-at-other-eugene-island-opportunities-after-sidetrack-marginal-update-40734.html",
"description" => "<p> </p>
<p>Adds broker comment</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said today the A-2 sidetrack well at Eugene Island has been plugged after the operator decided not to move to production.</p>
<p>The A2ST01 sidetrack in the Gulf of Mexico was designed to test the Cranberry Creek prospect at the Tex-X2 reservoir level. </p>
<p>The well reached a total depth of 13,496 feet but the Tex-X2 reservoir was encountered slightly high to prognosis and was found to be water wet. </p>
<p>Logging while drilling results showed a 5 foot thick hydrocarbon pay zone at a different level within the well, but operator Marlin decided this was not sufficient to justify installation of a production completion. </p>
<p>Leni Gas has a 7.25 per cent working interest in the Eugene Island leases operated by Marlin.</p>
<p>The A2ST01 sidetrack was drilled from the non-producing A2 well of the Eugene Island-184 platform whilst production from the A1, A3, A4, A5 and A8 wells continued as normal.</p>
<p>Neil Ritson, Leni Gas’s chief executive, said: "Although oil was encountered in this sidetrack, the economics of installing a completion appeared marginal. </p>
<p>This well has shown that additional opportunities remain in the Eugene Island Field and we look forward to the operators proposals in due course. Profitable production of the existing oil and gas reserves continues."</p>
<p>Old Park Lane Capital analyst Barney Gray said: "Eugene Island will continue to generate cash flow for the company going forward and we believe that the pause in activity in the Gulf of Mexico leaves LGO in a good position to focus on the divestment of its Spanish assets and the acceleration of its core development activities in Trinidad."</p>
<p>He added: "This current hiatus in the drilling programme reduces marginally our valuation from 5.1 to 5.0p, leaving our target price unchanged."</p>
<p>Old Park Lane Capital recommends a 'buy' stance.</p>
<p> </p> ",
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"title" => "News - Leni Gas to look at other Eugene Island opportunities after sidetrack marginal",
"pubdate" => "2012-03-26 14:10:00",
"seftitle" => "leni-gas-to-look-at-other-eugene-island-opportunities-after-sidetrack-marginal-40729.html",
"description" => "<p> </p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said today the A-2 sidetrack well at Eugene Island has been plugged after the operator decided not to move to production.</p>
<p>The A2ST01 sidetrack in the Gulf of Mexico was designed to test the Cranberry Creek prospect at the Tex-X2 reservoir level. </p>
<p>The well reached a total depth of 13,496 feet but the Tex-X2 reservoir was encountered slightly high to prognosis and was found to be water wet. </p>
<p>Logging while drilling results showed a 5 foot thick hydrocarbon pay zone at a different level within the well, but operator Marlin decided this was not sufficient to justify installation of a production completion. </p>
<p>Leni Gas has a 7.25 per cent working interest in the Eugene Island leases operated by Marlin.</p>
<p>The A2ST01 sidetrack was drilled from the non-producing A2 well of the Eugene Island-184 platform whilst production from the A1, A3, A4, A5 and A8 wells continued as normal.</p>
<p>Neil Ritson, Leni Gas’s chief executive, said: "Although oil was encountered in this sidetrack, the economics of installing a completion appeared marginal. </p>
<p>This well has shown that additional opportunities remain in the Eugene Island Field and we look forward to the operators proposals in due course. Profitable production of the existing oil and gas reserves continues."</p>
<div><br /></div>
<p> </p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/40729/leni-gas-to-look-at-other-eugene-island-opportunities-after-sidetrack-marginal-40729.html"
),
array(
"id" => "120326lgo0793a",
"title" => "RNS press release - Gulf of Mexico drilling update",
"pubdate" => "2012-03-26 13:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120326lgo0793a/"
),
array(
"id" => "40625",
"title" => "News - Leni Gas & Oil to sell Spanish assets UPDATE",
"pubdate" => "2012-03-22 15:59:00",
"seftitle" => "leni-gas-oil-to-sell-spanish-assets-update-40625.html",
"description" => "<p>--- adds broker comment and share price ---<br /><br /><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> PLC (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said it has received a number of strong expressions of interest from international oil companies to either participate in the development of its Spanish oil assets, or to buy them outright. <br /><br />It has received several cash bids at a very significant premium to the initial outlay of €2.6 million, and is now in talks with the bidders with a view to closing a transaction.<br /><br />The stock moved only little after the news was announced this morning, but inched higher throughout the session to reach 1.44 pence by 3.57 pm, a rise of 7.5 per cent.<br /><br />The group announced in October 2011 it was seeking a commercial partner to develop the Ayoluengo oil field in Northern Spain, with mean stock tank oil initially in place (STOIIP) of 104 million barrels.<br /><br />The options for the field included an enhanced oil recovery (EOR) project.<br /><br />The deadline for submissions was yesterday, March 21, and the data room is now closed.<br /><br />The board has decided that divestment could potentially represent the best opportunity for the company in light of the new development opportunities previously announced in Trinidad.<br /> <br />Chief executive Neil Ritson said: "We have been delighted with the interest shown in our Spanish properties and believe that if this results in a divestment, the funds raised can be utilised in Trinidad and the Gulf of Mexico where the company has many opportunities to invest in work programmes with greater potential for near-term production.” <br /><br />Old Park Lane Capital said in a note this is very good news for LGO, particularly given that any additional cash could put the company in an excellent position to accelerate the development of its businesses in Trinidad and the US Gulf of Mexico.<br /><br />Oil and gas analyst Barney Gray values the Spanish assets at €5.7 million. If LGO was to realise a premium to that valuation, he noted, this would also be accretive to his current valuation of the company in the short term and he would look to adjust the valuation accordingly upon a formal announcement.<br /><br />LGO plans to complete the previously announced Trinidad farm-in with Advance Oil in April 2012 and drill the first of three initial wells in mid-year 2012, although final timing depends on contracting a rig.<br /><br />LGO holds a 50 percent interest in the Icacos licence which covers a total of 1,960 acres. The company controls adjacent leases, giving it a total interest in over 3,700 acres. <br /><br />In the Gulf of Mexico, LGO has a 7.25 per cent interest in the Eugene Island field, operated by Marlin Energy, where drilling the sidetrack of the A-2 production well is close to reaching the target reservoir.<br /><br />The target fault block, the Cranberry Creek prospect, has an estimated mean recoverable reserve of 0.5 million barrels of oil within the Tex-X2 target level. A second sidetrack is also planned to target the deeper Tex-X3 reservoir.</p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/40625/leni-gas-oil-to-sell-spanish-assets-update-40625.html"
),
array(
"id" => "40595",
"title" => "News - Leni Gas & Oil to sell Spanish assets",
"pubdate" => "2012-03-22 07:43:00",
"seftitle" => "leni-gas-oil-to-sell-spanish-assets-40595.html",
"description" => "<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said it has received a number of strong expressions of interest from international oil companies to either participate in the development of its Spanish oil assets, or to buy them outright. <br /><br />It has received several cash bids at a very significant premium to the initial outlay of €2.6 million, and is now in talks with the bidders with a view to closing a transaction.<br /><br />The group announced in October 2011 it was seeking a commercial partner to develop the Ayoluengo oil field in Northern Spain, with mean stock tank oil initially in place (STOIIP) of 104 million barrels.<br /><br />The options for the field included an enhanced oil recovery (EOR) project.<br /><br />The deadline for submissions was yesterday, March 21, and the data room is now closed.<br /><br />The board has decided that divestment could potentially represent the best opportunity for the company in light of the new development opportunities previously announced in Trinidad.<br /> <br />Chief executive Neil Ritson said: "We have been delighted with the interest shown in our Spanish properties and believe that if this results in a divestment, the funds raised can be utilised in Trinidad and the Gulf of Mexico where the company has many opportunities to invest in work programmes with greater potential for near-term production." <br /><br />LGO plans to complete the previously announced Trinidad farm-in with Advance Oil in April 2012 and drill the first of three initial wells in mid-year 2012, although final timing depends on contracting a rig.<br /><br />LGO holds a 50 percent interest in the Icacos license which covers a total of 1,960 acres. The company controls adjacent leases, giving it a total interest in over 3,700 acres. <br /><br />In the Gulf of Mexico, LGO has a 7.25 per cent interest in the Eugene Island field, operated by Marlin Energy, where drilling the sidetrack of the A-2 production well is close to reaching the target reservoir.<br /><br />The target fault block, the Cranberry Creek prospect, has an estimated mean recoverable reserve of 0.5 million barrels of oil within the Tex-X2 target level. A second sidetrack is also planned to target the deeper Tex-X3 reservoir.</p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/40595/leni-gas-oil-to-sell-spanish-assets-40595.html"
),
array(
"id" => "120322lgo8302z",
"title" => "RNS press release - Interest received in Spanish assets",
"pubdate" => "2012-03-22 07:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120322lgo8302z/"
),
array(
"id" => "40019",
"title" => "News - Leni Gas & Oil close to hitting target in Eugene Island drilling",
"pubdate" => "2012-03-09 07:28:00",
"seftitle" => "leni-gas-oil-close-to-hitting-target-in-eugene-island-drilling-40019.html",
"description" => "<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said it is close to drilling into the target reservoir at the Eugene Island field in the US Gulf of Mexico.<br /><br />As previously announced, the Ocean Columbia jack-up rig was successfully installed at the EI-184 platform on February 17. Drilling operations commenced on the planned sidetrack of the A-2 production well the next day. <br /><br />The well has been drilled to a depth of 12,566 feet and is now approximately 500 feet above the anticipated reservoir. <br /><br />The target fault block, the Cranberry Creek prospect, has an estimated mean recoverable reserve of 0.5 million barrels of oil within the Tex-X2 target level at a depth of approximately 13,000 feet subsea. <br /><br />A second sidetrack is also planned to target the deeper Tex-X3 reservoir.<br /><br />Leni Gas has a 7.25 per cent interest in the project, which is operated by Marlin Energy.<br /><br />The net cost to LGO of drilling, logging and evaluating the A-2 sidetrack is an initial US$280,000. Any incremental production is expected to be realised quickly with a short payback period on the investment.<br /><br />Chief executive Neil Ritson said: "Operations have been running largely to plan and we now look forward to the imminent intersection with the prognosed reservoir zone."<br /></p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/40019/leni-gas-oil-close-to-hitting-target-in-eugene-island-drilling-40019.html"
),
array(
"id" => "120309lgo0061z",
"title" => "RNS press release - Gulf of Mexico Drilling Update",
"pubdate" => "2012-03-09 07:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120309lgo0061z/"
),
array(
"id" => "39232",
"title" => "News - Leni Gas & Oil can become major producer, says broker",
"pubdate" => "2012-02-21 11:17:00",
"seftitle" => "leni-gas-oil-can-become-major-producer-says-broker-39232.html",
"description" => "<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a>'s (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) Gulf of Mexico acreage and its agreement with <a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/range-resources-1350.html" class="companyPopupTrigger" rel="1350">LON:RRL</a>) in Trinidad can transform it into a major producer, according to Old Park Lane.</p>
<p>Leni has a 7.25 per cent interest in the Eugene Island 184 field in the shallow water Gulf of Mexico.</p>
<p>The operator, Marlin Energy, is preparing to drill two sidetracks and recomplete a third well over the next three months, with production set to increase from April.</p>
<p>Leni will receive a significant boost to cash flow in the second half of the year from this, though long term it is the Goudron oil field in Trinidad that represents the company’s core focus, suggests the broker.</p>
<p>The deal with <a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a> envisages the Goudron field’s production rising to over 1,800 barrels per day within four years.</p>
<p>Old Park Lane says it is a great deal for Leni Oil as Range will provide initial funds of US$8 million to kick start development activity.</p>
<p>In Spain, the 100 per cent owned Ayoluengo oil field generates cash and an enhanced oil recovery programme could boost production longer term, while a farm-out is a possibility.</p>
<p>According to Old Park Lane, Leni has sufficient funds to fulfil its near term obligations in the Gulf of Mexico while the deal with <a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a> in Trinidad will enable it to grow over the longer term. </p>
<p>The broker has put a valuation of US$118m on Leni Oil’s core assets, equivalent to 5.1p per share on a fully diluted basis. </p>
<p>“This represents significant upside to the current share price and we instigate formal coverage with a buy,” it concluded.</p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/39232/leni-gas-oil-can-become-major-producer-says-broker-39232.html"
),
array(
"id" => "39109",
"title" => "News - Leni Gas & Oil kicks off Eugene Island drilling operations ",
"pubdate" => "2012-02-17 07:16:00",
"seftitle" => "leni-gas-oil-kicks-off-eugene-island-drilling-operations--39109.html",
"description" => "<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) told investors that it is now ready to start drilling on the Eugene Island field in the US Gulf of Mexico.</p>
<p>Last week the group revealed that the Ocean Columbia jack-up rig had been held up at the site of a previous job.</p>
<p>After the slight delay the rig is now stationed over the EI-184 platform in around 88 feet of water. </p>
<p>The well will be sidetracked from a depth of 7,600 feet.</p>
<p>The sidetrack is designed to intersect Tex-X2 sandstones reservoirs. The target has an estimated mean recoverable reserve of 0.5 million barrels of oil.</p>
<p>It is expected that drilling and evaluation operations will last three to four weeks. And if successful, the well will be completed for production. </p>
<p>A second sidetrack is also planned to target the deeper Tex-X3 reservoir.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> has a 7.25 per cent interest in the project, which is operated by Marlin Energy.</p>
<p>The net cost to LGO of drilling, logging and evaluating the A-2 sidetrack is an initial US$280,000. Any incremental production is expected to be realised quickly with a short payback period on the investment.</p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/39109/leni-gas-oil-kicks-off-eugene-island-drilling-operations--39109.html"
),
array(
"id" => "120217lgo5904x",
"title" => "RNS press release - Gulf of Mexico Drilling Update",
"pubdate" => "2012-02-17 07:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120217lgo5904x/"
),
array(
"id" => "38681",
"title" => "News - Leni Gas & Oil reveals slight delay to Eugene Island drilling",
"pubdate" => "2012-02-07 07:38:00",
"seftitle" => "leni-gas-oil-reveals-slight-delay-to-eugene-island-drilling-38681.html",
"description" => "<p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) today told investors that its drilling operations have been slightly delayed at the Eugene Island Field, in the Gulf of Mexico.</p>
<p>The delay relates to a problem with the drilling rig’s previous contractor. And LGO says there are no cost implications for the Eugene Island partners.</p>
<p>The current operator of the Ocean Columbia jack-up rig at Eugene Island-51 has had difficulty withdrawing the rig’s legs from the seafloor. </p>
<p>Work is currently underway to free the legs so that they can be raised and the rig can be towed to the Eugene Island location, which is about 55 kilometres away. </p>
<p>At Eugene Island, the drilling programme will start with the A-2ST01 well, a sidetrack of the existing A-2 well, which targets mean recoverable reserves of 0.5 million barrels of oil within the Tex X2 target level.</p>
<p>The slightly deeper Tex-X3 reservoir will also be tested by the well. Both reservoirs are productive in other wells throughout the field.</p>
<p>The partners have budgeted a total 16 days for the drilling and evaluation. The net cost to LGO of drilling, logging and evaluating the A-2 sidetrack is an initial US$280,000.</p>
<p>Any incremental production is expected to be realised quickly with a short payback period on the investment.</p>
</p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/38681/leni-gas-oil-reveals-slight-delay-to-eugene-island-drilling-38681.html"
),
array(
"id" => "120207lgo8933w",
"title" => "RNS press release - Gulf of Mexico Drilling Update",
"pubdate" => "2012-02-07 07:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120207lgo8933w/"
),
array(
"id" => "120201lgo5481w",
"title" => "RNS press release - Appointment of Joint Broker",
"pubdate" => "2012-02-01 07:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120201lgo5481w/"
),
array(
"id" => "38260",
"title" => "News - Leni Gas & Oil says drilling at Eugene Island field may start next week - UPDATE",
"pubdate" => "2012-01-26 12:24:00",
"seftitle" => "-leni-gas-oil-says-drilling-at-eugene-island-field-may-start-next-week-update-38260.html",
"description" => "<p><strong>---Adds broker comments---</strong><br /><br /><a href="http://proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said drilling on the Eugene Island field in the Gulf of Mexico could begin next week with the arrival of the Ocean Columbia jack-up rig expected imminently.<br /><br />The rig has now been released by the previous operator and will be mobilised to the Eugene Island platform shortly if weather conditions allow.<br /><br />The company and operator of the Eugene field, Marlin Energy last month approved additional drilling at the Eugene Island-184 leases, in which LGO currently holds a 7.25 percent working interest.<br /><br />The drilling programme will start with the A-2ST01 well, a sidetrack of the existing A-2 well, which targets mean recoverable reserves of 0.5 million barrels of oil within the Tex X2 target level.<br /><br />The slightly deeper Tex-X3 reservoir will also be tested by the well. Both reservoirs are productive in other wells throughout the field.<br /><br />The partners have budgeted a total 16 days for the drilling and evaluation. The net cost to LGO of drilling, logging and evaluating the A-2 sidetrack is an initial US$280,000.<br /><br />Any incremental production is expected to be realised quickly with a short payback period on the investment.<br /><br />Only yesterday, LGO announced a tie-up with <a href="http://proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a> (<a href="/companies/overview/1350/range-resources-1350.html" class="companyPopupTrigger" rel="1350">LON:RRL</a>, ASX:RRS) to jointly develop onshore oilfields in Trinidad.<br /><br />The deal will see Range taking a 50 per cent stake in LGO’s Goudron oilfield by spending US$8 million. And LGO has an option to acquire a 15 per cent stake in Range’s Beach Marcelle project by spending a maximum of US$7 million.<br /><br />Shore Capital analyst Craig Howie described the tie up with Range as "very good news" for LGO in a note today.<br /><br />It provides strong synergies across the two companies’ portfolios and gives LGO the necessary funding to ramp up activity levels in Trinidad, where the broker see excellent potential for reserves and production growth, he said.</p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/38260/-leni-gas-oil-says-drilling-at-eugene-island-field-may-start-next-week-update-38260.html"
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<title><![CDATA[News - Leni Gas & Oil mobilises rig for re-development of Goudron oilfield, Trinidad - UPDATE ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/43087/leni-gas-oil-mobilises-rig-for-re-development-of-goudron-oilfield-trinidad-update-43087.html</link>
<description><![CDATA[<p><strong>--- adds broker comment and share price ---</strong></p>
<p class="MsoNormal"><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) has now mobilised a workover rig to start re-developing the onshore Goudron oilfield in south-eastern Trinidad.</p>
<p class="MsoNormal">As previously announced, the company plans to re-develop the Goudron oilfield in partnership with Trinidad and Tobago state-owned Petrotrin under the terms of an existing contract.</p>
<p class="MsoNormal">Field operations are starting imminently. LGO will first be working over up to 50 existing wells and will then drill additional wells.</p>
<p class="MsoNormal">The Goudron field lies between the East Moruga and Beach Marcelle fields in south-eastern Trinidad and has direct access to the Petrotrin oil export pipeline to the Pointe-a-Pierre refinery in western Trinidad. </p>
<p class="MsoNormal">The oil reservoirs generally lie between 300 and 3,500 feet below surface and the oil is low sulphur and has API gravities ranging between 25 and 55 degrees.</p>
<p class="MsoNormal">Proven reserves, recoverable using existing wells and a small number of infill wells, have been estimated at 1.9 million barrels (mmbbls), whilst proven plus probable reserves were estimated at 8 mmbbls. </p>
<p class="MsoNormal">LGO has recently engaged Challenge Energy to prepare a Competent Persons Report (CPR) on the Goudron field and the report is expected in the third quarter 2012.</p>
<p class="MsoNormal">Broker Old Park Lane Capital views the announcement as important as it values Goudron as the company’s core asset.</p>
<p class="MsoNormal">“Upon the conclusion of the partnership agreement to co-develop the field with <a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a>, we believe that LGO’s ultimate 50% interest in Goudron will be worth approximately 2.4p per share (fully diluted),” said the broker, which is a 'buyer'.</p>
<p class="MsoNormal">This suggests significant upside to the current price of 0.82 pence, which has dipped 0.02 pence, or 2.4 per cent, today.</p>
<p class="MsoNormal">“We believe that the commencement of workover operations and the publication of a CPR will act as catalysts for further value recognition for the Goudron Field,” the broker concluded.</p>
<p> </p> ]]></description>
<pubDate>Mon, 21 May 2012 12:46:00 +0100</pubDate>
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</item>
<item>
<title><![CDATA[News - Leni Gas & Oil mobilises rig for re-development of Goudron oilfield, Trinidad ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/43060/leni-gas-oil-mobilises-rig-for-re-development-of-goudron-oilfield-trinidad-43060.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) has now mobilised a workover rig to start re-developing the onshore Goudron oilfield in south-eastern Trinidad. <br /><br />As previously announced, the company plans to re-develop the Goudron oilfield in partnership with Trinidad and Tobago state-owned Petrotrin under the terms of an existing contract.<br /><br />Field operations are starting imminently. LGO will first be working over up to 50 existing wells and then drill additional wells.<br /><br />The Goudron field lies between the East Moruga and Beach Marcelle fields in south-eastern Trinidad and has direct access to the Petrotrin oil export pipeline to the Pointe-a-Pierre refinery in western Trinidad. <br /><br />The oil reservoirs generally lie between 300 and 3,500 feet below surface and the oil is low sulphur and has API gravities ranging between 25 and 55 degrees. <br /><br />Proven reserves, recoverable using existing wells and a small number of infill wells, have been estimated at 1.9 million barrels (mmbbls), whilst proven plus probable reserves were estimated at 8 mmbbls. <br /><br />LGO has recently engaged Challenge Energy to prepare a Competent Persons Report on the Goudron field and the report is expected in the third quarter 2012.</p> ]]></description>
<pubDate>Mon, 21 May 2012 07:58:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/43060/leni-gas-oil-mobilises-rig-for-re-development-of-goudron-oilfield-trinidad-43060.html</guid>
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<title><![CDATA[RNS press release - Operational Update, Goudron Field, Trinidad ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120521lgo7003d/</link>
<description><![CDATA[]]></description>
<pubDate>Mon, 21 May 2012 07:01:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120521lgo7003d/</guid>
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<title><![CDATA[News - Leni Gas & Oil expects to seal Spanish sale in May ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/42245/leni-gas-oil-expects-to-seal-spanish-sale-in-may-42245.html</link>
<description><![CDATA[<p>Leni Gas & Oil says it expects to complete a deal to sell its Spanish assets by the end of this month. Due diligence is now 'well advanced' and some talks have taken place regarding the deal structure. </p>]]></description>
<pubDate>Wed, 02 May 2012 07:32:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/42245/leni-gas-oil-expects-to-seal-spanish-sale-in-may-42245.html</guid>
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<title><![CDATA[RNS press release - Update - Spanish Divestment and Trinidad ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120502lgo4631c/</link>
<description><![CDATA[]]></description>
<pubDate>Wed, 02 May 2012 07:00:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120502lgo4631c/</guid>
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<title><![CDATA[News - Leni Gas to look at other Eugene Island opportunities after sidetrack marginal - UPDATE ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/40734/leni-gas-to-look-at-other-eugene-island-opportunities-after-sidetrack-marginal-update-40734.html</link>
<description><![CDATA[<p> </p>
<p>Adds broker comment</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said today the A-2 sidetrack well at Eugene Island has been plugged after the operator decided not to move to production.</p>
<p>The A2ST01 sidetrack in the Gulf of Mexico was designed to test the Cranberry Creek prospect at the Tex-X2 reservoir level. </p>
<p>The well reached a total depth of 13,496 feet but the Tex-X2 reservoir was encountered slightly high to prognosis and was found to be water wet. </p>
<p>Logging while drilling results showed a 5 foot thick hydrocarbon pay zone at a different level within the well, but operator Marlin decided this was not sufficient to justify installation of a production completion. </p>
<p>Leni Gas has a 7.25 per cent working interest in the Eugene Island leases operated by Marlin.</p>
<p>The A2ST01 sidetrack was drilled from the non-producing A2 well of the Eugene Island-184 platform whilst production from the A1, A3, A4, A5 and A8 wells continued as normal.</p>
<p>Neil Ritson, Leni Gas’s chief executive, said: "Although oil was encountered in this sidetrack, the economics of installing a completion appeared marginal. </p>
<p>This well has shown that additional opportunities remain in the Eugene Island Field and we look forward to the operators proposals in due course. Profitable production of the existing oil and gas reserves continues."</p>
<p>Old Park Lane Capital analyst Barney Gray said: "Eugene Island will continue to generate cash flow for the company going forward and we believe that the pause in activity in the Gulf of Mexico leaves LGO in a good position to focus on the divestment of its Spanish assets and the acceleration of its core development activities in Trinidad."</p>
<p>He added: "This current hiatus in the drilling programme reduces marginally our valuation from 5.1 to 5.0p, leaving our target price unchanged."</p>
<p>Old Park Lane Capital recommends a 'buy' stance.</p>
<p> </p> ]]></description>
<pubDate>Mon, 26 Mar 2012 15:25:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/40734/leni-gas-to-look-at-other-eugene-island-opportunities-after-sidetrack-marginal-update-40734.html</guid>
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<title><![CDATA[News - Leni Gas to look at other Eugene Island opportunities after sidetrack marginal ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/40729/leni-gas-to-look-at-other-eugene-island-opportunities-after-sidetrack-marginal-40729.html</link>
<description><![CDATA[<p> </p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said today the A-2 sidetrack well at Eugene Island has been plugged after the operator decided not to move to production.</p>
<p>The A2ST01 sidetrack in the Gulf of Mexico was designed to test the Cranberry Creek prospect at the Tex-X2 reservoir level. </p>
<p>The well reached a total depth of 13,496 feet but the Tex-X2 reservoir was encountered slightly high to prognosis and was found to be water wet. </p>
<p>Logging while drilling results showed a 5 foot thick hydrocarbon pay zone at a different level within the well, but operator Marlin decided this was not sufficient to justify installation of a production completion. </p>
<p>Leni Gas has a 7.25 per cent working interest in the Eugene Island leases operated by Marlin.</p>
<p>The A2ST01 sidetrack was drilled from the non-producing A2 well of the Eugene Island-184 platform whilst production from the A1, A3, A4, A5 and A8 wells continued as normal.</p>
<p>Neil Ritson, Leni Gas’s chief executive, said: "Although oil was encountered in this sidetrack, the economics of installing a completion appeared marginal. </p>
<p>This well has shown that additional opportunities remain in the Eugene Island Field and we look forward to the operators proposals in due course. Profitable production of the existing oil and gas reserves continues."</p>
<div><br /></div>
<p> </p> ]]></description>
<pubDate>Mon, 26 Mar 2012 14:10:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/40729/leni-gas-to-look-at-other-eugene-island-opportunities-after-sidetrack-marginal-40729.html</guid>
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<title><![CDATA[RNS press release - Gulf of Mexico drilling update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120326lgo0793a/</link>
<description><![CDATA[]]></description>
<pubDate>Mon, 26 Mar 2012 13:00:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120326lgo0793a/</guid>
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<title><![CDATA[News - Leni Gas & Oil to sell Spanish assets UPDATE ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/40625/leni-gas-oil-to-sell-spanish-assets-update-40625.html</link>
<description><![CDATA[<p>--- adds broker comment and share price ---<br /><br /><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> PLC (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said it has received a number of strong expressions of interest from international oil companies to either participate in the development of its Spanish oil assets, or to buy them outright. <br /><br />It has received several cash bids at a very significant premium to the initial outlay of €2.6 million, and is now in talks with the bidders with a view to closing a transaction.<br /><br />The stock moved only little after the news was announced this morning, but inched higher throughout the session to reach 1.44 pence by 3.57 pm, a rise of 7.5 per cent.<br /><br />The group announced in October 2011 it was seeking a commercial partner to develop the Ayoluengo oil field in Northern Spain, with mean stock tank oil initially in place (STOIIP) of 104 million barrels.<br /><br />The options for the field included an enhanced oil recovery (EOR) project.<br /><br />The deadline for submissions was yesterday, March 21, and the data room is now closed.<br /><br />The board has decided that divestment could potentially represent the best opportunity for the company in light of the new development opportunities previously announced in Trinidad.<br /> <br />Chief executive Neil Ritson said: "We have been delighted with the interest shown in our Spanish properties and believe that if this results in a divestment, the funds raised can be utilised in Trinidad and the Gulf of Mexico where the company has many opportunities to invest in work programmes with greater potential for near-term production.” <br /><br />Old Park Lane Capital said in a note this is very good news for LGO, particularly given that any additional cash could put the company in an excellent position to accelerate the development of its businesses in Trinidad and the US Gulf of Mexico.<br /><br />Oil and gas analyst Barney Gray values the Spanish assets at €5.7 million. If LGO was to realise a premium to that valuation, he noted, this would also be accretive to his current valuation of the company in the short term and he would look to adjust the valuation accordingly upon a formal announcement.<br /><br />LGO plans to complete the previously announced Trinidad farm-in with Advance Oil in April 2012 and drill the first of three initial wells in mid-year 2012, although final timing depends on contracting a rig.<br /><br />LGO holds a 50 percent interest in the Icacos licence which covers a total of 1,960 acres. The company controls adjacent leases, giving it a total interest in over 3,700 acres. <br /><br />In the Gulf of Mexico, LGO has a 7.25 per cent interest in the Eugene Island field, operated by Marlin Energy, where drilling the sidetrack of the A-2 production well is close to reaching the target reservoir.<br /><br />The target fault block, the Cranberry Creek prospect, has an estimated mean recoverable reserve of 0.5 million barrels of oil within the Tex-X2 target level. A second sidetrack is also planned to target the deeper Tex-X3 reservoir.</p> ]]></description>
<pubDate>Thu, 22 Mar 2012 15:59:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/40625/leni-gas-oil-to-sell-spanish-assets-update-40625.html</guid>
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<title><![CDATA[News - Leni Gas & Oil to sell Spanish assets ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/40595/leni-gas-oil-to-sell-spanish-assets-40595.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said it has received a number of strong expressions of interest from international oil companies to either participate in the development of its Spanish oil assets, or to buy them outright. <br /><br />It has received several cash bids at a very significant premium to the initial outlay of €2.6 million, and is now in talks with the bidders with a view to closing a transaction.<br /><br />The group announced in October 2011 it was seeking a commercial partner to develop the Ayoluengo oil field in Northern Spain, with mean stock tank oil initially in place (STOIIP) of 104 million barrels.<br /><br />The options for the field included an enhanced oil recovery (EOR) project.<br /><br />The deadline for submissions was yesterday, March 21, and the data room is now closed.<br /><br />The board has decided that divestment could potentially represent the best opportunity for the company in light of the new development opportunities previously announced in Trinidad.<br /> <br />Chief executive Neil Ritson said: "We have been delighted with the interest shown in our Spanish properties and believe that if this results in a divestment, the funds raised can be utilised in Trinidad and the Gulf of Mexico where the company has many opportunities to invest in work programmes with greater potential for near-term production." <br /><br />LGO plans to complete the previously announced Trinidad farm-in with Advance Oil in April 2012 and drill the first of three initial wells in mid-year 2012, although final timing depends on contracting a rig.<br /><br />LGO holds a 50 percent interest in the Icacos license which covers a total of 1,960 acres. The company controls adjacent leases, giving it a total interest in over 3,700 acres. <br /><br />In the Gulf of Mexico, LGO has a 7.25 per cent interest in the Eugene Island field, operated by Marlin Energy, where drilling the sidetrack of the A-2 production well is close to reaching the target reservoir.<br /><br />The target fault block, the Cranberry Creek prospect, has an estimated mean recoverable reserve of 0.5 million barrels of oil within the Tex-X2 target level. A second sidetrack is also planned to target the deeper Tex-X3 reservoir.</p> ]]></description>
<pubDate>Thu, 22 Mar 2012 07:43:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/40595/leni-gas-oil-to-sell-spanish-assets-40595.html</guid>
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<title><![CDATA[RNS press release - Interest received in Spanish assets ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120322lgo8302z/</link>
<description><![CDATA[]]></description>
<pubDate>Thu, 22 Mar 2012 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120322lgo8302z/</guid>
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<title><![CDATA[News - Leni Gas & Oil close to hitting target in Eugene Island drilling ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/40019/leni-gas-oil-close-to-hitting-target-in-eugene-island-drilling-40019.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said it is close to drilling into the target reservoir at the Eugene Island field in the US Gulf of Mexico.<br /><br />As previously announced, the Ocean Columbia jack-up rig was successfully installed at the EI-184 platform on February 17. Drilling operations commenced on the planned sidetrack of the A-2 production well the next day. <br /><br />The well has been drilled to a depth of 12,566 feet and is now approximately 500 feet above the anticipated reservoir. <br /><br />The target fault block, the Cranberry Creek prospect, has an estimated mean recoverable reserve of 0.5 million barrels of oil within the Tex-X2 target level at a depth of approximately 13,000 feet subsea. <br /><br />A second sidetrack is also planned to target the deeper Tex-X3 reservoir.<br /><br />Leni Gas has a 7.25 per cent interest in the project, which is operated by Marlin Energy.<br /><br />The net cost to LGO of drilling, logging and evaluating the A-2 sidetrack is an initial US$280,000. Any incremental production is expected to be realised quickly with a short payback period on the investment.<br /><br />Chief executive Neil Ritson said: "Operations have been running largely to plan and we now look forward to the imminent intersection with the prognosed reservoir zone."<br /></p> ]]></description>
<pubDate>Fri, 09 Mar 2012 07:28:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/40019/leni-gas-oil-close-to-hitting-target-in-eugene-island-drilling-40019.html</guid>
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<title><![CDATA[RNS press release - Gulf of Mexico Drilling Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120309lgo0061z/</link>
<description><![CDATA[]]></description>
<pubDate>Fri, 09 Mar 2012 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120309lgo0061z/</guid>
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<title><![CDATA[News - Leni Gas & Oil can become major producer, says broker ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/39232/leni-gas-oil-can-become-major-producer-says-broker-39232.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a>'s (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) Gulf of Mexico acreage and its agreement with <a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/range-resources-1350.html" class="companyPopupTrigger" rel="1350">LON:RRL</a>) in Trinidad can transform it into a major producer, according to Old Park Lane.</p>
<p>Leni has a 7.25 per cent interest in the Eugene Island 184 field in the shallow water Gulf of Mexico.</p>
<p>The operator, Marlin Energy, is preparing to drill two sidetracks and recomplete a third well over the next three months, with production set to increase from April.</p>
<p>Leni will receive a significant boost to cash flow in the second half of the year from this, though long term it is the Goudron oil field in Trinidad that represents the company’s core focus, suggests the broker.</p>
<p>The deal with <a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a> envisages the Goudron field’s production rising to over 1,800 barrels per day within four years.</p>
<p>Old Park Lane says it is a great deal for Leni Oil as Range will provide initial funds of US$8 million to kick start development activity.</p>
<p>In Spain, the 100 per cent owned Ayoluengo oil field generates cash and an enhanced oil recovery programme could boost production longer term, while a farm-out is a possibility.</p>
<p>According to Old Park Lane, Leni has sufficient funds to fulfil its near term obligations in the Gulf of Mexico while the deal with <a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a> in Trinidad will enable it to grow over the longer term. </p>
<p>The broker has put a valuation of US$118m on Leni Oil’s core assets, equivalent to 5.1p per share on a fully diluted basis. </p>
<p>“This represents significant upside to the current share price and we instigate formal coverage with a buy,” it concluded.</p> ]]></description>
<pubDate>Tue, 21 Feb 2012 11:17:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/39232/leni-gas-oil-can-become-major-producer-says-broker-39232.html</guid>
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<title><![CDATA[News - Leni Gas & Oil kicks off Eugene Island drilling operations ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/39109/leni-gas-oil-kicks-off-eugene-island-drilling-operations--39109.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) told investors that it is now ready to start drilling on the Eugene Island field in the US Gulf of Mexico.</p>
<p>Last week the group revealed that the Ocean Columbia jack-up rig had been held up at the site of a previous job.</p>
<p>After the slight delay the rig is now stationed over the EI-184 platform in around 88 feet of water. </p>
<p>The well will be sidetracked from a depth of 7,600 feet.</p>
<p>The sidetrack is designed to intersect Tex-X2 sandstones reservoirs. The target has an estimated mean recoverable reserve of 0.5 million barrels of oil.</p>
<p>It is expected that drilling and evaluation operations will last three to four weeks. And if successful, the well will be completed for production. </p>
<p>A second sidetrack is also planned to target the deeper Tex-X3 reservoir.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> has a 7.25 per cent interest in the project, which is operated by Marlin Energy.</p>
<p>The net cost to LGO of drilling, logging and evaluating the A-2 sidetrack is an initial US$280,000. Any incremental production is expected to be realised quickly with a short payback period on the investment.</p> ]]></description>
<pubDate>Fri, 17 Feb 2012 07:16:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/39109/leni-gas-oil-kicks-off-eugene-island-drilling-operations--39109.html</guid>
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<title><![CDATA[RNS press release - Gulf of Mexico Drilling Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120217lgo5904x/</link>
<description><![CDATA[]]></description>
<pubDate>Fri, 17 Feb 2012 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120217lgo5904x/</guid>
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<title><![CDATA[News - Leni Gas & Oil reveals slight delay to Eugene Island drilling ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/38681/leni-gas-oil-reveals-slight-delay-to-eugene-island-drilling-38681.html</link>
<description><![CDATA[<p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) today told investors that its drilling operations have been slightly delayed at the Eugene Island Field, in the Gulf of Mexico.</p>
<p>The delay relates to a problem with the drilling rig’s previous contractor. And LGO says there are no cost implications for the Eugene Island partners.</p>
<p>The current operator of the Ocean Columbia jack-up rig at Eugene Island-51 has had difficulty withdrawing the rig’s legs from the seafloor. </p>
<p>Work is currently underway to free the legs so that they can be raised and the rig can be towed to the Eugene Island location, which is about 55 kilometres away. </p>
<p>At Eugene Island, the drilling programme will start with the A-2ST01 well, a sidetrack of the existing A-2 well, which targets mean recoverable reserves of 0.5 million barrels of oil within the Tex X2 target level.</p>
<p>The slightly deeper Tex-X3 reservoir will also be tested by the well. Both reservoirs are productive in other wells throughout the field.</p>
<p>The partners have budgeted a total 16 days for the drilling and evaluation. The net cost to LGO of drilling, logging and evaluating the A-2 sidetrack is an initial US$280,000.</p>
<p>Any incremental production is expected to be realised quickly with a short payback period on the investment.</p>
</p> ]]></description>
<pubDate>Tue, 07 Feb 2012 07:38:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/38681/leni-gas-oil-reveals-slight-delay-to-eugene-island-drilling-38681.html</guid>
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<title><![CDATA[RNS press release - Gulf of Mexico Drilling Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120207lgo8933w/</link>
<description><![CDATA[]]></description>
<pubDate>Tue, 07 Feb 2012 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120207lgo8933w/</guid>
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<title><![CDATA[RNS press release - Appointment of Joint Broker ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120201lgo5481w/</link>
<description><![CDATA[]]></description>
<pubDate>Wed, 01 Feb 2012 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120201lgo5481w/</guid>
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<title><![CDATA[News - Leni Gas & Oil says drilling at Eugene Island field may start next week - UPDATE ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/38260/-leni-gas-oil-says-drilling-at-eugene-island-field-may-start-next-week-update-38260.html</link>
<description><![CDATA[<p><strong>---Adds broker comments---</strong><br /><br /><a href="http://proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said drilling on the Eugene Island field in the Gulf of Mexico could begin next week with the arrival of the Ocean Columbia jack-up rig expected imminently.<br /><br />The rig has now been released by the previous operator and will be mobilised to the Eugene Island platform shortly if weather conditions allow.<br /><br />The company and operator of the Eugene field, Marlin Energy last month approved additional drilling at the Eugene Island-184 leases, in which LGO currently holds a 7.25 percent working interest.<br /><br />The drilling programme will start with the A-2ST01 well, a sidetrack of the existing A-2 well, which targets mean recoverable reserves of 0.5 million barrels of oil within the Tex X2 target level.<br /><br />The slightly deeper Tex-X3 reservoir will also be tested by the well. Both reservoirs are productive in other wells throughout the field.<br /><br />The partners have budgeted a total 16 days for the drilling and evaluation. The net cost to LGO of drilling, logging and evaluating the A-2 sidetrack is an initial US$280,000.<br /><br />Any incremental production is expected to be realised quickly with a short payback period on the investment.<br /><br />Only yesterday, LGO announced a tie-up with <a href="http://proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a> (<a href="/companies/overview/1350/range-resources-1350.html" class="companyPopupTrigger" rel="1350">LON:RRL</a>, ASX:RRS) to jointly develop onshore oilfields in Trinidad.<br /><br />The deal will see Range taking a 50 per cent stake in LGO’s Goudron oilfield by spending US$8 million. And LGO has an option to acquire a 15 per cent stake in Range’s Beach Marcelle project by spending a maximum of US$7 million.<br /><br />Shore Capital analyst Craig Howie described the tie up with Range as "very good news" for LGO in a note today.<br /><br />It provides strong synergies across the two companies’ portfolios and gives LGO the necessary funding to ramp up activity levels in Trinidad, where the broker see excellent potential for reserves and production growth, he said.</p> ]]></description>
<pubDate>Thu, 26 Jan 2012 12:24:00 +0000</pubDate>
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<title><![CDATA[News - Leni Gas & Oil mobilises rig for re-development of Goudron oilfield, Trinidad - UPDATE ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/43087/leni-gas-oil-mobilises-rig-for-re-development-of-goudron-oilfield-trinidad-update-43087.html</link>
<description><![CDATA[<p><strong>--- adds broker comment and share price ---</strong></p>
<p class="MsoNormal"><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) has now mobilised a workover rig to start re-developing the onshore Goudron oilfield in south-eastern Trinidad.</p>
<p class="MsoNormal">As previously announced, the company plans to re-develop the Goudron oilfield in partnership with Trinidad and Tobago state-owned Petrotrin under the terms of an existing contract.</p>
<p class="MsoNormal">Field operations are starting imminently. LGO will first be working over up to 50 existing wells and will then drill additional wells.</p>
<p class="MsoNormal">The Goudron field lies between the East Moruga and Beach Marcelle fields in south-eastern Trinidad and has direct access to the Petrotrin oil export pipeline to the Pointe-a-Pierre refinery in western Trinidad. </p>
<p class="MsoNormal">The oil reservoirs generally lie between 300 and 3,500 feet below surface and the oil is low sulphur and has API gravities ranging between 25 and 55 degrees.</p>
<p class="MsoNormal">Proven reserves, recoverable using existing wells and a small number of infill wells, have been estimated at 1.9 million barrels (mmbbls), whilst proven plus probable reserves were estimated at 8 mmbbls. </p>
<p class="MsoNormal">LGO has recently engaged Challenge Energy to prepare a Competent Persons Report (CPR) on the Goudron field and the report is expected in the third quarter 2012.</p>
<p class="MsoNormal">Broker Old Park Lane Capital views the announcement as important as it values Goudron as the company’s core asset.</p>
<p class="MsoNormal">“Upon the conclusion of the partnership agreement to co-develop the field with <a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a>, we believe that LGO’s ultimate 50% interest in Goudron will be worth approximately 2.4p per share (fully diluted),” said the broker, which is a 'buyer'.</p>
<p class="MsoNormal">This suggests significant upside to the current price of 0.82 pence, which has dipped 0.02 pence, or 2.4 per cent, today.</p>
<p class="MsoNormal">“We believe that the commencement of workover operations and the publication of a CPR will act as catalysts for further value recognition for the Goudron Field,” the broker concluded.</p>
<p> </p> ]]></description>
<pubDate>Mon, 21 May 2012 12:46:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/43087/leni-gas-oil-mobilises-rig-for-re-development-of-goudron-oilfield-trinidad-update-43087.html</guid>
</item>
<item>
<title><![CDATA[News - Leni Gas & Oil mobilises rig for re-development of Goudron oilfield, Trinidad ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/43060/leni-gas-oil-mobilises-rig-for-re-development-of-goudron-oilfield-trinidad-43060.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) has now mobilised a workover rig to start re-developing the onshore Goudron oilfield in south-eastern Trinidad. <br /><br />As previously announced, the company plans to re-develop the Goudron oilfield in partnership with Trinidad and Tobago state-owned Petrotrin under the terms of an existing contract.<br /><br />Field operations are starting imminently. LGO will first be working over up to 50 existing wells and then drill additional wells.<br /><br />The Goudron field lies between the East Moruga and Beach Marcelle fields in south-eastern Trinidad and has direct access to the Petrotrin oil export pipeline to the Pointe-a-Pierre refinery in western Trinidad. <br /><br />The oil reservoirs generally lie between 300 and 3,500 feet below surface and the oil is low sulphur and has API gravities ranging between 25 and 55 degrees. <br /><br />Proven reserves, recoverable using existing wells and a small number of infill wells, have been estimated at 1.9 million barrels (mmbbls), whilst proven plus probable reserves were estimated at 8 mmbbls. <br /><br />LGO has recently engaged Challenge Energy to prepare a Competent Persons Report on the Goudron field and the report is expected in the third quarter 2012.</p> ]]></description>
<pubDate>Mon, 21 May 2012 07:58:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/43060/leni-gas-oil-mobilises-rig-for-re-development-of-goudron-oilfield-trinidad-43060.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Operational Update, Goudron Field, Trinidad ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120521lgo7003d/</link>
<description><![CDATA[]]></description>
<pubDate>Mon, 21 May 2012 07:01:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120521lgo7003d/</guid>
</item>
<item>
<title><![CDATA[News - Leni Gas & Oil expects to seal Spanish sale in May ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/42245/leni-gas-oil-expects-to-seal-spanish-sale-in-may-42245.html</link>
<description><![CDATA[<p>Leni Gas & Oil says it expects to complete a deal to sell its Spanish assets by the end of this month. Due diligence is now 'well advanced' and some talks have taken place regarding the deal structure. </p>]]></description>
<pubDate>Wed, 02 May 2012 07:32:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/42245/leni-gas-oil-expects-to-seal-spanish-sale-in-may-42245.html</guid>
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<item>
<title><![CDATA[RNS press release - Update - Spanish Divestment and Trinidad ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120502lgo4631c/</link>
<description><![CDATA[]]></description>
<pubDate>Wed, 02 May 2012 07:00:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120502lgo4631c/</guid>
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<title><![CDATA[News - Leni Gas to look at other Eugene Island opportunities after sidetrack marginal - UPDATE ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/40734/leni-gas-to-look-at-other-eugene-island-opportunities-after-sidetrack-marginal-update-40734.html</link>
<description><![CDATA[<p> </p>
<p>Adds broker comment</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said today the A-2 sidetrack well at Eugene Island has been plugged after the operator decided not to move to production.</p>
<p>The A2ST01 sidetrack in the Gulf of Mexico was designed to test the Cranberry Creek prospect at the Tex-X2 reservoir level. </p>
<p>The well reached a total depth of 13,496 feet but the Tex-X2 reservoir was encountered slightly high to prognosis and was found to be water wet. </p>
<p>Logging while drilling results showed a 5 foot thick hydrocarbon pay zone at a different level within the well, but operator Marlin decided this was not sufficient to justify installation of a production completion. </p>
<p>Leni Gas has a 7.25 per cent working interest in the Eugene Island leases operated by Marlin.</p>
<p>The A2ST01 sidetrack was drilled from the non-producing A2 well of the Eugene Island-184 platform whilst production from the A1, A3, A4, A5 and A8 wells continued as normal.</p>
<p>Neil Ritson, Leni Gas’s chief executive, said: "Although oil was encountered in this sidetrack, the economics of installing a completion appeared marginal. </p>
<p>This well has shown that additional opportunities remain in the Eugene Island Field and we look forward to the operators proposals in due course. Profitable production of the existing oil and gas reserves continues."</p>
<p>Old Park Lane Capital analyst Barney Gray said: "Eugene Island will continue to generate cash flow for the company going forward and we believe that the pause in activity in the Gulf of Mexico leaves LGO in a good position to focus on the divestment of its Spanish assets and the acceleration of its core development activities in Trinidad."</p>
<p>He added: "This current hiatus in the drilling programme reduces marginally our valuation from 5.1 to 5.0p, leaving our target price unchanged."</p>
<p>Old Park Lane Capital recommends a 'buy' stance.</p>
<p> </p> ]]></description>
<pubDate>Mon, 26 Mar 2012 15:25:00 +0100</pubDate>
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<title><![CDATA[News - Leni Gas to look at other Eugene Island opportunities after sidetrack marginal ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/40729/leni-gas-to-look-at-other-eugene-island-opportunities-after-sidetrack-marginal-40729.html</link>
<description><![CDATA[<p> </p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said today the A-2 sidetrack well at Eugene Island has been plugged after the operator decided not to move to production.</p>
<p>The A2ST01 sidetrack in the Gulf of Mexico was designed to test the Cranberry Creek prospect at the Tex-X2 reservoir level. </p>
<p>The well reached a total depth of 13,496 feet but the Tex-X2 reservoir was encountered slightly high to prognosis and was found to be water wet. </p>
<p>Logging while drilling results showed a 5 foot thick hydrocarbon pay zone at a different level within the well, but operator Marlin decided this was not sufficient to justify installation of a production completion. </p>
<p>Leni Gas has a 7.25 per cent working interest in the Eugene Island leases operated by Marlin.</p>
<p>The A2ST01 sidetrack was drilled from the non-producing A2 well of the Eugene Island-184 platform whilst production from the A1, A3, A4, A5 and A8 wells continued as normal.</p>
<p>Neil Ritson, Leni Gas’s chief executive, said: "Although oil was encountered in this sidetrack, the economics of installing a completion appeared marginal. </p>
<p>This well has shown that additional opportunities remain in the Eugene Island Field and we look forward to the operators proposals in due course. Profitable production of the existing oil and gas reserves continues."</p>
<div><br /></div>
<p> </p> ]]></description>
<pubDate>Mon, 26 Mar 2012 14:10:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/40729/leni-gas-to-look-at-other-eugene-island-opportunities-after-sidetrack-marginal-40729.html</guid>
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<title><![CDATA[RNS press release - Gulf of Mexico drilling update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120326lgo0793a/</link>
<description><![CDATA[]]></description>
<pubDate>Mon, 26 Mar 2012 13:00:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120326lgo0793a/</guid>
</item>
<item>
<title><![CDATA[News - Leni Gas & Oil to sell Spanish assets UPDATE ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/40625/leni-gas-oil-to-sell-spanish-assets-update-40625.html</link>
<description><![CDATA[<p>--- adds broker comment and share price ---<br /><br /><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> PLC (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said it has received a number of strong expressions of interest from international oil companies to either participate in the development of its Spanish oil assets, or to buy them outright. <br /><br />It has received several cash bids at a very significant premium to the initial outlay of €2.6 million, and is now in talks with the bidders with a view to closing a transaction.<br /><br />The stock moved only little after the news was announced this morning, but inched higher throughout the session to reach 1.44 pence by 3.57 pm, a rise of 7.5 per cent.<br /><br />The group announced in October 2011 it was seeking a commercial partner to develop the Ayoluengo oil field in Northern Spain, with mean stock tank oil initially in place (STOIIP) of 104 million barrels.<br /><br />The options for the field included an enhanced oil recovery (EOR) project.<br /><br />The deadline for submissions was yesterday, March 21, and the data room is now closed.<br /><br />The board has decided that divestment could potentially represent the best opportunity for the company in light of the new development opportunities previously announced in Trinidad.<br /> <br />Chief executive Neil Ritson said: "We have been delighted with the interest shown in our Spanish properties and believe that if this results in a divestment, the funds raised can be utilised in Trinidad and the Gulf of Mexico where the company has many opportunities to invest in work programmes with greater potential for near-term production.” <br /><br />Old Park Lane Capital said in a note this is very good news for LGO, particularly given that any additional cash could put the company in an excellent position to accelerate the development of its businesses in Trinidad and the US Gulf of Mexico.<br /><br />Oil and gas analyst Barney Gray values the Spanish assets at €5.7 million. If LGO was to realise a premium to that valuation, he noted, this would also be accretive to his current valuation of the company in the short term and he would look to adjust the valuation accordingly upon a formal announcement.<br /><br />LGO plans to complete the previously announced Trinidad farm-in with Advance Oil in April 2012 and drill the first of three initial wells in mid-year 2012, although final timing depends on contracting a rig.<br /><br />LGO holds a 50 percent interest in the Icacos licence which covers a total of 1,960 acres. The company controls adjacent leases, giving it a total interest in over 3,700 acres. <br /><br />In the Gulf of Mexico, LGO has a 7.25 per cent interest in the Eugene Island field, operated by Marlin Energy, where drilling the sidetrack of the A-2 production well is close to reaching the target reservoir.<br /><br />The target fault block, the Cranberry Creek prospect, has an estimated mean recoverable reserve of 0.5 million barrels of oil within the Tex-X2 target level. A second sidetrack is also planned to target the deeper Tex-X3 reservoir.</p> ]]></description>
<pubDate>Thu, 22 Mar 2012 15:59:00 +0000</pubDate>
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<title><![CDATA[News - Leni Gas & Oil to sell Spanish assets ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/40595/leni-gas-oil-to-sell-spanish-assets-40595.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said it has received a number of strong expressions of interest from international oil companies to either participate in the development of its Spanish oil assets, or to buy them outright. <br /><br />It has received several cash bids at a very significant premium to the initial outlay of €2.6 million, and is now in talks with the bidders with a view to closing a transaction.<br /><br />The group announced in October 2011 it was seeking a commercial partner to develop the Ayoluengo oil field in Northern Spain, with mean stock tank oil initially in place (STOIIP) of 104 million barrels.<br /><br />The options for the field included an enhanced oil recovery (EOR) project.<br /><br />The deadline for submissions was yesterday, March 21, and the data room is now closed.<br /><br />The board has decided that divestment could potentially represent the best opportunity for the company in light of the new development opportunities previously announced in Trinidad.<br /> <br />Chief executive Neil Ritson said: "We have been delighted with the interest shown in our Spanish properties and believe that if this results in a divestment, the funds raised can be utilised in Trinidad and the Gulf of Mexico where the company has many opportunities to invest in work programmes with greater potential for near-term production." <br /><br />LGO plans to complete the previously announced Trinidad farm-in with Advance Oil in April 2012 and drill the first of three initial wells in mid-year 2012, although final timing depends on contracting a rig.<br /><br />LGO holds a 50 percent interest in the Icacos license which covers a total of 1,960 acres. The company controls adjacent leases, giving it a total interest in over 3,700 acres. <br /><br />In the Gulf of Mexico, LGO has a 7.25 per cent interest in the Eugene Island field, operated by Marlin Energy, where drilling the sidetrack of the A-2 production well is close to reaching the target reservoir.<br /><br />The target fault block, the Cranberry Creek prospect, has an estimated mean recoverable reserve of 0.5 million barrels of oil within the Tex-X2 target level. A second sidetrack is also planned to target the deeper Tex-X3 reservoir.</p> ]]></description>
<pubDate>Thu, 22 Mar 2012 07:43:00 +0000</pubDate>
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<title><![CDATA[RNS press release - Interest received in Spanish assets ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120322lgo8302z/</link>
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<pubDate>Thu, 22 Mar 2012 07:00:00 +0000</pubDate>
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<title><![CDATA[News - Leni Gas & Oil close to hitting target in Eugene Island drilling ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/40019/leni-gas-oil-close-to-hitting-target-in-eugene-island-drilling-40019.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said it is close to drilling into the target reservoir at the Eugene Island field in the US Gulf of Mexico.<br /><br />As previously announced, the Ocean Columbia jack-up rig was successfully installed at the EI-184 platform on February 17. Drilling operations commenced on the planned sidetrack of the A-2 production well the next day. <br /><br />The well has been drilled to a depth of 12,566 feet and is now approximately 500 feet above the anticipated reservoir. <br /><br />The target fault block, the Cranberry Creek prospect, has an estimated mean recoverable reserve of 0.5 million barrels of oil within the Tex-X2 target level at a depth of approximately 13,000 feet subsea. <br /><br />A second sidetrack is also planned to target the deeper Tex-X3 reservoir.<br /><br />Leni Gas has a 7.25 per cent interest in the project, which is operated by Marlin Energy.<br /><br />The net cost to LGO of drilling, logging and evaluating the A-2 sidetrack is an initial US$280,000. Any incremental production is expected to be realised quickly with a short payback period on the investment.<br /><br />Chief executive Neil Ritson said: "Operations have been running largely to plan and we now look forward to the imminent intersection with the prognosed reservoir zone."<br /></p> ]]></description>
<pubDate>Fri, 09 Mar 2012 07:28:00 +0000</pubDate>
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<title><![CDATA[RNS press release - Gulf of Mexico Drilling Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120309lgo0061z/</link>
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<pubDate>Fri, 09 Mar 2012 07:00:00 +0000</pubDate>
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<title><![CDATA[News - Leni Gas & Oil can become major producer, says broker ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/39232/leni-gas-oil-can-become-major-producer-says-broker-39232.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a>'s (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) Gulf of Mexico acreage and its agreement with <a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/range-resources-1350.html" class="companyPopupTrigger" rel="1350">LON:RRL</a>) in Trinidad can transform it into a major producer, according to Old Park Lane.</p>
<p>Leni has a 7.25 per cent interest in the Eugene Island 184 field in the shallow water Gulf of Mexico.</p>
<p>The operator, Marlin Energy, is preparing to drill two sidetracks and recomplete a third well over the next three months, with production set to increase from April.</p>
<p>Leni will receive a significant boost to cash flow in the second half of the year from this, though long term it is the Goudron oil field in Trinidad that represents the company’s core focus, suggests the broker.</p>
<p>The deal with <a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a> envisages the Goudron field’s production rising to over 1,800 barrels per day within four years.</p>
<p>Old Park Lane says it is a great deal for Leni Oil as Range will provide initial funds of US$8 million to kick start development activity.</p>
<p>In Spain, the 100 per cent owned Ayoluengo oil field generates cash and an enhanced oil recovery programme could boost production longer term, while a farm-out is a possibility.</p>
<p>According to Old Park Lane, Leni has sufficient funds to fulfil its near term obligations in the Gulf of Mexico while the deal with <a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a> in Trinidad will enable it to grow over the longer term. </p>
<p>The broker has put a valuation of US$118m on Leni Oil’s core assets, equivalent to 5.1p per share on a fully diluted basis. </p>
<p>“This represents significant upside to the current share price and we instigate formal coverage with a buy,” it concluded.</p> ]]></description>
<pubDate>Tue, 21 Feb 2012 11:17:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/39232/leni-gas-oil-can-become-major-producer-says-broker-39232.html</guid>
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<title><![CDATA[News - Leni Gas & Oil kicks off Eugene Island drilling operations ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/39109/leni-gas-oil-kicks-off-eugene-island-drilling-operations--39109.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) told investors that it is now ready to start drilling on the Eugene Island field in the US Gulf of Mexico.</p>
<p>Last week the group revealed that the Ocean Columbia jack-up rig had been held up at the site of a previous job.</p>
<p>After the slight delay the rig is now stationed over the EI-184 platform in around 88 feet of water. </p>
<p>The well will be sidetracked from a depth of 7,600 feet.</p>
<p>The sidetrack is designed to intersect Tex-X2 sandstones reservoirs. The target has an estimated mean recoverable reserve of 0.5 million barrels of oil.</p>
<p>It is expected that drilling and evaluation operations will last three to four weeks. And if successful, the well will be completed for production. </p>
<p>A second sidetrack is also planned to target the deeper Tex-X3 reservoir.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> has a 7.25 per cent interest in the project, which is operated by Marlin Energy.</p>
<p>The net cost to LGO of drilling, logging and evaluating the A-2 sidetrack is an initial US$280,000. Any incremental production is expected to be realised quickly with a short payback period on the investment.</p> ]]></description>
<pubDate>Fri, 17 Feb 2012 07:16:00 +0000</pubDate>
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<title><![CDATA[RNS press release - Gulf of Mexico Drilling Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120217lgo5904x/</link>
<description><![CDATA[]]></description>
<pubDate>Fri, 17 Feb 2012 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120217lgo5904x/</guid>
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<title><![CDATA[News - Leni Gas & Oil reveals slight delay to Eugene Island drilling ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/38681/leni-gas-oil-reveals-slight-delay-to-eugene-island-drilling-38681.html</link>
<description><![CDATA[<p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) today told investors that its drilling operations have been slightly delayed at the Eugene Island Field, in the Gulf of Mexico.</p>
<p>The delay relates to a problem with the drilling rig’s previous contractor. And LGO says there are no cost implications for the Eugene Island partners.</p>
<p>The current operator of the Ocean Columbia jack-up rig at Eugene Island-51 has had difficulty withdrawing the rig’s legs from the seafloor. </p>
<p>Work is currently underway to free the legs so that they can be raised and the rig can be towed to the Eugene Island location, which is about 55 kilometres away. </p>
<p>At Eugene Island, the drilling programme will start with the A-2ST01 well, a sidetrack of the existing A-2 well, which targets mean recoverable reserves of 0.5 million barrels of oil within the Tex X2 target level.</p>
<p>The slightly deeper Tex-X3 reservoir will also be tested by the well. Both reservoirs are productive in other wells throughout the field.</p>
<p>The partners have budgeted a total 16 days for the drilling and evaluation. The net cost to LGO of drilling, logging and evaluating the A-2 sidetrack is an initial US$280,000.</p>
<p>Any incremental production is expected to be realised quickly with a short payback period on the investment.</p>
</p> ]]></description>
<pubDate>Tue, 07 Feb 2012 07:38:00 +0000</pubDate>
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<title><![CDATA[RNS press release - Gulf of Mexico Drilling Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120207lgo8933w/</link>
<description><![CDATA[]]></description>
<pubDate>Tue, 07 Feb 2012 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120207lgo8933w/</guid>
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<title><![CDATA[RNS press release - Appointment of Joint Broker ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120201lgo5481w/</link>
<description><![CDATA[]]></description>
<pubDate>Wed, 01 Feb 2012 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120201lgo5481w/</guid>
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<title><![CDATA[News - Leni Gas & Oil says drilling at Eugene Island field may start next week - UPDATE ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/38260/-leni-gas-oil-says-drilling-at-eugene-island-field-may-start-next-week-update-38260.html</link>
<description><![CDATA[<p><strong>---Adds broker comments---</strong><br /><br /><a href="http://proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said drilling on the Eugene Island field in the Gulf of Mexico could begin next week with the arrival of the Ocean Columbia jack-up rig expected imminently.<br /><br />The rig has now been released by the previous operator and will be mobilised to the Eugene Island platform shortly if weather conditions allow.<br /><br />The company and operator of the Eugene field, Marlin Energy last month approved additional drilling at the Eugene Island-184 leases, in which LGO currently holds a 7.25 percent working interest.<br /><br />The drilling programme will start with the A-2ST01 well, a sidetrack of the existing A-2 well, which targets mean recoverable reserves of 0.5 million barrels of oil within the Tex X2 target level.<br /><br />The slightly deeper Tex-X3 reservoir will also be tested by the well. Both reservoirs are productive in other wells throughout the field.<br /><br />The partners have budgeted a total 16 days for the drilling and evaluation. The net cost to LGO of drilling, logging and evaluating the A-2 sidetrack is an initial US$280,000.<br /><br />Any incremental production is expected to be realised quickly with a short payback period on the investment.<br /><br />Only yesterday, LGO announced a tie-up with <a href="http://proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a> (<a href="/companies/overview/1350/range-resources-1350.html" class="companyPopupTrigger" rel="1350">LON:RRL</a>, ASX:RRS) to jointly develop onshore oilfields in Trinidad.<br /><br />The deal will see Range taking a 50 per cent stake in LGO’s Goudron oilfield by spending US$8 million. And LGO has an option to acquire a 15 per cent stake in Range’s Beach Marcelle project by spending a maximum of US$7 million.<br /><br />Shore Capital analyst Craig Howie described the tie up with Range as "very good news" for LGO in a note today.<br /><br />It provides strong synergies across the two companies’ portfolios and gives LGO the necessary funding to ramp up activity levels in Trinidad, where the broker see excellent potential for reserves and production growth, he said.</p> ]]></description>
<pubDate>Thu, 26 Jan 2012 12:24:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/38260/-leni-gas-oil-says-drilling-at-eugene-island-field-may-start-next-week-update-38260.html</guid>
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array(
"id" => "43087",
"title" => "News - Leni Gas & Oil mobilises rig for re-development of Goudron oilfield, Trinidad - UPDATE",
"pubdate" => "2012-05-21 12:46:00",
"seftitle" => "leni-gas-oil-mobilises-rig-for-re-development-of-goudron-oilfield-trinidad-update-43087.html",
"description" => "<p><strong>--- adds broker comment and share price ---</strong></p>
<p class="MsoNormal"><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) has now mobilised a workover rig to start re-developing the onshore Goudron oilfield in south-eastern Trinidad.</p>
<p class="MsoNormal">As previously announced, the company plans to re-develop the Goudron oilfield in partnership with Trinidad and Tobago state-owned Petrotrin under the terms of an existing contract.</p>
<p class="MsoNormal">Field operations are starting imminently. LGO will first be working over up to 50 existing wells and will then drill additional wells.</p>
<p class="MsoNormal">The Goudron field lies between the East Moruga and Beach Marcelle fields in south-eastern Trinidad and has direct access to the Petrotrin oil export pipeline to the Pointe-a-Pierre refinery in western Trinidad. </p>
<p class="MsoNormal">The oil reservoirs generally lie between 300 and 3,500 feet below surface and the oil is low sulphur and has API gravities ranging between 25 and 55 degrees.</p>
<p class="MsoNormal">Proven reserves, recoverable using existing wells and a small number of infill wells, have been estimated at 1.9 million barrels (mmbbls), whilst proven plus probable reserves were estimated at 8 mmbbls. </p>
<p class="MsoNormal">LGO has recently engaged Challenge Energy to prepare a Competent Persons Report (CPR) on the Goudron field and the report is expected in the third quarter 2012.</p>
<p class="MsoNormal">Broker Old Park Lane Capital views the announcement as important as it values Goudron as the company’s core asset.</p>
<p class="MsoNormal">“Upon the conclusion of the partnership agreement to co-develop the field with <a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a>, we believe that LGO’s ultimate 50% interest in Goudron will be worth approximately 2.4p per share (fully diluted),” said the broker, which is a 'buyer'.</p>
<p class="MsoNormal">This suggests significant upside to the current price of 0.82 pence, which has dipped 0.02 pence, or 2.4 per cent, today.</p>
<p class="MsoNormal">“We believe that the commencement of workover operations and the publication of a CPR will act as catalysts for further value recognition for the Goudron Field,” the broker concluded.</p>
<p> </p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/43087/leni-gas-oil-mobilises-rig-for-re-development-of-goudron-oilfield-trinidad-update-43087.html"
),
array(
"id" => "43060",
"title" => "News - Leni Gas & Oil mobilises rig for re-development of Goudron oilfield, Trinidad",
"pubdate" => "2012-05-21 07:58:00",
"seftitle" => "leni-gas-oil-mobilises-rig-for-re-development-of-goudron-oilfield-trinidad-43060.html",
"description" => "<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) has now mobilised a workover rig to start re-developing the onshore Goudron oilfield in south-eastern Trinidad. <br /><br />As previously announced, the company plans to re-develop the Goudron oilfield in partnership with Trinidad and Tobago state-owned Petrotrin under the terms of an existing contract.<br /><br />Field operations are starting imminently. LGO will first be working over up to 50 existing wells and then drill additional wells.<br /><br />The Goudron field lies between the East Moruga and Beach Marcelle fields in south-eastern Trinidad and has direct access to the Petrotrin oil export pipeline to the Pointe-a-Pierre refinery in western Trinidad. <br /><br />The oil reservoirs generally lie between 300 and 3,500 feet below surface and the oil is low sulphur and has API gravities ranging between 25 and 55 degrees. <br /><br />Proven reserves, recoverable using existing wells and a small number of infill wells, have been estimated at 1.9 million barrels (mmbbls), whilst proven plus probable reserves were estimated at 8 mmbbls. <br /><br />LGO has recently engaged Challenge Energy to prepare a Competent Persons Report on the Goudron field and the report is expected in the third quarter 2012.</p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/43060/leni-gas-oil-mobilises-rig-for-re-development-of-goudron-oilfield-trinidad-43060.html"
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array(
"id" => "120521lgo7003d",
"title" => "RNS press release - Operational Update, Goudron Field, Trinidad",
"pubdate" => "2012-05-21 07:01:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120521lgo7003d/"
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array(
"id" => "42245",
"title" => "News - Leni Gas & Oil expects to seal Spanish sale in May",
"pubdate" => "2012-05-02 07:32:00",
"seftitle" => "leni-gas-oil-expects-to-seal-spanish-sale-in-may-42245.html",
"description" => "<p>Leni Gas & Oil says it expects to complete a deal to sell its Spanish assets by the end of this month. Due diligence is now 'well advanced' and some talks have taken place regarding the deal structure. </p>",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/42245/leni-gas-oil-expects-to-seal-spanish-sale-in-may-42245.html"
),
array(
"id" => "120502lgo4631c",
"title" => "RNS press release - Update - Spanish Divestment and Trinidad",
"pubdate" => "2012-05-02 07:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120502lgo4631c/"
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array(
"id" => "40734",
"title" => "News - Leni Gas to look at other Eugene Island opportunities after sidetrack marginal - UPDATE",
"pubdate" => "2012-03-26 15:25:00",
"seftitle" => "leni-gas-to-look-at-other-eugene-island-opportunities-after-sidetrack-marginal-update-40734.html",
"description" => "<p> </p>
<p>Adds broker comment</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said today the A-2 sidetrack well at Eugene Island has been plugged after the operator decided not to move to production.</p>
<p>The A2ST01 sidetrack in the Gulf of Mexico was designed to test the Cranberry Creek prospect at the Tex-X2 reservoir level. </p>
<p>The well reached a total depth of 13,496 feet but the Tex-X2 reservoir was encountered slightly high to prognosis and was found to be water wet. </p>
<p>Logging while drilling results showed a 5 foot thick hydrocarbon pay zone at a different level within the well, but operator Marlin decided this was not sufficient to justify installation of a production completion. </p>
<p>Leni Gas has a 7.25 per cent working interest in the Eugene Island leases operated by Marlin.</p>
<p>The A2ST01 sidetrack was drilled from the non-producing A2 well of the Eugene Island-184 platform whilst production from the A1, A3, A4, A5 and A8 wells continued as normal.</p>
<p>Neil Ritson, Leni Gas’s chief executive, said: "Although oil was encountered in this sidetrack, the economics of installing a completion appeared marginal. </p>
<p>This well has shown that additional opportunities remain in the Eugene Island Field and we look forward to the operators proposals in due course. Profitable production of the existing oil and gas reserves continues."</p>
<p>Old Park Lane Capital analyst Barney Gray said: "Eugene Island will continue to generate cash flow for the company going forward and we believe that the pause in activity in the Gulf of Mexico leaves LGO in a good position to focus on the divestment of its Spanish assets and the acceleration of its core development activities in Trinidad."</p>
<p>He added: "This current hiatus in the drilling programme reduces marginally our valuation from 5.1 to 5.0p, leaving our target price unchanged."</p>
<p>Old Park Lane Capital recommends a 'buy' stance.</p>
<p> </p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/40734/leni-gas-to-look-at-other-eugene-island-opportunities-after-sidetrack-marginal-update-40734.html"
),
array(
"id" => "40729",
"title" => "News - Leni Gas to look at other Eugene Island opportunities after sidetrack marginal",
"pubdate" => "2012-03-26 14:10:00",
"seftitle" => "leni-gas-to-look-at-other-eugene-island-opportunities-after-sidetrack-marginal-40729.html",
"description" => "<p> </p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said today the A-2 sidetrack well at Eugene Island has been plugged after the operator decided not to move to production.</p>
<p>The A2ST01 sidetrack in the Gulf of Mexico was designed to test the Cranberry Creek prospect at the Tex-X2 reservoir level. </p>
<p>The well reached a total depth of 13,496 feet but the Tex-X2 reservoir was encountered slightly high to prognosis and was found to be water wet. </p>
<p>Logging while drilling results showed a 5 foot thick hydrocarbon pay zone at a different level within the well, but operator Marlin decided this was not sufficient to justify installation of a production completion. </p>
<p>Leni Gas has a 7.25 per cent working interest in the Eugene Island leases operated by Marlin.</p>
<p>The A2ST01 sidetrack was drilled from the non-producing A2 well of the Eugene Island-184 platform whilst production from the A1, A3, A4, A5 and A8 wells continued as normal.</p>
<p>Neil Ritson, Leni Gas’s chief executive, said: "Although oil was encountered in this sidetrack, the economics of installing a completion appeared marginal. </p>
<p>This well has shown that additional opportunities remain in the Eugene Island Field and we look forward to the operators proposals in due course. Profitable production of the existing oil and gas reserves continues."</p>
<div><br /></div>
<p> </p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/40729/leni-gas-to-look-at-other-eugene-island-opportunities-after-sidetrack-marginal-40729.html"
),
array(
"id" => "120326lgo0793a",
"title" => "RNS press release - Gulf of Mexico drilling update",
"pubdate" => "2012-03-26 13:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120326lgo0793a/"
),
array(
"id" => "40625",
"title" => "News - Leni Gas & Oil to sell Spanish assets UPDATE",
"pubdate" => "2012-03-22 15:59:00",
"seftitle" => "leni-gas-oil-to-sell-spanish-assets-update-40625.html",
"description" => "<p>--- adds broker comment and share price ---<br /><br /><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> PLC (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said it has received a number of strong expressions of interest from international oil companies to either participate in the development of its Spanish oil assets, or to buy them outright. <br /><br />It has received several cash bids at a very significant premium to the initial outlay of €2.6 million, and is now in talks with the bidders with a view to closing a transaction.<br /><br />The stock moved only little after the news was announced this morning, but inched higher throughout the session to reach 1.44 pence by 3.57 pm, a rise of 7.5 per cent.<br /><br />The group announced in October 2011 it was seeking a commercial partner to develop the Ayoluengo oil field in Northern Spain, with mean stock tank oil initially in place (STOIIP) of 104 million barrels.<br /><br />The options for the field included an enhanced oil recovery (EOR) project.<br /><br />The deadline for submissions was yesterday, March 21, and the data room is now closed.<br /><br />The board has decided that divestment could potentially represent the best opportunity for the company in light of the new development opportunities previously announced in Trinidad.<br /> <br />Chief executive Neil Ritson said: "We have been delighted with the interest shown in our Spanish properties and believe that if this results in a divestment, the funds raised can be utilised in Trinidad and the Gulf of Mexico where the company has many opportunities to invest in work programmes with greater potential for near-term production.” <br /><br />Old Park Lane Capital said in a note this is very good news for LGO, particularly given that any additional cash could put the company in an excellent position to accelerate the development of its businesses in Trinidad and the US Gulf of Mexico.<br /><br />Oil and gas analyst Barney Gray values the Spanish assets at €5.7 million. If LGO was to realise a premium to that valuation, he noted, this would also be accretive to his current valuation of the company in the short term and he would look to adjust the valuation accordingly upon a formal announcement.<br /><br />LGO plans to complete the previously announced Trinidad farm-in with Advance Oil in April 2012 and drill the first of three initial wells in mid-year 2012, although final timing depends on contracting a rig.<br /><br />LGO holds a 50 percent interest in the Icacos licence which covers a total of 1,960 acres. The company controls adjacent leases, giving it a total interest in over 3,700 acres. <br /><br />In the Gulf of Mexico, LGO has a 7.25 per cent interest in the Eugene Island field, operated by Marlin Energy, where drilling the sidetrack of the A-2 production well is close to reaching the target reservoir.<br /><br />The target fault block, the Cranberry Creek prospect, has an estimated mean recoverable reserve of 0.5 million barrels of oil within the Tex-X2 target level. A second sidetrack is also planned to target the deeper Tex-X3 reservoir.</p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/40625/leni-gas-oil-to-sell-spanish-assets-update-40625.html"
),
array(
"id" => "40595",
"title" => "News - Leni Gas & Oil to sell Spanish assets",
"pubdate" => "2012-03-22 07:43:00",
"seftitle" => "leni-gas-oil-to-sell-spanish-assets-40595.html",
"description" => "<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said it has received a number of strong expressions of interest from international oil companies to either participate in the development of its Spanish oil assets, or to buy them outright. <br /><br />It has received several cash bids at a very significant premium to the initial outlay of €2.6 million, and is now in talks with the bidders with a view to closing a transaction.<br /><br />The group announced in October 2011 it was seeking a commercial partner to develop the Ayoluengo oil field in Northern Spain, with mean stock tank oil initially in place (STOIIP) of 104 million barrels.<br /><br />The options for the field included an enhanced oil recovery (EOR) project.<br /><br />The deadline for submissions was yesterday, March 21, and the data room is now closed.<br /><br />The board has decided that divestment could potentially represent the best opportunity for the company in light of the new development opportunities previously announced in Trinidad.<br /> <br />Chief executive Neil Ritson said: "We have been delighted with the interest shown in our Spanish properties and believe that if this results in a divestment, the funds raised can be utilised in Trinidad and the Gulf of Mexico where the company has many opportunities to invest in work programmes with greater potential for near-term production." <br /><br />LGO plans to complete the previously announced Trinidad farm-in with Advance Oil in April 2012 and drill the first of three initial wells in mid-year 2012, although final timing depends on contracting a rig.<br /><br />LGO holds a 50 percent interest in the Icacos license which covers a total of 1,960 acres. The company controls adjacent leases, giving it a total interest in over 3,700 acres. <br /><br />In the Gulf of Mexico, LGO has a 7.25 per cent interest in the Eugene Island field, operated by Marlin Energy, where drilling the sidetrack of the A-2 production well is close to reaching the target reservoir.<br /><br />The target fault block, the Cranberry Creek prospect, has an estimated mean recoverable reserve of 0.5 million barrels of oil within the Tex-X2 target level. A second sidetrack is also planned to target the deeper Tex-X3 reservoir.</p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/40595/leni-gas-oil-to-sell-spanish-assets-40595.html"
),
array(
"id" => "120322lgo8302z",
"title" => "RNS press release - Interest received in Spanish assets",
"pubdate" => "2012-03-22 07:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120322lgo8302z/"
),
array(
"id" => "40019",
"title" => "News - Leni Gas & Oil close to hitting target in Eugene Island drilling",
"pubdate" => "2012-03-09 07:28:00",
"seftitle" => "leni-gas-oil-close-to-hitting-target-in-eugene-island-drilling-40019.html",
"description" => "<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said it is close to drilling into the target reservoir at the Eugene Island field in the US Gulf of Mexico.<br /><br />As previously announced, the Ocean Columbia jack-up rig was successfully installed at the EI-184 platform on February 17. Drilling operations commenced on the planned sidetrack of the A-2 production well the next day. <br /><br />The well has been drilled to a depth of 12,566 feet and is now approximately 500 feet above the anticipated reservoir. <br /><br />The target fault block, the Cranberry Creek prospect, has an estimated mean recoverable reserve of 0.5 million barrels of oil within the Tex-X2 target level at a depth of approximately 13,000 feet subsea. <br /><br />A second sidetrack is also planned to target the deeper Tex-X3 reservoir.<br /><br />Leni Gas has a 7.25 per cent interest in the project, which is operated by Marlin Energy.<br /><br />The net cost to LGO of drilling, logging and evaluating the A-2 sidetrack is an initial US$280,000. Any incremental production is expected to be realised quickly with a short payback period on the investment.<br /><br />Chief executive Neil Ritson said: "Operations have been running largely to plan and we now look forward to the imminent intersection with the prognosed reservoir zone."<br /></p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/40019/leni-gas-oil-close-to-hitting-target-in-eugene-island-drilling-40019.html"
),
array(
"id" => "120309lgo0061z",
"title" => "RNS press release - Gulf of Mexico Drilling Update",
"pubdate" => "2012-03-09 07:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120309lgo0061z/"
),
array(
"id" => "39232",
"title" => "News - Leni Gas & Oil can become major producer, says broker",
"pubdate" => "2012-02-21 11:17:00",
"seftitle" => "leni-gas-oil-can-become-major-producer-says-broker-39232.html",
"description" => "<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a>'s (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) Gulf of Mexico acreage and its agreement with <a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/range-resources-1350.html" class="companyPopupTrigger" rel="1350">LON:RRL</a>) in Trinidad can transform it into a major producer, according to Old Park Lane.</p>
<p>Leni has a 7.25 per cent interest in the Eugene Island 184 field in the shallow water Gulf of Mexico.</p>
<p>The operator, Marlin Energy, is preparing to drill two sidetracks and recomplete a third well over the next three months, with production set to increase from April.</p>
<p>Leni will receive a significant boost to cash flow in the second half of the year from this, though long term it is the Goudron oil field in Trinidad that represents the company’s core focus, suggests the broker.</p>
<p>The deal with <a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a> envisages the Goudron field’s production rising to over 1,800 barrels per day within four years.</p>
<p>Old Park Lane says it is a great deal for Leni Oil as Range will provide initial funds of US$8 million to kick start development activity.</p>
<p>In Spain, the 100 per cent owned Ayoluengo oil field generates cash and an enhanced oil recovery programme could boost production longer term, while a farm-out is a possibility.</p>
<p>According to Old Park Lane, Leni has sufficient funds to fulfil its near term obligations in the Gulf of Mexico while the deal with <a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a> in Trinidad will enable it to grow over the longer term. </p>
<p>The broker has put a valuation of US$118m on Leni Oil’s core assets, equivalent to 5.1p per share on a fully diluted basis. </p>
<p>“This represents significant upside to the current share price and we instigate formal coverage with a buy,” it concluded.</p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/39232/leni-gas-oil-can-become-major-producer-says-broker-39232.html"
),
array(
"id" => "39109",
"title" => "News - Leni Gas & Oil kicks off Eugene Island drilling operations ",
"pubdate" => "2012-02-17 07:16:00",
"seftitle" => "leni-gas-oil-kicks-off-eugene-island-drilling-operations--39109.html",
"description" => "<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) told investors that it is now ready to start drilling on the Eugene Island field in the US Gulf of Mexico.</p>
<p>Last week the group revealed that the Ocean Columbia jack-up rig had been held up at the site of a previous job.</p>
<p>After the slight delay the rig is now stationed over the EI-184 platform in around 88 feet of water. </p>
<p>The well will be sidetracked from a depth of 7,600 feet.</p>
<p>The sidetrack is designed to intersect Tex-X2 sandstones reservoirs. The target has an estimated mean recoverable reserve of 0.5 million barrels of oil.</p>
<p>It is expected that drilling and evaluation operations will last three to four weeks. And if successful, the well will be completed for production. </p>
<p>A second sidetrack is also planned to target the deeper Tex-X3 reservoir.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> has a 7.25 per cent interest in the project, which is operated by Marlin Energy.</p>
<p>The net cost to LGO of drilling, logging and evaluating the A-2 sidetrack is an initial US$280,000. Any incremental production is expected to be realised quickly with a short payback period on the investment.</p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/39109/leni-gas-oil-kicks-off-eugene-island-drilling-operations--39109.html"
),
array(
"id" => "120217lgo5904x",
"title" => "RNS press release - Gulf of Mexico Drilling Update",
"pubdate" => "2012-02-17 07:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120217lgo5904x/"
),
array(
"id" => "38681",
"title" => "News - Leni Gas & Oil reveals slight delay to Eugene Island drilling",
"pubdate" => "2012-02-07 07:38:00",
"seftitle" => "leni-gas-oil-reveals-slight-delay-to-eugene-island-drilling-38681.html",
"description" => "<p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) today told investors that its drilling operations have been slightly delayed at the Eugene Island Field, in the Gulf of Mexico.</p>
<p>The delay relates to a problem with the drilling rig’s previous contractor. And LGO says there are no cost implications for the Eugene Island partners.</p>
<p>The current operator of the Ocean Columbia jack-up rig at Eugene Island-51 has had difficulty withdrawing the rig’s legs from the seafloor. </p>
<p>Work is currently underway to free the legs so that they can be raised and the rig can be towed to the Eugene Island location, which is about 55 kilometres away. </p>
<p>At Eugene Island, the drilling programme will start with the A-2ST01 well, a sidetrack of the existing A-2 well, which targets mean recoverable reserves of 0.5 million barrels of oil within the Tex X2 target level.</p>
<p>The slightly deeper Tex-X3 reservoir will also be tested by the well. Both reservoirs are productive in other wells throughout the field.</p>
<p>The partners have budgeted a total 16 days for the drilling and evaluation. The net cost to LGO of drilling, logging and evaluating the A-2 sidetrack is an initial US$280,000.</p>
<p>Any incremental production is expected to be realised quickly with a short payback period on the investment.</p>
</p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/38681/leni-gas-oil-reveals-slight-delay-to-eugene-island-drilling-38681.html"
),
array(
"id" => "120207lgo8933w",
"title" => "RNS press release - Gulf of Mexico Drilling Update",
"pubdate" => "2012-02-07 07:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120207lgo8933w/"
),
array(
"id" => "120201lgo5481w",
"title" => "RNS press release - Appointment of Joint Broker",
"pubdate" => "2012-02-01 07:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120201lgo5481w/"
),
array(
"id" => "38260",
"title" => "News - Leni Gas & Oil says drilling at Eugene Island field may start next week - UPDATE",
"pubdate" => "2012-01-26 12:24:00",
"seftitle" => "-leni-gas-oil-says-drilling-at-eugene-island-field-may-start-next-week-update-38260.html",
"description" => "<p><strong>---Adds broker comments---</strong><br /><br /><a href="http://proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said drilling on the Eugene Island field in the Gulf of Mexico could begin next week with the arrival of the Ocean Columbia jack-up rig expected imminently.<br /><br />The rig has now been released by the previous operator and will be mobilised to the Eugene Island platform shortly if weather conditions allow.<br /><br />The company and operator of the Eugene field, Marlin Energy last month approved additional drilling at the Eugene Island-184 leases, in which LGO currently holds a 7.25 percent working interest.<br /><br />The drilling programme will start with the A-2ST01 well, a sidetrack of the existing A-2 well, which targets mean recoverable reserves of 0.5 million barrels of oil within the Tex X2 target level.<br /><br />The slightly deeper Tex-X3 reservoir will also be tested by the well. Both reservoirs are productive in other wells throughout the field.<br /><br />The partners have budgeted a total 16 days for the drilling and evaluation. The net cost to LGO of drilling, logging and evaluating the A-2 sidetrack is an initial US$280,000.<br /><br />Any incremental production is expected to be realised quickly with a short payback period on the investment.<br /><br />Only yesterday, LGO announced a tie-up with <a href="http://proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a> (<a href="/companies/overview/1350/range-resources-1350.html" class="companyPopupTrigger" rel="1350">LON:RRL</a>, ASX:RRS) to jointly develop onshore oilfields in Trinidad.<br /><br />The deal will see Range taking a 50 per cent stake in LGO’s Goudron oilfield by spending US$8 million. And LGO has an option to acquire a 15 per cent stake in Range’s Beach Marcelle project by spending a maximum of US$7 million.<br /><br />Shore Capital analyst Craig Howie described the tie up with Range as "very good news" for LGO in a note today.<br /><br />It provides strong synergies across the two companies’ portfolios and gives LGO the necessary funding to ramp up activity levels in Trinidad, where the broker see excellent potential for reserves and production growth, he said.</p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/38260/-leni-gas-oil-says-drilling-at-eugene-island-field-may-start-next-week-update-38260.html"
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<title><![CDATA[News - Leni Gas & Oil mobilises rig for re-development of Goudron oilfield, Trinidad - UPDATE ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/43087/leni-gas-oil-mobilises-rig-for-re-development-of-goudron-oilfield-trinidad-update-43087.html</link>
<description><![CDATA[<p><strong>--- adds broker comment and share price ---</strong></p>
<p class="MsoNormal"><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) has now mobilised a workover rig to start re-developing the onshore Goudron oilfield in south-eastern Trinidad.</p>
<p class="MsoNormal">As previously announced, the company plans to re-develop the Goudron oilfield in partnership with Trinidad and Tobago state-owned Petrotrin under the terms of an existing contract.</p>
<p class="MsoNormal">Field operations are starting imminently. LGO will first be working over up to 50 existing wells and will then drill additional wells.</p>
<p class="MsoNormal">The Goudron field lies between the East Moruga and Beach Marcelle fields in south-eastern Trinidad and has direct access to the Petrotrin oil export pipeline to the Pointe-a-Pierre refinery in western Trinidad. </p>
<p class="MsoNormal">The oil reservoirs generally lie between 300 and 3,500 feet below surface and the oil is low sulphur and has API gravities ranging between 25 and 55 degrees.</p>
<p class="MsoNormal">Proven reserves, recoverable using existing wells and a small number of infill wells, have been estimated at 1.9 million barrels (mmbbls), whilst proven plus probable reserves were estimated at 8 mmbbls. </p>
<p class="MsoNormal">LGO has recently engaged Challenge Energy to prepare a Competent Persons Report (CPR) on the Goudron field and the report is expected in the third quarter 2012.</p>
<p class="MsoNormal">Broker Old Park Lane Capital views the announcement as important as it values Goudron as the company’s core asset.</p>
<p class="MsoNormal">“Upon the conclusion of the partnership agreement to co-develop the field with <a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a>, we believe that LGO’s ultimate 50% interest in Goudron will be worth approximately 2.4p per share (fully diluted),” said the broker, which is a 'buyer'.</p>
<p class="MsoNormal">This suggests significant upside to the current price of 0.82 pence, which has dipped 0.02 pence, or 2.4 per cent, today.</p>
<p class="MsoNormal">“We believe that the commencement of workover operations and the publication of a CPR will act as catalysts for further value recognition for the Goudron Field,” the broker concluded.</p>
<p> </p> ]]></description>
<pubDate>Mon, 21 May 2012 12:46:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/43087/leni-gas-oil-mobilises-rig-for-re-development-of-goudron-oilfield-trinidad-update-43087.html</guid>
</item>
<item>
<title><![CDATA[News - Leni Gas & Oil mobilises rig for re-development of Goudron oilfield, Trinidad ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/43060/leni-gas-oil-mobilises-rig-for-re-development-of-goudron-oilfield-trinidad-43060.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) has now mobilised a workover rig to start re-developing the onshore Goudron oilfield in south-eastern Trinidad. <br /><br />As previously announced, the company plans to re-develop the Goudron oilfield in partnership with Trinidad and Tobago state-owned Petrotrin under the terms of an existing contract.<br /><br />Field operations are starting imminently. LGO will first be working over up to 50 existing wells and then drill additional wells.<br /><br />The Goudron field lies between the East Moruga and Beach Marcelle fields in south-eastern Trinidad and has direct access to the Petrotrin oil export pipeline to the Pointe-a-Pierre refinery in western Trinidad. <br /><br />The oil reservoirs generally lie between 300 and 3,500 feet below surface and the oil is low sulphur and has API gravities ranging between 25 and 55 degrees. <br /><br />Proven reserves, recoverable using existing wells and a small number of infill wells, have been estimated at 1.9 million barrels (mmbbls), whilst proven plus probable reserves were estimated at 8 mmbbls. <br /><br />LGO has recently engaged Challenge Energy to prepare a Competent Persons Report on the Goudron field and the report is expected in the third quarter 2012.</p> ]]></description>
<pubDate>Mon, 21 May 2012 07:58:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/43060/leni-gas-oil-mobilises-rig-for-re-development-of-goudron-oilfield-trinidad-43060.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Operational Update, Goudron Field, Trinidad ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120521lgo7003d/</link>
<description><![CDATA[]]></description>
<pubDate>Mon, 21 May 2012 07:01:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120521lgo7003d/</guid>
</item>
<item>
<title><![CDATA[News - Leni Gas & Oil expects to seal Spanish sale in May ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/42245/leni-gas-oil-expects-to-seal-spanish-sale-in-may-42245.html</link>
<description><![CDATA[<p>Leni Gas & Oil says it expects to complete a deal to sell its Spanish assets by the end of this month. Due diligence is now 'well advanced' and some talks have taken place regarding the deal structure. </p>]]></description>
<pubDate>Wed, 02 May 2012 07:32:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/42245/leni-gas-oil-expects-to-seal-spanish-sale-in-may-42245.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Update - Spanish Divestment and Trinidad ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120502lgo4631c/</link>
<description><![CDATA[]]></description>
<pubDate>Wed, 02 May 2012 07:00:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120502lgo4631c/</guid>
</item>
<item>
<title><![CDATA[News - Leni Gas to look at other Eugene Island opportunities after sidetrack marginal - UPDATE ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/40734/leni-gas-to-look-at-other-eugene-island-opportunities-after-sidetrack-marginal-update-40734.html</link>
<description><![CDATA[<p> </p>
<p>Adds broker comment</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said today the A-2 sidetrack well at Eugene Island has been plugged after the operator decided not to move to production.</p>
<p>The A2ST01 sidetrack in the Gulf of Mexico was designed to test the Cranberry Creek prospect at the Tex-X2 reservoir level. </p>
<p>The well reached a total depth of 13,496 feet but the Tex-X2 reservoir was encountered slightly high to prognosis and was found to be water wet. </p>
<p>Logging while drilling results showed a 5 foot thick hydrocarbon pay zone at a different level within the well, but operator Marlin decided this was not sufficient to justify installation of a production completion. </p>
<p>Leni Gas has a 7.25 per cent working interest in the Eugene Island leases operated by Marlin.</p>
<p>The A2ST01 sidetrack was drilled from the non-producing A2 well of the Eugene Island-184 platform whilst production from the A1, A3, A4, A5 and A8 wells continued as normal.</p>
<p>Neil Ritson, Leni Gas’s chief executive, said: "Although oil was encountered in this sidetrack, the economics of installing a completion appeared marginal. </p>
<p>This well has shown that additional opportunities remain in the Eugene Island Field and we look forward to the operators proposals in due course. Profitable production of the existing oil and gas reserves continues."</p>
<p>Old Park Lane Capital analyst Barney Gray said: "Eugene Island will continue to generate cash flow for the company going forward and we believe that the pause in activity in the Gulf of Mexico leaves LGO in a good position to focus on the divestment of its Spanish assets and the acceleration of its core development activities in Trinidad."</p>
<p>He added: "This current hiatus in the drilling programme reduces marginally our valuation from 5.1 to 5.0p, leaving our target price unchanged."</p>
<p>Old Park Lane Capital recommends a 'buy' stance.</p>
<p> </p> ]]></description>
<pubDate>Mon, 26 Mar 2012 15:25:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/40734/leni-gas-to-look-at-other-eugene-island-opportunities-after-sidetrack-marginal-update-40734.html</guid>
</item>
<item>
<title><![CDATA[News - Leni Gas to look at other Eugene Island opportunities after sidetrack marginal ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/40729/leni-gas-to-look-at-other-eugene-island-opportunities-after-sidetrack-marginal-40729.html</link>
<description><![CDATA[<p> </p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said today the A-2 sidetrack well at Eugene Island has been plugged after the operator decided not to move to production.</p>
<p>The A2ST01 sidetrack in the Gulf of Mexico was designed to test the Cranberry Creek prospect at the Tex-X2 reservoir level. </p>
<p>The well reached a total depth of 13,496 feet but the Tex-X2 reservoir was encountered slightly high to prognosis and was found to be water wet. </p>
<p>Logging while drilling results showed a 5 foot thick hydrocarbon pay zone at a different level within the well, but operator Marlin decided this was not sufficient to justify installation of a production completion. </p>
<p>Leni Gas has a 7.25 per cent working interest in the Eugene Island leases operated by Marlin.</p>
<p>The A2ST01 sidetrack was drilled from the non-producing A2 well of the Eugene Island-184 platform whilst production from the A1, A3, A4, A5 and A8 wells continued as normal.</p>
<p>Neil Ritson, Leni Gas’s chief executive, said: "Although oil was encountered in this sidetrack, the economics of installing a completion appeared marginal. </p>
<p>This well has shown that additional opportunities remain in the Eugene Island Field and we look forward to the operators proposals in due course. Profitable production of the existing oil and gas reserves continues."</p>
<div><br /></div>
<p> </p> ]]></description>
<pubDate>Mon, 26 Mar 2012 14:10:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/40729/leni-gas-to-look-at-other-eugene-island-opportunities-after-sidetrack-marginal-40729.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Gulf of Mexico drilling update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120326lgo0793a/</link>
<description><![CDATA[]]></description>
<pubDate>Mon, 26 Mar 2012 13:00:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120326lgo0793a/</guid>
</item>
<item>
<title><![CDATA[News - Leni Gas & Oil to sell Spanish assets UPDATE ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/40625/leni-gas-oil-to-sell-spanish-assets-update-40625.html</link>
<description><![CDATA[<p>--- adds broker comment and share price ---<br /><br /><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> PLC (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said it has received a number of strong expressions of interest from international oil companies to either participate in the development of its Spanish oil assets, or to buy them outright. <br /><br />It has received several cash bids at a very significant premium to the initial outlay of €2.6 million, and is now in talks with the bidders with a view to closing a transaction.<br /><br />The stock moved only little after the news was announced this morning, but inched higher throughout the session to reach 1.44 pence by 3.57 pm, a rise of 7.5 per cent.<br /><br />The group announced in October 2011 it was seeking a commercial partner to develop the Ayoluengo oil field in Northern Spain, with mean stock tank oil initially in place (STOIIP) of 104 million barrels.<br /><br />The options for the field included an enhanced oil recovery (EOR) project.<br /><br />The deadline for submissions was yesterday, March 21, and the data room is now closed.<br /><br />The board has decided that divestment could potentially represent the best opportunity for the company in light of the new development opportunities previously announced in Trinidad.<br /> <br />Chief executive Neil Ritson said: "We have been delighted with the interest shown in our Spanish properties and believe that if this results in a divestment, the funds raised can be utilised in Trinidad and the Gulf of Mexico where the company has many opportunities to invest in work programmes with greater potential for near-term production.” <br /><br />Old Park Lane Capital said in a note this is very good news for LGO, particularly given that any additional cash could put the company in an excellent position to accelerate the development of its businesses in Trinidad and the US Gulf of Mexico.<br /><br />Oil and gas analyst Barney Gray values the Spanish assets at €5.7 million. If LGO was to realise a premium to that valuation, he noted, this would also be accretive to his current valuation of the company in the short term and he would look to adjust the valuation accordingly upon a formal announcement.<br /><br />LGO plans to complete the previously announced Trinidad farm-in with Advance Oil in April 2012 and drill the first of three initial wells in mid-year 2012, although final timing depends on contracting a rig.<br /><br />LGO holds a 50 percent interest in the Icacos licence which covers a total of 1,960 acres. The company controls adjacent leases, giving it a total interest in over 3,700 acres. <br /><br />In the Gulf of Mexico, LGO has a 7.25 per cent interest in the Eugene Island field, operated by Marlin Energy, where drilling the sidetrack of the A-2 production well is close to reaching the target reservoir.<br /><br />The target fault block, the Cranberry Creek prospect, has an estimated mean recoverable reserve of 0.5 million barrels of oil within the Tex-X2 target level. A second sidetrack is also planned to target the deeper Tex-X3 reservoir.</p> ]]></description>
<pubDate>Thu, 22 Mar 2012 15:59:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/40625/leni-gas-oil-to-sell-spanish-assets-update-40625.html</guid>
</item>
<item>
<title><![CDATA[News - Leni Gas & Oil to sell Spanish assets ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/40595/leni-gas-oil-to-sell-spanish-assets-40595.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said it has received a number of strong expressions of interest from international oil companies to either participate in the development of its Spanish oil assets, or to buy them outright. <br /><br />It has received several cash bids at a very significant premium to the initial outlay of €2.6 million, and is now in talks with the bidders with a view to closing a transaction.<br /><br />The group announced in October 2011 it was seeking a commercial partner to develop the Ayoluengo oil field in Northern Spain, with mean stock tank oil initially in place (STOIIP) of 104 million barrels.<br /><br />The options for the field included an enhanced oil recovery (EOR) project.<br /><br />The deadline for submissions was yesterday, March 21, and the data room is now closed.<br /><br />The board has decided that divestment could potentially represent the best opportunity for the company in light of the new development opportunities previously announced in Trinidad.<br /> <br />Chief executive Neil Ritson said: "We have been delighted with the interest shown in our Spanish properties and believe that if this results in a divestment, the funds raised can be utilised in Trinidad and the Gulf of Mexico where the company has many opportunities to invest in work programmes with greater potential for near-term production." <br /><br />LGO plans to complete the previously announced Trinidad farm-in with Advance Oil in April 2012 and drill the first of three initial wells in mid-year 2012, although final timing depends on contracting a rig.<br /><br />LGO holds a 50 percent interest in the Icacos license which covers a total of 1,960 acres. The company controls adjacent leases, giving it a total interest in over 3,700 acres. <br /><br />In the Gulf of Mexico, LGO has a 7.25 per cent interest in the Eugene Island field, operated by Marlin Energy, where drilling the sidetrack of the A-2 production well is close to reaching the target reservoir.<br /><br />The target fault block, the Cranberry Creek prospect, has an estimated mean recoverable reserve of 0.5 million barrels of oil within the Tex-X2 target level. A second sidetrack is also planned to target the deeper Tex-X3 reservoir.</p> ]]></description>
<pubDate>Thu, 22 Mar 2012 07:43:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/40595/leni-gas-oil-to-sell-spanish-assets-40595.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Interest received in Spanish assets ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120322lgo8302z/</link>
<description><![CDATA[]]></description>
<pubDate>Thu, 22 Mar 2012 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120322lgo8302z/</guid>
</item>
<item>
<title><![CDATA[News - Leni Gas & Oil close to hitting target in Eugene Island drilling ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/40019/leni-gas-oil-close-to-hitting-target-in-eugene-island-drilling-40019.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said it is close to drilling into the target reservoir at the Eugene Island field in the US Gulf of Mexico.<br /><br />As previously announced, the Ocean Columbia jack-up rig was successfully installed at the EI-184 platform on February 17. Drilling operations commenced on the planned sidetrack of the A-2 production well the next day. <br /><br />The well has been drilled to a depth of 12,566 feet and is now approximately 500 feet above the anticipated reservoir. <br /><br />The target fault block, the Cranberry Creek prospect, has an estimated mean recoverable reserve of 0.5 million barrels of oil within the Tex-X2 target level at a depth of approximately 13,000 feet subsea. <br /><br />A second sidetrack is also planned to target the deeper Tex-X3 reservoir.<br /><br />Leni Gas has a 7.25 per cent interest in the project, which is operated by Marlin Energy.<br /><br />The net cost to LGO of drilling, logging and evaluating the A-2 sidetrack is an initial US$280,000. Any incremental production is expected to be realised quickly with a short payback period on the investment.<br /><br />Chief executive Neil Ritson said: "Operations have been running largely to plan and we now look forward to the imminent intersection with the prognosed reservoir zone."<br /></p> ]]></description>
<pubDate>Fri, 09 Mar 2012 07:28:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/40019/leni-gas-oil-close-to-hitting-target-in-eugene-island-drilling-40019.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Gulf of Mexico Drilling Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120309lgo0061z/</link>
<description><![CDATA[]]></description>
<pubDate>Fri, 09 Mar 2012 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120309lgo0061z/</guid>
</item>
<item>
<title><![CDATA[News - Leni Gas & Oil can become major producer, says broker ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/39232/leni-gas-oil-can-become-major-producer-says-broker-39232.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a>'s (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) Gulf of Mexico acreage and its agreement with <a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/range-resources-1350.html" class="companyPopupTrigger" rel="1350">LON:RRL</a>) in Trinidad can transform it into a major producer, according to Old Park Lane.</p>
<p>Leni has a 7.25 per cent interest in the Eugene Island 184 field in the shallow water Gulf of Mexico.</p>
<p>The operator, Marlin Energy, is preparing to drill two sidetracks and recomplete a third well over the next three months, with production set to increase from April.</p>
<p>Leni will receive a significant boost to cash flow in the second half of the year from this, though long term it is the Goudron oil field in Trinidad that represents the company’s core focus, suggests the broker.</p>
<p>The deal with <a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a> envisages the Goudron field’s production rising to over 1,800 barrels per day within four years.</p>
<p>Old Park Lane says it is a great deal for Leni Oil as Range will provide initial funds of US$8 million to kick start development activity.</p>
<p>In Spain, the 100 per cent owned Ayoluengo oil field generates cash and an enhanced oil recovery programme could boost production longer term, while a farm-out is a possibility.</p>
<p>According to Old Park Lane, Leni has sufficient funds to fulfil its near term obligations in the Gulf of Mexico while the deal with <a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a> in Trinidad will enable it to grow over the longer term. </p>
<p>The broker has put a valuation of US$118m on Leni Oil’s core assets, equivalent to 5.1p per share on a fully diluted basis. </p>
<p>“This represents significant upside to the current share price and we instigate formal coverage with a buy,” it concluded.</p> ]]></description>
<pubDate>Tue, 21 Feb 2012 11:17:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/39232/leni-gas-oil-can-become-major-producer-says-broker-39232.html</guid>
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<title><![CDATA[News - Leni Gas & Oil kicks off Eugene Island drilling operations ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/39109/leni-gas-oil-kicks-off-eugene-island-drilling-operations--39109.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) told investors that it is now ready to start drilling on the Eugene Island field in the US Gulf of Mexico.</p>
<p>Last week the group revealed that the Ocean Columbia jack-up rig had been held up at the site of a previous job.</p>
<p>After the slight delay the rig is now stationed over the EI-184 platform in around 88 feet of water. </p>
<p>The well will be sidetracked from a depth of 7,600 feet.</p>
<p>The sidetrack is designed to intersect Tex-X2 sandstones reservoirs. The target has an estimated mean recoverable reserve of 0.5 million barrels of oil.</p>
<p>It is expected that drilling and evaluation operations will last three to four weeks. And if successful, the well will be completed for production. </p>
<p>A second sidetrack is also planned to target the deeper Tex-X3 reservoir.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> has a 7.25 per cent interest in the project, which is operated by Marlin Energy.</p>
<p>The net cost to LGO of drilling, logging and evaluating the A-2 sidetrack is an initial US$280,000. Any incremental production is expected to be realised quickly with a short payback period on the investment.</p> ]]></description>
<pubDate>Fri, 17 Feb 2012 07:16:00 +0000</pubDate>
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<title><![CDATA[RNS press release - Gulf of Mexico Drilling Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120217lgo5904x/</link>
<description><![CDATA[]]></description>
<pubDate>Fri, 17 Feb 2012 07:00:00 +0000</pubDate>
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<title><![CDATA[News - Leni Gas & Oil reveals slight delay to Eugene Island drilling ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/38681/leni-gas-oil-reveals-slight-delay-to-eugene-island-drilling-38681.html</link>
<description><![CDATA[<p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) today told investors that its drilling operations have been slightly delayed at the Eugene Island Field, in the Gulf of Mexico.</p>
<p>The delay relates to a problem with the drilling rig’s previous contractor. And LGO says there are no cost implications for the Eugene Island partners.</p>
<p>The current operator of the Ocean Columbia jack-up rig at Eugene Island-51 has had difficulty withdrawing the rig’s legs from the seafloor. </p>
<p>Work is currently underway to free the legs so that they can be raised and the rig can be towed to the Eugene Island location, which is about 55 kilometres away. </p>
<p>At Eugene Island, the drilling programme will start with the A-2ST01 well, a sidetrack of the existing A-2 well, which targets mean recoverable reserves of 0.5 million barrels of oil within the Tex X2 target level.</p>
<p>The slightly deeper Tex-X3 reservoir will also be tested by the well. Both reservoirs are productive in other wells throughout the field.</p>
<p>The partners have budgeted a total 16 days for the drilling and evaluation. The net cost to LGO of drilling, logging and evaluating the A-2 sidetrack is an initial US$280,000.</p>
<p>Any incremental production is expected to be realised quickly with a short payback period on the investment.</p>
</p> ]]></description>
<pubDate>Tue, 07 Feb 2012 07:38:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/38681/leni-gas-oil-reveals-slight-delay-to-eugene-island-drilling-38681.html</guid>
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<title><![CDATA[RNS press release - Gulf of Mexico Drilling Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120207lgo8933w/</link>
<description><![CDATA[]]></description>
<pubDate>Tue, 07 Feb 2012 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120207lgo8933w/</guid>
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<title><![CDATA[RNS press release - Appointment of Joint Broker ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120201lgo5481w/</link>
<description><![CDATA[]]></description>
<pubDate>Wed, 01 Feb 2012 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120201lgo5481w/</guid>
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<title><![CDATA[News - Leni Gas & Oil says drilling at Eugene Island field may start next week - UPDATE ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/38260/-leni-gas-oil-says-drilling-at-eugene-island-field-may-start-next-week-update-38260.html</link>
<description><![CDATA[<p><strong>---Adds broker comments---</strong><br /><br /><a href="http://proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said drilling on the Eugene Island field in the Gulf of Mexico could begin next week with the arrival of the Ocean Columbia jack-up rig expected imminently.<br /><br />The rig has now been released by the previous operator and will be mobilised to the Eugene Island platform shortly if weather conditions allow.<br /><br />The company and operator of the Eugene field, Marlin Energy last month approved additional drilling at the Eugene Island-184 leases, in which LGO currently holds a 7.25 percent working interest.<br /><br />The drilling programme will start with the A-2ST01 well, a sidetrack of the existing A-2 well, which targets mean recoverable reserves of 0.5 million barrels of oil within the Tex X2 target level.<br /><br />The slightly deeper Tex-X3 reservoir will also be tested by the well. Both reservoirs are productive in other wells throughout the field.<br /><br />The partners have budgeted a total 16 days for the drilling and evaluation. The net cost to LGO of drilling, logging and evaluating the A-2 sidetrack is an initial US$280,000.<br /><br />Any incremental production is expected to be realised quickly with a short payback period on the investment.<br /><br />Only yesterday, LGO announced a tie-up with <a href="http://proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a> (<a href="/companies/overview/1350/range-resources-1350.html" class="companyPopupTrigger" rel="1350">LON:RRL</a>, ASX:RRS) to jointly develop onshore oilfields in Trinidad.<br /><br />The deal will see Range taking a 50 per cent stake in LGO’s Goudron oilfield by spending US$8 million. And LGO has an option to acquire a 15 per cent stake in Range’s Beach Marcelle project by spending a maximum of US$7 million.<br /><br />Shore Capital analyst Craig Howie described the tie up with Range as "very good news" for LGO in a note today.<br /><br />It provides strong synergies across the two companies’ portfolios and gives LGO the necessary funding to ramp up activity levels in Trinidad, where the broker see excellent potential for reserves and production growth, he said.</p> ]]></description>
<pubDate>Thu, 26 Jan 2012 12:24:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/38260/-leni-gas-oil-says-drilling-at-eugene-island-field-may-start-next-week-update-38260.html</guid>
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<title><![CDATA[News - Leni Gas & Oil mobilises rig for re-development of Goudron oilfield, Trinidad - UPDATE ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/43087/leni-gas-oil-mobilises-rig-for-re-development-of-goudron-oilfield-trinidad-update-43087.html</link>
<description><![CDATA[<p><strong>--- adds broker comment and share price ---</strong></p>
<p class="MsoNormal"><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) has now mobilised a workover rig to start re-developing the onshore Goudron oilfield in south-eastern Trinidad.</p>
<p class="MsoNormal">As previously announced, the company plans to re-develop the Goudron oilfield in partnership with Trinidad and Tobago state-owned Petrotrin under the terms of an existing contract.</p>
<p class="MsoNormal">Field operations are starting imminently. LGO will first be working over up to 50 existing wells and will then drill additional wells.</p>
<p class="MsoNormal">The Goudron field lies between the East Moruga and Beach Marcelle fields in south-eastern Trinidad and has direct access to the Petrotrin oil export pipeline to the Pointe-a-Pierre refinery in western Trinidad. </p>
<p class="MsoNormal">The oil reservoirs generally lie between 300 and 3,500 feet below surface and the oil is low sulphur and has API gravities ranging between 25 and 55 degrees.</p>
<p class="MsoNormal">Proven reserves, recoverable using existing wells and a small number of infill wells, have been estimated at 1.9 million barrels (mmbbls), whilst proven plus probable reserves were estimated at 8 mmbbls. </p>
<p class="MsoNormal">LGO has recently engaged Challenge Energy to prepare a Competent Persons Report (CPR) on the Goudron field and the report is expected in the third quarter 2012.</p>
<p class="MsoNormal">Broker Old Park Lane Capital views the announcement as important as it values Goudron as the company’s core asset.</p>
<p class="MsoNormal">“Upon the conclusion of the partnership agreement to co-develop the field with <a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a>, we believe that LGO’s ultimate 50% interest in Goudron will be worth approximately 2.4p per share (fully diluted),” said the broker, which is a 'buyer'.</p>
<p class="MsoNormal">This suggests significant upside to the current price of 0.82 pence, which has dipped 0.02 pence, or 2.4 per cent, today.</p>
<p class="MsoNormal">“We believe that the commencement of workover operations and the publication of a CPR will act as catalysts for further value recognition for the Goudron Field,” the broker concluded.</p>
<p> </p> ]]></description>
<pubDate>Mon, 21 May 2012 12:46:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/43087/leni-gas-oil-mobilises-rig-for-re-development-of-goudron-oilfield-trinidad-update-43087.html</guid>
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<title><![CDATA[News - Leni Gas & Oil mobilises rig for re-development of Goudron oilfield, Trinidad ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/43060/leni-gas-oil-mobilises-rig-for-re-development-of-goudron-oilfield-trinidad-43060.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) has now mobilised a workover rig to start re-developing the onshore Goudron oilfield in south-eastern Trinidad. <br /><br />As previously announced, the company plans to re-develop the Goudron oilfield in partnership with Trinidad and Tobago state-owned Petrotrin under the terms of an existing contract.<br /><br />Field operations are starting imminently. LGO will first be working over up to 50 existing wells and then drill additional wells.<br /><br />The Goudron field lies between the East Moruga and Beach Marcelle fields in south-eastern Trinidad and has direct access to the Petrotrin oil export pipeline to the Pointe-a-Pierre refinery in western Trinidad. <br /><br />The oil reservoirs generally lie between 300 and 3,500 feet below surface and the oil is low sulphur and has API gravities ranging between 25 and 55 degrees. <br /><br />Proven reserves, recoverable using existing wells and a small number of infill wells, have been estimated at 1.9 million barrels (mmbbls), whilst proven plus probable reserves were estimated at 8 mmbbls. <br /><br />LGO has recently engaged Challenge Energy to prepare a Competent Persons Report on the Goudron field and the report is expected in the third quarter 2012.</p> ]]></description>
<pubDate>Mon, 21 May 2012 07:58:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/43060/leni-gas-oil-mobilises-rig-for-re-development-of-goudron-oilfield-trinidad-43060.html</guid>
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<title><![CDATA[RNS press release - Operational Update, Goudron Field, Trinidad ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120521lgo7003d/</link>
<description><![CDATA[]]></description>
<pubDate>Mon, 21 May 2012 07:01:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120521lgo7003d/</guid>
</item>
<item>
<title><![CDATA[News - Leni Gas & Oil expects to seal Spanish sale in May ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/42245/leni-gas-oil-expects-to-seal-spanish-sale-in-may-42245.html</link>
<description><![CDATA[<p>Leni Gas & Oil says it expects to complete a deal to sell its Spanish assets by the end of this month. Due diligence is now 'well advanced' and some talks have taken place regarding the deal structure. </p>]]></description>
<pubDate>Wed, 02 May 2012 07:32:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/42245/leni-gas-oil-expects-to-seal-spanish-sale-in-may-42245.html</guid>
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<title><![CDATA[RNS press release - Update - Spanish Divestment and Trinidad ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120502lgo4631c/</link>
<description><![CDATA[]]></description>
<pubDate>Wed, 02 May 2012 07:00:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120502lgo4631c/</guid>
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<title><![CDATA[News - Leni Gas to look at other Eugene Island opportunities after sidetrack marginal - UPDATE ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/40734/leni-gas-to-look-at-other-eugene-island-opportunities-after-sidetrack-marginal-update-40734.html</link>
<description><![CDATA[<p> </p>
<p>Adds broker comment</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said today the A-2 sidetrack well at Eugene Island has been plugged after the operator decided not to move to production.</p>
<p>The A2ST01 sidetrack in the Gulf of Mexico was designed to test the Cranberry Creek prospect at the Tex-X2 reservoir level. </p>
<p>The well reached a total depth of 13,496 feet but the Tex-X2 reservoir was encountered slightly high to prognosis and was found to be water wet. </p>
<p>Logging while drilling results showed a 5 foot thick hydrocarbon pay zone at a different level within the well, but operator Marlin decided this was not sufficient to justify installation of a production completion. </p>
<p>Leni Gas has a 7.25 per cent working interest in the Eugene Island leases operated by Marlin.</p>
<p>The A2ST01 sidetrack was drilled from the non-producing A2 well of the Eugene Island-184 platform whilst production from the A1, A3, A4, A5 and A8 wells continued as normal.</p>
<p>Neil Ritson, Leni Gas’s chief executive, said: "Although oil was encountered in this sidetrack, the economics of installing a completion appeared marginal. </p>
<p>This well has shown that additional opportunities remain in the Eugene Island Field and we look forward to the operators proposals in due course. Profitable production of the existing oil and gas reserves continues."</p>
<p>Old Park Lane Capital analyst Barney Gray said: "Eugene Island will continue to generate cash flow for the company going forward and we believe that the pause in activity in the Gulf of Mexico leaves LGO in a good position to focus on the divestment of its Spanish assets and the acceleration of its core development activities in Trinidad."</p>
<p>He added: "This current hiatus in the drilling programme reduces marginally our valuation from 5.1 to 5.0p, leaving our target price unchanged."</p>
<p>Old Park Lane Capital recommends a 'buy' stance.</p>
<p> </p> ]]></description>
<pubDate>Mon, 26 Mar 2012 15:25:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/40734/leni-gas-to-look-at-other-eugene-island-opportunities-after-sidetrack-marginal-update-40734.html</guid>
</item>
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<title><![CDATA[News - Leni Gas to look at other Eugene Island opportunities after sidetrack marginal ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/40729/leni-gas-to-look-at-other-eugene-island-opportunities-after-sidetrack-marginal-40729.html</link>
<description><![CDATA[<p> </p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said today the A-2 sidetrack well at Eugene Island has been plugged after the operator decided not to move to production.</p>
<p>The A2ST01 sidetrack in the Gulf of Mexico was designed to test the Cranberry Creek prospect at the Tex-X2 reservoir level. </p>
<p>The well reached a total depth of 13,496 feet but the Tex-X2 reservoir was encountered slightly high to prognosis and was found to be water wet. </p>
<p>Logging while drilling results showed a 5 foot thick hydrocarbon pay zone at a different level within the well, but operator Marlin decided this was not sufficient to justify installation of a production completion. </p>
<p>Leni Gas has a 7.25 per cent working interest in the Eugene Island leases operated by Marlin.</p>
<p>The A2ST01 sidetrack was drilled from the non-producing A2 well of the Eugene Island-184 platform whilst production from the A1, A3, A4, A5 and A8 wells continued as normal.</p>
<p>Neil Ritson, Leni Gas’s chief executive, said: "Although oil was encountered in this sidetrack, the economics of installing a completion appeared marginal. </p>
<p>This well has shown that additional opportunities remain in the Eugene Island Field and we look forward to the operators proposals in due course. Profitable production of the existing oil and gas reserves continues."</p>
<div><br /></div>
<p> </p> ]]></description>
<pubDate>Mon, 26 Mar 2012 14:10:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/40729/leni-gas-to-look-at-other-eugene-island-opportunities-after-sidetrack-marginal-40729.html</guid>
</item>
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<title><![CDATA[RNS press release - Gulf of Mexico drilling update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120326lgo0793a/</link>
<description><![CDATA[]]></description>
<pubDate>Mon, 26 Mar 2012 13:00:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120326lgo0793a/</guid>
</item>
<item>
<title><![CDATA[News - Leni Gas & Oil to sell Spanish assets UPDATE ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/40625/leni-gas-oil-to-sell-spanish-assets-update-40625.html</link>
<description><![CDATA[<p>--- adds broker comment and share price ---<br /><br /><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> PLC (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said it has received a number of strong expressions of interest from international oil companies to either participate in the development of its Spanish oil assets, or to buy them outright. <br /><br />It has received several cash bids at a very significant premium to the initial outlay of €2.6 million, and is now in talks with the bidders with a view to closing a transaction.<br /><br />The stock moved only little after the news was announced this morning, but inched higher throughout the session to reach 1.44 pence by 3.57 pm, a rise of 7.5 per cent.<br /><br />The group announced in October 2011 it was seeking a commercial partner to develop the Ayoluengo oil field in Northern Spain, with mean stock tank oil initially in place (STOIIP) of 104 million barrels.<br /><br />The options for the field included an enhanced oil recovery (EOR) project.<br /><br />The deadline for submissions was yesterday, March 21, and the data room is now closed.<br /><br />The board has decided that divestment could potentially represent the best opportunity for the company in light of the new development opportunities previously announced in Trinidad.<br /> <br />Chief executive Neil Ritson said: "We have been delighted with the interest shown in our Spanish properties and believe that if this results in a divestment, the funds raised can be utilised in Trinidad and the Gulf of Mexico where the company has many opportunities to invest in work programmes with greater potential for near-term production.” <br /><br />Old Park Lane Capital said in a note this is very good news for LGO, particularly given that any additional cash could put the company in an excellent position to accelerate the development of its businesses in Trinidad and the US Gulf of Mexico.<br /><br />Oil and gas analyst Barney Gray values the Spanish assets at €5.7 million. If LGO was to realise a premium to that valuation, he noted, this would also be accretive to his current valuation of the company in the short term and he would look to adjust the valuation accordingly upon a formal announcement.<br /><br />LGO plans to complete the previously announced Trinidad farm-in with Advance Oil in April 2012 and drill the first of three initial wells in mid-year 2012, although final timing depends on contracting a rig.<br /><br />LGO holds a 50 percent interest in the Icacos licence which covers a total of 1,960 acres. The company controls adjacent leases, giving it a total interest in over 3,700 acres. <br /><br />In the Gulf of Mexico, LGO has a 7.25 per cent interest in the Eugene Island field, operated by Marlin Energy, where drilling the sidetrack of the A-2 production well is close to reaching the target reservoir.<br /><br />The target fault block, the Cranberry Creek prospect, has an estimated mean recoverable reserve of 0.5 million barrels of oil within the Tex-X2 target level. A second sidetrack is also planned to target the deeper Tex-X3 reservoir.</p> ]]></description>
<pubDate>Thu, 22 Mar 2012 15:59:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/40625/leni-gas-oil-to-sell-spanish-assets-update-40625.html</guid>
</item>
<item>
<title><![CDATA[News - Leni Gas & Oil to sell Spanish assets ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/40595/leni-gas-oil-to-sell-spanish-assets-40595.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said it has received a number of strong expressions of interest from international oil companies to either participate in the development of its Spanish oil assets, or to buy them outright. <br /><br />It has received several cash bids at a very significant premium to the initial outlay of €2.6 million, and is now in talks with the bidders with a view to closing a transaction.<br /><br />The group announced in October 2011 it was seeking a commercial partner to develop the Ayoluengo oil field in Northern Spain, with mean stock tank oil initially in place (STOIIP) of 104 million barrels.<br /><br />The options for the field included an enhanced oil recovery (EOR) project.<br /><br />The deadline for submissions was yesterday, March 21, and the data room is now closed.<br /><br />The board has decided that divestment could potentially represent the best opportunity for the company in light of the new development opportunities previously announced in Trinidad.<br /> <br />Chief executive Neil Ritson said: "We have been delighted with the interest shown in our Spanish properties and believe that if this results in a divestment, the funds raised can be utilised in Trinidad and the Gulf of Mexico where the company has many opportunities to invest in work programmes with greater potential for near-term production." <br /><br />LGO plans to complete the previously announced Trinidad farm-in with Advance Oil in April 2012 and drill the first of three initial wells in mid-year 2012, although final timing depends on contracting a rig.<br /><br />LGO holds a 50 percent interest in the Icacos license which covers a total of 1,960 acres. The company controls adjacent leases, giving it a total interest in over 3,700 acres. <br /><br />In the Gulf of Mexico, LGO has a 7.25 per cent interest in the Eugene Island field, operated by Marlin Energy, where drilling the sidetrack of the A-2 production well is close to reaching the target reservoir.<br /><br />The target fault block, the Cranberry Creek prospect, has an estimated mean recoverable reserve of 0.5 million barrels of oil within the Tex-X2 target level. A second sidetrack is also planned to target the deeper Tex-X3 reservoir.</p> ]]></description>
<pubDate>Thu, 22 Mar 2012 07:43:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/40595/leni-gas-oil-to-sell-spanish-assets-40595.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Interest received in Spanish assets ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120322lgo8302z/</link>
<description><![CDATA[]]></description>
<pubDate>Thu, 22 Mar 2012 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120322lgo8302z/</guid>
</item>
<item>
<title><![CDATA[News - Leni Gas & Oil close to hitting target in Eugene Island drilling ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/40019/leni-gas-oil-close-to-hitting-target-in-eugene-island-drilling-40019.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said it is close to drilling into the target reservoir at the Eugene Island field in the US Gulf of Mexico.<br /><br />As previously announced, the Ocean Columbia jack-up rig was successfully installed at the EI-184 platform on February 17. Drilling operations commenced on the planned sidetrack of the A-2 production well the next day. <br /><br />The well has been drilled to a depth of 12,566 feet and is now approximately 500 feet above the anticipated reservoir. <br /><br />The target fault block, the Cranberry Creek prospect, has an estimated mean recoverable reserve of 0.5 million barrels of oil within the Tex-X2 target level at a depth of approximately 13,000 feet subsea. <br /><br />A second sidetrack is also planned to target the deeper Tex-X3 reservoir.<br /><br />Leni Gas has a 7.25 per cent interest in the project, which is operated by Marlin Energy.<br /><br />The net cost to LGO of drilling, logging and evaluating the A-2 sidetrack is an initial US$280,000. Any incremental production is expected to be realised quickly with a short payback period on the investment.<br /><br />Chief executive Neil Ritson said: "Operations have been running largely to plan and we now look forward to the imminent intersection with the prognosed reservoir zone."<br /></p> ]]></description>
<pubDate>Fri, 09 Mar 2012 07:28:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/40019/leni-gas-oil-close-to-hitting-target-in-eugene-island-drilling-40019.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Gulf of Mexico Drilling Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120309lgo0061z/</link>
<description><![CDATA[]]></description>
<pubDate>Fri, 09 Mar 2012 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120309lgo0061z/</guid>
</item>
<item>
<title><![CDATA[News - Leni Gas & Oil can become major producer, says broker ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/39232/leni-gas-oil-can-become-major-producer-says-broker-39232.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a>'s (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) Gulf of Mexico acreage and its agreement with <a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/range-resources-1350.html" class="companyPopupTrigger" rel="1350">LON:RRL</a>) in Trinidad can transform it into a major producer, according to Old Park Lane.</p>
<p>Leni has a 7.25 per cent interest in the Eugene Island 184 field in the shallow water Gulf of Mexico.</p>
<p>The operator, Marlin Energy, is preparing to drill two sidetracks and recomplete a third well over the next three months, with production set to increase from April.</p>
<p>Leni will receive a significant boost to cash flow in the second half of the year from this, though long term it is the Goudron oil field in Trinidad that represents the company’s core focus, suggests the broker.</p>
<p>The deal with <a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a> envisages the Goudron field’s production rising to over 1,800 barrels per day within four years.</p>
<p>Old Park Lane says it is a great deal for Leni Oil as Range will provide initial funds of US$8 million to kick start development activity.</p>
<p>In Spain, the 100 per cent owned Ayoluengo oil field generates cash and an enhanced oil recovery programme could boost production longer term, while a farm-out is a possibility.</p>
<p>According to Old Park Lane, Leni has sufficient funds to fulfil its near term obligations in the Gulf of Mexico while the deal with <a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a> in Trinidad will enable it to grow over the longer term. </p>
<p>The broker has put a valuation of US$118m on Leni Oil’s core assets, equivalent to 5.1p per share on a fully diluted basis. </p>
<p>“This represents significant upside to the current share price and we instigate formal coverage with a buy,” it concluded.</p> ]]></description>
<pubDate>Tue, 21 Feb 2012 11:17:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/39232/leni-gas-oil-can-become-major-producer-says-broker-39232.html</guid>
</item>
<item>
<title><![CDATA[News - Leni Gas & Oil kicks off Eugene Island drilling operations ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/39109/leni-gas-oil-kicks-off-eugene-island-drilling-operations--39109.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) told investors that it is now ready to start drilling on the Eugene Island field in the US Gulf of Mexico.</p>
<p>Last week the group revealed that the Ocean Columbia jack-up rig had been held up at the site of a previous job.</p>
<p>After the slight delay the rig is now stationed over the EI-184 platform in around 88 feet of water. </p>
<p>The well will be sidetracked from a depth of 7,600 feet.</p>
<p>The sidetrack is designed to intersect Tex-X2 sandstones reservoirs. The target has an estimated mean recoverable reserve of 0.5 million barrels of oil.</p>
<p>It is expected that drilling and evaluation operations will last three to four weeks. And if successful, the well will be completed for production. </p>
<p>A second sidetrack is also planned to target the deeper Tex-X3 reservoir.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> has a 7.25 per cent interest in the project, which is operated by Marlin Energy.</p>
<p>The net cost to LGO of drilling, logging and evaluating the A-2 sidetrack is an initial US$280,000. Any incremental production is expected to be realised quickly with a short payback period on the investment.</p> ]]></description>
<pubDate>Fri, 17 Feb 2012 07:16:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/39109/leni-gas-oil-kicks-off-eugene-island-drilling-operations--39109.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Gulf of Mexico Drilling Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120217lgo5904x/</link>
<description><![CDATA[]]></description>
<pubDate>Fri, 17 Feb 2012 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120217lgo5904x/</guid>
</item>
<item>
<title><![CDATA[News - Leni Gas & Oil reveals slight delay to Eugene Island drilling ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/38681/leni-gas-oil-reveals-slight-delay-to-eugene-island-drilling-38681.html</link>
<description><![CDATA[<p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) today told investors that its drilling operations have been slightly delayed at the Eugene Island Field, in the Gulf of Mexico.</p>
<p>The delay relates to a problem with the drilling rig’s previous contractor. And LGO says there are no cost implications for the Eugene Island partners.</p>
<p>The current operator of the Ocean Columbia jack-up rig at Eugene Island-51 has had difficulty withdrawing the rig’s legs from the seafloor. </p>
<p>Work is currently underway to free the legs so that they can be raised and the rig can be towed to the Eugene Island location, which is about 55 kilometres away. </p>
<p>At Eugene Island, the drilling programme will start with the A-2ST01 well, a sidetrack of the existing A-2 well, which targets mean recoverable reserves of 0.5 million barrels of oil within the Tex X2 target level.</p>
<p>The slightly deeper Tex-X3 reservoir will also be tested by the well. Both reservoirs are productive in other wells throughout the field.</p>
<p>The partners have budgeted a total 16 days for the drilling and evaluation. The net cost to LGO of drilling, logging and evaluating the A-2 sidetrack is an initial US$280,000.</p>
<p>Any incremental production is expected to be realised quickly with a short payback period on the investment.</p>
</p> ]]></description>
<pubDate>Tue, 07 Feb 2012 07:38:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/38681/leni-gas-oil-reveals-slight-delay-to-eugene-island-drilling-38681.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Gulf of Mexico Drilling Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120207lgo8933w/</link>
<description><![CDATA[]]></description>
<pubDate>Tue, 07 Feb 2012 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120207lgo8933w/</guid>
</item>
<item>
<title><![CDATA[RNS press release - Appointment of Joint Broker ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120201lgo5481w/</link>
<description><![CDATA[]]></description>
<pubDate>Wed, 01 Feb 2012 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120201lgo5481w/</guid>
</item>
<item>
<title><![CDATA[News - Leni Gas & Oil says drilling at Eugene Island field may start next week - UPDATE ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/38260/-leni-gas-oil-says-drilling-at-eugene-island-field-may-start-next-week-update-38260.html</link>
<description><![CDATA[<p><strong>---Adds broker comments---</strong><br /><br /><a href="http://proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said drilling on the Eugene Island field in the Gulf of Mexico could begin next week with the arrival of the Ocean Columbia jack-up rig expected imminently.<br /><br />The rig has now been released by the previous operator and will be mobilised to the Eugene Island platform shortly if weather conditions allow.<br /><br />The company and operator of the Eugene field, Marlin Energy last month approved additional drilling at the Eugene Island-184 leases, in which LGO currently holds a 7.25 percent working interest.<br /><br />The drilling programme will start with the A-2ST01 well, a sidetrack of the existing A-2 well, which targets mean recoverable reserves of 0.5 million barrels of oil within the Tex X2 target level.<br /><br />The slightly deeper Tex-X3 reservoir will also be tested by the well. Both reservoirs are productive in other wells throughout the field.<br /><br />The partners have budgeted a total 16 days for the drilling and evaluation. The net cost to LGO of drilling, logging and evaluating the A-2 sidetrack is an initial US$280,000.<br /><br />Any incremental production is expected to be realised quickly with a short payback period on the investment.<br /><br />Only yesterday, LGO announced a tie-up with <a href="http://proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a> (<a href="/companies/overview/1350/range-resources-1350.html" class="companyPopupTrigger" rel="1350">LON:RRL</a>, ASX:RRS) to jointly develop onshore oilfields in Trinidad.<br /><br />The deal will see Range taking a 50 per cent stake in LGO’s Goudron oilfield by spending US$8 million. And LGO has an option to acquire a 15 per cent stake in Range’s Beach Marcelle project by spending a maximum of US$7 million.<br /><br />Shore Capital analyst Craig Howie described the tie up with Range as "very good news" for LGO in a note today.<br /><br />It provides strong synergies across the two companies’ portfolios and gives LGO the necessary funding to ramp up activity levels in Trinidad, where the broker see excellent potential for reserves and production growth, he said.</p> ]]></description>
<pubDate>Thu, 26 Jan 2012 12:24:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/38260/-leni-gas-oil-says-drilling-at-eugene-island-field-may-start-next-week-update-38260.html</guid>
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array(
"id" => "43087",
"title" => "News - Leni Gas & Oil mobilises rig for re-development of Goudron oilfield, Trinidad - UPDATE",
"pubdate" => "2012-05-21 12:46:00",
"seftitle" => "leni-gas-oil-mobilises-rig-for-re-development-of-goudron-oilfield-trinidad-update-43087.html",
"description" => "<p><strong>--- adds broker comment and share price ---</strong></p>
<p class="MsoNormal"><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) has now mobilised a workover rig to start re-developing the onshore Goudron oilfield in south-eastern Trinidad.</p>
<p class="MsoNormal">As previously announced, the company plans to re-develop the Goudron oilfield in partnership with Trinidad and Tobago state-owned Petrotrin under the terms of an existing contract.</p>
<p class="MsoNormal">Field operations are starting imminently. LGO will first be working over up to 50 existing wells and will then drill additional wells.</p>
<p class="MsoNormal">The Goudron field lies between the East Moruga and Beach Marcelle fields in south-eastern Trinidad and has direct access to the Petrotrin oil export pipeline to the Pointe-a-Pierre refinery in western Trinidad. </p>
<p class="MsoNormal">The oil reservoirs generally lie between 300 and 3,500 feet below surface and the oil is low sulphur and has API gravities ranging between 25 and 55 degrees.</p>
<p class="MsoNormal">Proven reserves, recoverable using existing wells and a small number of infill wells, have been estimated at 1.9 million barrels (mmbbls), whilst proven plus probable reserves were estimated at 8 mmbbls. </p>
<p class="MsoNormal">LGO has recently engaged Challenge Energy to prepare a Competent Persons Report (CPR) on the Goudron field and the report is expected in the third quarter 2012.</p>
<p class="MsoNormal">Broker Old Park Lane Capital views the announcement as important as it values Goudron as the company’s core asset.</p>
<p class="MsoNormal">“Upon the conclusion of the partnership agreement to co-develop the field with <a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a>, we believe that LGO’s ultimate 50% interest in Goudron will be worth approximately 2.4p per share (fully diluted),” said the broker, which is a 'buyer'.</p>
<p class="MsoNormal">This suggests significant upside to the current price of 0.82 pence, which has dipped 0.02 pence, or 2.4 per cent, today.</p>
<p class="MsoNormal">“We believe that the commencement of workover operations and the publication of a CPR will act as catalysts for further value recognition for the Goudron Field,” the broker concluded.</p>
<p> </p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/43087/leni-gas-oil-mobilises-rig-for-re-development-of-goudron-oilfield-trinidad-update-43087.html"
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array(
"id" => "43060",
"title" => "News - Leni Gas & Oil mobilises rig for re-development of Goudron oilfield, Trinidad",
"pubdate" => "2012-05-21 07:58:00",
"seftitle" => "leni-gas-oil-mobilises-rig-for-re-development-of-goudron-oilfield-trinidad-43060.html",
"description" => "<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) has now mobilised a workover rig to start re-developing the onshore Goudron oilfield in south-eastern Trinidad. <br /><br />As previously announced, the company plans to re-develop the Goudron oilfield in partnership with Trinidad and Tobago state-owned Petrotrin under the terms of an existing contract.<br /><br />Field operations are starting imminently. LGO will first be working over up to 50 existing wells and then drill additional wells.<br /><br />The Goudron field lies between the East Moruga and Beach Marcelle fields in south-eastern Trinidad and has direct access to the Petrotrin oil export pipeline to the Pointe-a-Pierre refinery in western Trinidad. <br /><br />The oil reservoirs generally lie between 300 and 3,500 feet below surface and the oil is low sulphur and has API gravities ranging between 25 and 55 degrees. <br /><br />Proven reserves, recoverable using existing wells and a small number of infill wells, have been estimated at 1.9 million barrels (mmbbls), whilst proven plus probable reserves were estimated at 8 mmbbls. <br /><br />LGO has recently engaged Challenge Energy to prepare a Competent Persons Report on the Goudron field and the report is expected in the third quarter 2012.</p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/43060/leni-gas-oil-mobilises-rig-for-re-development-of-goudron-oilfield-trinidad-43060.html"
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array(
"id" => "120521lgo7003d",
"title" => "RNS press release - Operational Update, Goudron Field, Trinidad",
"pubdate" => "2012-05-21 07:01:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120521lgo7003d/"
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array(
"id" => "42245",
"title" => "News - Leni Gas & Oil expects to seal Spanish sale in May",
"pubdate" => "2012-05-02 07:32:00",
"seftitle" => "leni-gas-oil-expects-to-seal-spanish-sale-in-may-42245.html",
"description" => "<p>Leni Gas & Oil says it expects to complete a deal to sell its Spanish assets by the end of this month. Due diligence is now 'well advanced' and some talks have taken place regarding the deal structure. </p>",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/42245/leni-gas-oil-expects-to-seal-spanish-sale-in-may-42245.html"
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array(
"id" => "120502lgo4631c",
"title" => "RNS press release - Update - Spanish Divestment and Trinidad",
"pubdate" => "2012-05-02 07:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120502lgo4631c/"
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array(
"id" => "40734",
"title" => "News - Leni Gas to look at other Eugene Island opportunities after sidetrack marginal - UPDATE",
"pubdate" => "2012-03-26 15:25:00",
"seftitle" => "leni-gas-to-look-at-other-eugene-island-opportunities-after-sidetrack-marginal-update-40734.html",
"description" => "<p> </p>
<p>Adds broker comment</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said today the A-2 sidetrack well at Eugene Island has been plugged after the operator decided not to move to production.</p>
<p>The A2ST01 sidetrack in the Gulf of Mexico was designed to test the Cranberry Creek prospect at the Tex-X2 reservoir level. </p>
<p>The well reached a total depth of 13,496 feet but the Tex-X2 reservoir was encountered slightly high to prognosis and was found to be water wet. </p>
<p>Logging while drilling results showed a 5 foot thick hydrocarbon pay zone at a different level within the well, but operator Marlin decided this was not sufficient to justify installation of a production completion. </p>
<p>Leni Gas has a 7.25 per cent working interest in the Eugene Island leases operated by Marlin.</p>
<p>The A2ST01 sidetrack was drilled from the non-producing A2 well of the Eugene Island-184 platform whilst production from the A1, A3, A4, A5 and A8 wells continued as normal.</p>
<p>Neil Ritson, Leni Gas’s chief executive, said: "Although oil was encountered in this sidetrack, the economics of installing a completion appeared marginal. </p>
<p>This well has shown that additional opportunities remain in the Eugene Island Field and we look forward to the operators proposals in due course. Profitable production of the existing oil and gas reserves continues."</p>
<p>Old Park Lane Capital analyst Barney Gray said: "Eugene Island will continue to generate cash flow for the company going forward and we believe that the pause in activity in the Gulf of Mexico leaves LGO in a good position to focus on the divestment of its Spanish assets and the acceleration of its core development activities in Trinidad."</p>
<p>He added: "This current hiatus in the drilling programme reduces marginally our valuation from 5.1 to 5.0p, leaving our target price unchanged."</p>
<p>Old Park Lane Capital recommends a 'buy' stance.</p>
<p> </p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/40734/leni-gas-to-look-at-other-eugene-island-opportunities-after-sidetrack-marginal-update-40734.html"
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array(
"id" => "40729",
"title" => "News - Leni Gas to look at other Eugene Island opportunities after sidetrack marginal",
"pubdate" => "2012-03-26 14:10:00",
"seftitle" => "leni-gas-to-look-at-other-eugene-island-opportunities-after-sidetrack-marginal-40729.html",
"description" => "<p> </p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said today the A-2 sidetrack well at Eugene Island has been plugged after the operator decided not to move to production.</p>
<p>The A2ST01 sidetrack in the Gulf of Mexico was designed to test the Cranberry Creek prospect at the Tex-X2 reservoir level. </p>
<p>The well reached a total depth of 13,496 feet but the Tex-X2 reservoir was encountered slightly high to prognosis and was found to be water wet. </p>
<p>Logging while drilling results showed a 5 foot thick hydrocarbon pay zone at a different level within the well, but operator Marlin decided this was not sufficient to justify installation of a production completion. </p>
<p>Leni Gas has a 7.25 per cent working interest in the Eugene Island leases operated by Marlin.</p>
<p>The A2ST01 sidetrack was drilled from the non-producing A2 well of the Eugene Island-184 platform whilst production from the A1, A3, A4, A5 and A8 wells continued as normal.</p>
<p>Neil Ritson, Leni Gas’s chief executive, said: "Although oil was encountered in this sidetrack, the economics of installing a completion appeared marginal. </p>
<p>This well has shown that additional opportunities remain in the Eugene Island Field and we look forward to the operators proposals in due course. Profitable production of the existing oil and gas reserves continues."</p>
<div><br /></div>
<p> </p> ",
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array(
"id" => "120326lgo0793a",
"title" => "RNS press release - Gulf of Mexico drilling update",
"pubdate" => "2012-03-26 13:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120326lgo0793a/"
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array(
"id" => "40625",
"title" => "News - Leni Gas & Oil to sell Spanish assets UPDATE",
"pubdate" => "2012-03-22 15:59:00",
"seftitle" => "leni-gas-oil-to-sell-spanish-assets-update-40625.html",
"description" => "<p>--- adds broker comment and share price ---<br /><br /><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> PLC (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said it has received a number of strong expressions of interest from international oil companies to either participate in the development of its Spanish oil assets, or to buy them outright. <br /><br />It has received several cash bids at a very significant premium to the initial outlay of €2.6 million, and is now in talks with the bidders with a view to closing a transaction.<br /><br />The stock moved only little after the news was announced this morning, but inched higher throughout the session to reach 1.44 pence by 3.57 pm, a rise of 7.5 per cent.<br /><br />The group announced in October 2011 it was seeking a commercial partner to develop the Ayoluengo oil field in Northern Spain, with mean stock tank oil initially in place (STOIIP) of 104 million barrels.<br /><br />The options for the field included an enhanced oil recovery (EOR) project.<br /><br />The deadline for submissions was yesterday, March 21, and the data room is now closed.<br /><br />The board has decided that divestment could potentially represent the best opportunity for the company in light of the new development opportunities previously announced in Trinidad.<br /> <br />Chief executive Neil Ritson said: "We have been delighted with the interest shown in our Spanish properties and believe that if this results in a divestment, the funds raised can be utilised in Trinidad and the Gulf of Mexico where the company has many opportunities to invest in work programmes with greater potential for near-term production.” <br /><br />Old Park Lane Capital said in a note this is very good news for LGO, particularly given that any additional cash could put the company in an excellent position to accelerate the development of its businesses in Trinidad and the US Gulf of Mexico.<br /><br />Oil and gas analyst Barney Gray values the Spanish assets at €5.7 million. If LGO was to realise a premium to that valuation, he noted, this would also be accretive to his current valuation of the company in the short term and he would look to adjust the valuation accordingly upon a formal announcement.<br /><br />LGO plans to complete the previously announced Trinidad farm-in with Advance Oil in April 2012 and drill the first of three initial wells in mid-year 2012, although final timing depends on contracting a rig.<br /><br />LGO holds a 50 percent interest in the Icacos licence which covers a total of 1,960 acres. The company controls adjacent leases, giving it a total interest in over 3,700 acres. <br /><br />In the Gulf of Mexico, LGO has a 7.25 per cent interest in the Eugene Island field, operated by Marlin Energy, where drilling the sidetrack of the A-2 production well is close to reaching the target reservoir.<br /><br />The target fault block, the Cranberry Creek prospect, has an estimated mean recoverable reserve of 0.5 million barrels of oil within the Tex-X2 target level. A second sidetrack is also planned to target the deeper Tex-X3 reservoir.</p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/40625/leni-gas-oil-to-sell-spanish-assets-update-40625.html"
),
array(
"id" => "40595",
"title" => "News - Leni Gas & Oil to sell Spanish assets",
"pubdate" => "2012-03-22 07:43:00",
"seftitle" => "leni-gas-oil-to-sell-spanish-assets-40595.html",
"description" => "<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said it has received a number of strong expressions of interest from international oil companies to either participate in the development of its Spanish oil assets, or to buy them outright. <br /><br />It has received several cash bids at a very significant premium to the initial outlay of €2.6 million, and is now in talks with the bidders with a view to closing a transaction.<br /><br />The group announced in October 2011 it was seeking a commercial partner to develop the Ayoluengo oil field in Northern Spain, with mean stock tank oil initially in place (STOIIP) of 104 million barrels.<br /><br />The options for the field included an enhanced oil recovery (EOR) project.<br /><br />The deadline for submissions was yesterday, March 21, and the data room is now closed.<br /><br />The board has decided that divestment could potentially represent the best opportunity for the company in light of the new development opportunities previously announced in Trinidad.<br /> <br />Chief executive Neil Ritson said: "We have been delighted with the interest shown in our Spanish properties and believe that if this results in a divestment, the funds raised can be utilised in Trinidad and the Gulf of Mexico where the company has many opportunities to invest in work programmes with greater potential for near-term production." <br /><br />LGO plans to complete the previously announced Trinidad farm-in with Advance Oil in April 2012 and drill the first of three initial wells in mid-year 2012, although final timing depends on contracting a rig.<br /><br />LGO holds a 50 percent interest in the Icacos license which covers a total of 1,960 acres. The company controls adjacent leases, giving it a total interest in over 3,700 acres. <br /><br />In the Gulf of Mexico, LGO has a 7.25 per cent interest in the Eugene Island field, operated by Marlin Energy, where drilling the sidetrack of the A-2 production well is close to reaching the target reservoir.<br /><br />The target fault block, the Cranberry Creek prospect, has an estimated mean recoverable reserve of 0.5 million barrels of oil within the Tex-X2 target level. A second sidetrack is also planned to target the deeper Tex-X3 reservoir.</p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/40595/leni-gas-oil-to-sell-spanish-assets-40595.html"
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array(
"id" => "120322lgo8302z",
"title" => "RNS press release - Interest received in Spanish assets",
"pubdate" => "2012-03-22 07:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120322lgo8302z/"
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array(
"id" => "40019",
"title" => "News - Leni Gas & Oil close to hitting target in Eugene Island drilling",
"pubdate" => "2012-03-09 07:28:00",
"seftitle" => "leni-gas-oil-close-to-hitting-target-in-eugene-island-drilling-40019.html",
"description" => "<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said it is close to drilling into the target reservoir at the Eugene Island field in the US Gulf of Mexico.<br /><br />As previously announced, the Ocean Columbia jack-up rig was successfully installed at the EI-184 platform on February 17. Drilling operations commenced on the planned sidetrack of the A-2 production well the next day. <br /><br />The well has been drilled to a depth of 12,566 feet and is now approximately 500 feet above the anticipated reservoir. <br /><br />The target fault block, the Cranberry Creek prospect, has an estimated mean recoverable reserve of 0.5 million barrels of oil within the Tex-X2 target level at a depth of approximately 13,000 feet subsea. <br /><br />A second sidetrack is also planned to target the deeper Tex-X3 reservoir.<br /><br />Leni Gas has a 7.25 per cent interest in the project, which is operated by Marlin Energy.<br /><br />The net cost to LGO of drilling, logging and evaluating the A-2 sidetrack is an initial US$280,000. Any incremental production is expected to be realised quickly with a short payback period on the investment.<br /><br />Chief executive Neil Ritson said: "Operations have been running largely to plan and we now look forward to the imminent intersection with the prognosed reservoir zone."<br /></p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/40019/leni-gas-oil-close-to-hitting-target-in-eugene-island-drilling-40019.html"
),
array(
"id" => "120309lgo0061z",
"title" => "RNS press release - Gulf of Mexico Drilling Update",
"pubdate" => "2012-03-09 07:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120309lgo0061z/"
),
array(
"id" => "39232",
"title" => "News - Leni Gas & Oil can become major producer, says broker",
"pubdate" => "2012-02-21 11:17:00",
"seftitle" => "leni-gas-oil-can-become-major-producer-says-broker-39232.html",
"description" => "<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a>'s (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) Gulf of Mexico acreage and its agreement with <a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/range-resources-1350.html" class="companyPopupTrigger" rel="1350">LON:RRL</a>) in Trinidad can transform it into a major producer, according to Old Park Lane.</p>
<p>Leni has a 7.25 per cent interest in the Eugene Island 184 field in the shallow water Gulf of Mexico.</p>
<p>The operator, Marlin Energy, is preparing to drill two sidetracks and recomplete a third well over the next three months, with production set to increase from April.</p>
<p>Leni will receive a significant boost to cash flow in the second half of the year from this, though long term it is the Goudron oil field in Trinidad that represents the company’s core focus, suggests the broker.</p>
<p>The deal with <a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a> envisages the Goudron field’s production rising to over 1,800 barrels per day within four years.</p>
<p>Old Park Lane says it is a great deal for Leni Oil as Range will provide initial funds of US$8 million to kick start development activity.</p>
<p>In Spain, the 100 per cent owned Ayoluengo oil field generates cash and an enhanced oil recovery programme could boost production longer term, while a farm-out is a possibility.</p>
<p>According to Old Park Lane, Leni has sufficient funds to fulfil its near term obligations in the Gulf of Mexico while the deal with <a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a> in Trinidad will enable it to grow over the longer term. </p>
<p>The broker has put a valuation of US$118m on Leni Oil’s core assets, equivalent to 5.1p per share on a fully diluted basis. </p>
<p>“This represents significant upside to the current share price and we instigate formal coverage with a buy,” it concluded.</p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/39232/leni-gas-oil-can-become-major-producer-says-broker-39232.html"
),
array(
"id" => "39109",
"title" => "News - Leni Gas & Oil kicks off Eugene Island drilling operations ",
"pubdate" => "2012-02-17 07:16:00",
"seftitle" => "leni-gas-oil-kicks-off-eugene-island-drilling-operations--39109.html",
"description" => "<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) told investors that it is now ready to start drilling on the Eugene Island field in the US Gulf of Mexico.</p>
<p>Last week the group revealed that the Ocean Columbia jack-up rig had been held up at the site of a previous job.</p>
<p>After the slight delay the rig is now stationed over the EI-184 platform in around 88 feet of water. </p>
<p>The well will be sidetracked from a depth of 7,600 feet.</p>
<p>The sidetrack is designed to intersect Tex-X2 sandstones reservoirs. The target has an estimated mean recoverable reserve of 0.5 million barrels of oil.</p>
<p>It is expected that drilling and evaluation operations will last three to four weeks. And if successful, the well will be completed for production. </p>
<p>A second sidetrack is also planned to target the deeper Tex-X3 reservoir.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> has a 7.25 per cent interest in the project, which is operated by Marlin Energy.</p>
<p>The net cost to LGO of drilling, logging and evaluating the A-2 sidetrack is an initial US$280,000. Any incremental production is expected to be realised quickly with a short payback period on the investment.</p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/39109/leni-gas-oil-kicks-off-eugene-island-drilling-operations--39109.html"
),
array(
"id" => "120217lgo5904x",
"title" => "RNS press release - Gulf of Mexico Drilling Update",
"pubdate" => "2012-02-17 07:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120217lgo5904x/"
),
array(
"id" => "38681",
"title" => "News - Leni Gas & Oil reveals slight delay to Eugene Island drilling",
"pubdate" => "2012-02-07 07:38:00",
"seftitle" => "leni-gas-oil-reveals-slight-delay-to-eugene-island-drilling-38681.html",
"description" => "<p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) today told investors that its drilling operations have been slightly delayed at the Eugene Island Field, in the Gulf of Mexico.</p>
<p>The delay relates to a problem with the drilling rig’s previous contractor. And LGO says there are no cost implications for the Eugene Island partners.</p>
<p>The current operator of the Ocean Columbia jack-up rig at Eugene Island-51 has had difficulty withdrawing the rig’s legs from the seafloor. </p>
<p>Work is currently underway to free the legs so that they can be raised and the rig can be towed to the Eugene Island location, which is about 55 kilometres away. </p>
<p>At Eugene Island, the drilling programme will start with the A-2ST01 well, a sidetrack of the existing A-2 well, which targets mean recoverable reserves of 0.5 million barrels of oil within the Tex X2 target level.</p>
<p>The slightly deeper Tex-X3 reservoir will also be tested by the well. Both reservoirs are productive in other wells throughout the field.</p>
<p>The partners have budgeted a total 16 days for the drilling and evaluation. The net cost to LGO of drilling, logging and evaluating the A-2 sidetrack is an initial US$280,000.</p>
<p>Any incremental production is expected to be realised quickly with a short payback period on the investment.</p>
</p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/38681/leni-gas-oil-reveals-slight-delay-to-eugene-island-drilling-38681.html"
),
array(
"id" => "120207lgo8933w",
"title" => "RNS press release - Gulf of Mexico Drilling Update",
"pubdate" => "2012-02-07 07:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120207lgo8933w/"
),
array(
"id" => "120201lgo5481w",
"title" => "RNS press release - Appointment of Joint Broker",
"pubdate" => "2012-02-01 07:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120201lgo5481w/"
),
array(
"id" => "38260",
"title" => "News - Leni Gas & Oil says drilling at Eugene Island field may start next week - UPDATE",
"pubdate" => "2012-01-26 12:24:00",
"seftitle" => "-leni-gas-oil-says-drilling-at-eugene-island-field-may-start-next-week-update-38260.html",
"description" => "<p><strong>---Adds broker comments---</strong><br /><br /><a href="http://proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said drilling on the Eugene Island field in the Gulf of Mexico could begin next week with the arrival of the Ocean Columbia jack-up rig expected imminently.<br /><br />The rig has now been released by the previous operator and will be mobilised to the Eugene Island platform shortly if weather conditions allow.<br /><br />The company and operator of the Eugene field, Marlin Energy last month approved additional drilling at the Eugene Island-184 leases, in which LGO currently holds a 7.25 percent working interest.<br /><br />The drilling programme will start with the A-2ST01 well, a sidetrack of the existing A-2 well, which targets mean recoverable reserves of 0.5 million barrels of oil within the Tex X2 target level.<br /><br />The slightly deeper Tex-X3 reservoir will also be tested by the well. Both reservoirs are productive in other wells throughout the field.<br /><br />The partners have budgeted a total 16 days for the drilling and evaluation. The net cost to LGO of drilling, logging and evaluating the A-2 sidetrack is an initial US$280,000.<br /><br />Any incremental production is expected to be realised quickly with a short payback period on the investment.<br /><br />Only yesterday, LGO announced a tie-up with <a href="http://proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a> (<a href="/companies/overview/1350/range-resources-1350.html" class="companyPopupTrigger" rel="1350">LON:RRL</a>, ASX:RRS) to jointly develop onshore oilfields in Trinidad.<br /><br />The deal will see Range taking a 50 per cent stake in LGO’s Goudron oilfield by spending US$8 million. And LGO has an option to acquire a 15 per cent stake in Range’s Beach Marcelle project by spending a maximum of US$7 million.<br /><br />Shore Capital analyst Craig Howie described the tie up with Range as "very good news" for LGO in a note today.<br /><br />It provides strong synergies across the two companies’ portfolios and gives LGO the necessary funding to ramp up activity levels in Trinidad, where the broker see excellent potential for reserves and production growth, he said.</p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/38260/-leni-gas-oil-says-drilling-at-eugene-island-field-may-start-next-week-update-38260.html"
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<item>
<title><![CDATA[News - Leni Gas & Oil mobilises rig for re-development of Goudron oilfield, Trinidad - UPDATE ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/43087/leni-gas-oil-mobilises-rig-for-re-development-of-goudron-oilfield-trinidad-update-43087.html</link>
<description><![CDATA[<p><strong>--- adds broker comment and share price ---</strong></p>
<p class="MsoNormal"><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) has now mobilised a workover rig to start re-developing the onshore Goudron oilfield in south-eastern Trinidad.</p>
<p class="MsoNormal">As previously announced, the company plans to re-develop the Goudron oilfield in partnership with Trinidad and Tobago state-owned Petrotrin under the terms of an existing contract.</p>
<p class="MsoNormal">Field operations are starting imminently. LGO will first be working over up to 50 existing wells and will then drill additional wells.</p>
<p class="MsoNormal">The Goudron field lies between the East Moruga and Beach Marcelle fields in south-eastern Trinidad and has direct access to the Petrotrin oil export pipeline to the Pointe-a-Pierre refinery in western Trinidad. </p>
<p class="MsoNormal">The oil reservoirs generally lie between 300 and 3,500 feet below surface and the oil is low sulphur and has API gravities ranging between 25 and 55 degrees.</p>
<p class="MsoNormal">Proven reserves, recoverable using existing wells and a small number of infill wells, have been estimated at 1.9 million barrels (mmbbls), whilst proven plus probable reserves were estimated at 8 mmbbls. </p>
<p class="MsoNormal">LGO has recently engaged Challenge Energy to prepare a Competent Persons Report (CPR) on the Goudron field and the report is expected in the third quarter 2012.</p>
<p class="MsoNormal">Broker Old Park Lane Capital views the announcement as important as it values Goudron as the company’s core asset.</p>
<p class="MsoNormal">“Upon the conclusion of the partnership agreement to co-develop the field with <a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a>, we believe that LGO’s ultimate 50% interest in Goudron will be worth approximately 2.4p per share (fully diluted),” said the broker, which is a 'buyer'.</p>
<p class="MsoNormal">This suggests significant upside to the current price of 0.82 pence, which has dipped 0.02 pence, or 2.4 per cent, today.</p>
<p class="MsoNormal">“We believe that the commencement of workover operations and the publication of a CPR will act as catalysts for further value recognition for the Goudron Field,” the broker concluded.</p>
<p> </p> ]]></description>
<pubDate>Mon, 21 May 2012 12:46:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/43087/leni-gas-oil-mobilises-rig-for-re-development-of-goudron-oilfield-trinidad-update-43087.html</guid>
</item>
<item>
<title><![CDATA[News - Leni Gas & Oil mobilises rig for re-development of Goudron oilfield, Trinidad ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/43060/leni-gas-oil-mobilises-rig-for-re-development-of-goudron-oilfield-trinidad-43060.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) has now mobilised a workover rig to start re-developing the onshore Goudron oilfield in south-eastern Trinidad. <br /><br />As previously announced, the company plans to re-develop the Goudron oilfield in partnership with Trinidad and Tobago state-owned Petrotrin under the terms of an existing contract.<br /><br />Field operations are starting imminently. LGO will first be working over up to 50 existing wells and then drill additional wells.<br /><br />The Goudron field lies between the East Moruga and Beach Marcelle fields in south-eastern Trinidad and has direct access to the Petrotrin oil export pipeline to the Pointe-a-Pierre refinery in western Trinidad. <br /><br />The oil reservoirs generally lie between 300 and 3,500 feet below surface and the oil is low sulphur and has API gravities ranging between 25 and 55 degrees. <br /><br />Proven reserves, recoverable using existing wells and a small number of infill wells, have been estimated at 1.9 million barrels (mmbbls), whilst proven plus probable reserves were estimated at 8 mmbbls. <br /><br />LGO has recently engaged Challenge Energy to prepare a Competent Persons Report on the Goudron field and the report is expected in the third quarter 2012.</p> ]]></description>
<pubDate>Mon, 21 May 2012 07:58:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/43060/leni-gas-oil-mobilises-rig-for-re-development-of-goudron-oilfield-trinidad-43060.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Operational Update, Goudron Field, Trinidad ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120521lgo7003d/</link>
<description><![CDATA[]]></description>
<pubDate>Mon, 21 May 2012 07:01:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120521lgo7003d/</guid>
</item>
<item>
<title><![CDATA[News - Leni Gas & Oil expects to seal Spanish sale in May ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/42245/leni-gas-oil-expects-to-seal-spanish-sale-in-may-42245.html</link>
<description><![CDATA[<p>Leni Gas & Oil says it expects to complete a deal to sell its Spanish assets by the end of this month. Due diligence is now 'well advanced' and some talks have taken place regarding the deal structure. </p>]]></description>
<pubDate>Wed, 02 May 2012 07:32:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/42245/leni-gas-oil-expects-to-seal-spanish-sale-in-may-42245.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Update - Spanish Divestment and Trinidad ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120502lgo4631c/</link>
<description><![CDATA[]]></description>
<pubDate>Wed, 02 May 2012 07:00:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120502lgo4631c/</guid>
</item>
<item>
<title><![CDATA[News - Leni Gas to look at other Eugene Island opportunities after sidetrack marginal - UPDATE ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/40734/leni-gas-to-look-at-other-eugene-island-opportunities-after-sidetrack-marginal-update-40734.html</link>
<description><![CDATA[<p> </p>
<p>Adds broker comment</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said today the A-2 sidetrack well at Eugene Island has been plugged after the operator decided not to move to production.</p>
<p>The A2ST01 sidetrack in the Gulf of Mexico was designed to test the Cranberry Creek prospect at the Tex-X2 reservoir level. </p>
<p>The well reached a total depth of 13,496 feet but the Tex-X2 reservoir was encountered slightly high to prognosis and was found to be water wet. </p>
<p>Logging while drilling results showed a 5 foot thick hydrocarbon pay zone at a different level within the well, but operator Marlin decided this was not sufficient to justify installation of a production completion. </p>
<p>Leni Gas has a 7.25 per cent working interest in the Eugene Island leases operated by Marlin.</p>
<p>The A2ST01 sidetrack was drilled from the non-producing A2 well of the Eugene Island-184 platform whilst production from the A1, A3, A4, A5 and A8 wells continued as normal.</p>
<p>Neil Ritson, Leni Gas’s chief executive, said: "Although oil was encountered in this sidetrack, the economics of installing a completion appeared marginal. </p>
<p>This well has shown that additional opportunities remain in the Eugene Island Field and we look forward to the operators proposals in due course. Profitable production of the existing oil and gas reserves continues."</p>
<p>Old Park Lane Capital analyst Barney Gray said: "Eugene Island will continue to generate cash flow for the company going forward and we believe that the pause in activity in the Gulf of Mexico leaves LGO in a good position to focus on the divestment of its Spanish assets and the acceleration of its core development activities in Trinidad."</p>
<p>He added: "This current hiatus in the drilling programme reduces marginally our valuation from 5.1 to 5.0p, leaving our target price unchanged."</p>
<p>Old Park Lane Capital recommends a 'buy' stance.</p>
<p> </p> ]]></description>
<pubDate>Mon, 26 Mar 2012 15:25:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/40734/leni-gas-to-look-at-other-eugene-island-opportunities-after-sidetrack-marginal-update-40734.html</guid>
</item>
<item>
<title><![CDATA[News - Leni Gas to look at other Eugene Island opportunities after sidetrack marginal ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/40729/leni-gas-to-look-at-other-eugene-island-opportunities-after-sidetrack-marginal-40729.html</link>
<description><![CDATA[<p> </p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said today the A-2 sidetrack well at Eugene Island has been plugged after the operator decided not to move to production.</p>
<p>The A2ST01 sidetrack in the Gulf of Mexico was designed to test the Cranberry Creek prospect at the Tex-X2 reservoir level. </p>
<p>The well reached a total depth of 13,496 feet but the Tex-X2 reservoir was encountered slightly high to prognosis and was found to be water wet. </p>
<p>Logging while drilling results showed a 5 foot thick hydrocarbon pay zone at a different level within the well, but operator Marlin decided this was not sufficient to justify installation of a production completion. </p>
<p>Leni Gas has a 7.25 per cent working interest in the Eugene Island leases operated by Marlin.</p>
<p>The A2ST01 sidetrack was drilled from the non-producing A2 well of the Eugene Island-184 platform whilst production from the A1, A3, A4, A5 and A8 wells continued as normal.</p>
<p>Neil Ritson, Leni Gas’s chief executive, said: "Although oil was encountered in this sidetrack, the economics of installing a completion appeared marginal. </p>
<p>This well has shown that additional opportunities remain in the Eugene Island Field and we look forward to the operators proposals in due course. Profitable production of the existing oil and gas reserves continues."</p>
<div><br /></div>
<p> </p> ]]></description>
<pubDate>Mon, 26 Mar 2012 14:10:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/40729/leni-gas-to-look-at-other-eugene-island-opportunities-after-sidetrack-marginal-40729.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Gulf of Mexico drilling update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120326lgo0793a/</link>
<description><![CDATA[]]></description>
<pubDate>Mon, 26 Mar 2012 13:00:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120326lgo0793a/</guid>
</item>
<item>
<title><![CDATA[News - Leni Gas & Oil to sell Spanish assets UPDATE ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/40625/leni-gas-oil-to-sell-spanish-assets-update-40625.html</link>
<description><![CDATA[<p>--- adds broker comment and share price ---<br /><br /><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> PLC (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said it has received a number of strong expressions of interest from international oil companies to either participate in the development of its Spanish oil assets, or to buy them outright. <br /><br />It has received several cash bids at a very significant premium to the initial outlay of €2.6 million, and is now in talks with the bidders with a view to closing a transaction.<br /><br />The stock moved only little after the news was announced this morning, but inched higher throughout the session to reach 1.44 pence by 3.57 pm, a rise of 7.5 per cent.<br /><br />The group announced in October 2011 it was seeking a commercial partner to develop the Ayoluengo oil field in Northern Spain, with mean stock tank oil initially in place (STOIIP) of 104 million barrels.<br /><br />The options for the field included an enhanced oil recovery (EOR) project.<br /><br />The deadline for submissions was yesterday, March 21, and the data room is now closed.<br /><br />The board has decided that divestment could potentially represent the best opportunity for the company in light of the new development opportunities previously announced in Trinidad.<br /> <br />Chief executive Neil Ritson said: "We have been delighted with the interest shown in our Spanish properties and believe that if this results in a divestment, the funds raised can be utilised in Trinidad and the Gulf of Mexico where the company has many opportunities to invest in work programmes with greater potential for near-term production.” <br /><br />Old Park Lane Capital said in a note this is very good news for LGO, particularly given that any additional cash could put the company in an excellent position to accelerate the development of its businesses in Trinidad and the US Gulf of Mexico.<br /><br />Oil and gas analyst Barney Gray values the Spanish assets at €5.7 million. If LGO was to realise a premium to that valuation, he noted, this would also be accretive to his current valuation of the company in the short term and he would look to adjust the valuation accordingly upon a formal announcement.<br /><br />LGO plans to complete the previously announced Trinidad farm-in with Advance Oil in April 2012 and drill the first of three initial wells in mid-year 2012, although final timing depends on contracting a rig.<br /><br />LGO holds a 50 percent interest in the Icacos licence which covers a total of 1,960 acres. The company controls adjacent leases, giving it a total interest in over 3,700 acres. <br /><br />In the Gulf of Mexico, LGO has a 7.25 per cent interest in the Eugene Island field, operated by Marlin Energy, where drilling the sidetrack of the A-2 production well is close to reaching the target reservoir.<br /><br />The target fault block, the Cranberry Creek prospect, has an estimated mean recoverable reserve of 0.5 million barrels of oil within the Tex-X2 target level. A second sidetrack is also planned to target the deeper Tex-X3 reservoir.</p> ]]></description>
<pubDate>Thu, 22 Mar 2012 15:59:00 +0000</pubDate>
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<title><![CDATA[News - Leni Gas & Oil to sell Spanish assets ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/40595/leni-gas-oil-to-sell-spanish-assets-40595.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said it has received a number of strong expressions of interest from international oil companies to either participate in the development of its Spanish oil assets, or to buy them outright. <br /><br />It has received several cash bids at a very significant premium to the initial outlay of €2.6 million, and is now in talks with the bidders with a view to closing a transaction.<br /><br />The group announced in October 2011 it was seeking a commercial partner to develop the Ayoluengo oil field in Northern Spain, with mean stock tank oil initially in place (STOIIP) of 104 million barrels.<br /><br />The options for the field included an enhanced oil recovery (EOR) project.<br /><br />The deadline for submissions was yesterday, March 21, and the data room is now closed.<br /><br />The board has decided that divestment could potentially represent the best opportunity for the company in light of the new development opportunities previously announced in Trinidad.<br /> <br />Chief executive Neil Ritson said: "We have been delighted with the interest shown in our Spanish properties and believe that if this results in a divestment, the funds raised can be utilised in Trinidad and the Gulf of Mexico where the company has many opportunities to invest in work programmes with greater potential for near-term production." <br /><br />LGO plans to complete the previously announced Trinidad farm-in with Advance Oil in April 2012 and drill the first of three initial wells in mid-year 2012, although final timing depends on contracting a rig.<br /><br />LGO holds a 50 percent interest in the Icacos license which covers a total of 1,960 acres. The company controls adjacent leases, giving it a total interest in over 3,700 acres. <br /><br />In the Gulf of Mexico, LGO has a 7.25 per cent interest in the Eugene Island field, operated by Marlin Energy, where drilling the sidetrack of the A-2 production well is close to reaching the target reservoir.<br /><br />The target fault block, the Cranberry Creek prospect, has an estimated mean recoverable reserve of 0.5 million barrels of oil within the Tex-X2 target level. A second sidetrack is also planned to target the deeper Tex-X3 reservoir.</p> ]]></description>
<pubDate>Thu, 22 Mar 2012 07:43:00 +0000</pubDate>
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<title><![CDATA[RNS press release - Interest received in Spanish assets ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120322lgo8302z/</link>
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<pubDate>Thu, 22 Mar 2012 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120322lgo8302z/</guid>
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<title><![CDATA[News - Leni Gas & Oil close to hitting target in Eugene Island drilling ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/40019/leni-gas-oil-close-to-hitting-target-in-eugene-island-drilling-40019.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said it is close to drilling into the target reservoir at the Eugene Island field in the US Gulf of Mexico.<br /><br />As previously announced, the Ocean Columbia jack-up rig was successfully installed at the EI-184 platform on February 17. Drilling operations commenced on the planned sidetrack of the A-2 production well the next day. <br /><br />The well has been drilled to a depth of 12,566 feet and is now approximately 500 feet above the anticipated reservoir. <br /><br />The target fault block, the Cranberry Creek prospect, has an estimated mean recoverable reserve of 0.5 million barrels of oil within the Tex-X2 target level at a depth of approximately 13,000 feet subsea. <br /><br />A second sidetrack is also planned to target the deeper Tex-X3 reservoir.<br /><br />Leni Gas has a 7.25 per cent interest in the project, which is operated by Marlin Energy.<br /><br />The net cost to LGO of drilling, logging and evaluating the A-2 sidetrack is an initial US$280,000. Any incremental production is expected to be realised quickly with a short payback period on the investment.<br /><br />Chief executive Neil Ritson said: "Operations have been running largely to plan and we now look forward to the imminent intersection with the prognosed reservoir zone."<br /></p> ]]></description>
<pubDate>Fri, 09 Mar 2012 07:28:00 +0000</pubDate>
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<title><![CDATA[RNS press release - Gulf of Mexico Drilling Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120309lgo0061z/</link>
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<pubDate>Fri, 09 Mar 2012 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120309lgo0061z/</guid>
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<title><![CDATA[News - Leni Gas & Oil can become major producer, says broker ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/39232/leni-gas-oil-can-become-major-producer-says-broker-39232.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a>'s (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) Gulf of Mexico acreage and its agreement with <a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/range-resources-1350.html" class="companyPopupTrigger" rel="1350">LON:RRL</a>) in Trinidad can transform it into a major producer, according to Old Park Lane.</p>
<p>Leni has a 7.25 per cent interest in the Eugene Island 184 field in the shallow water Gulf of Mexico.</p>
<p>The operator, Marlin Energy, is preparing to drill two sidetracks and recomplete a third well over the next three months, with production set to increase from April.</p>
<p>Leni will receive a significant boost to cash flow in the second half of the year from this, though long term it is the Goudron oil field in Trinidad that represents the company’s core focus, suggests the broker.</p>
<p>The deal with <a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a> envisages the Goudron field’s production rising to over 1,800 barrels per day within four years.</p>
<p>Old Park Lane says it is a great deal for Leni Oil as Range will provide initial funds of US$8 million to kick start development activity.</p>
<p>In Spain, the 100 per cent owned Ayoluengo oil field generates cash and an enhanced oil recovery programme could boost production longer term, while a farm-out is a possibility.</p>
<p>According to Old Park Lane, Leni has sufficient funds to fulfil its near term obligations in the Gulf of Mexico while the deal with <a href="http://www.proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a> in Trinidad will enable it to grow over the longer term. </p>
<p>The broker has put a valuation of US$118m on Leni Oil’s core assets, equivalent to 5.1p per share on a fully diluted basis. </p>
<p>“This represents significant upside to the current share price and we instigate formal coverage with a buy,” it concluded.</p> ]]></description>
<pubDate>Tue, 21 Feb 2012 11:17:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/39232/leni-gas-oil-can-become-major-producer-says-broker-39232.html</guid>
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<title><![CDATA[News - Leni Gas & Oil kicks off Eugene Island drilling operations ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/39109/leni-gas-oil-kicks-off-eugene-island-drilling-operations--39109.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) told investors that it is now ready to start drilling on the Eugene Island field in the US Gulf of Mexico.</p>
<p>Last week the group revealed that the Ocean Columbia jack-up rig had been held up at the site of a previous job.</p>
<p>After the slight delay the rig is now stationed over the EI-184 platform in around 88 feet of water. </p>
<p>The well will be sidetracked from a depth of 7,600 feet.</p>
<p>The sidetrack is designed to intersect Tex-X2 sandstones reservoirs. The target has an estimated mean recoverable reserve of 0.5 million barrels of oil.</p>
<p>It is expected that drilling and evaluation operations will last three to four weeks. And if successful, the well will be completed for production. </p>
<p>A second sidetrack is also planned to target the deeper Tex-X3 reservoir.</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> has a 7.25 per cent interest in the project, which is operated by Marlin Energy.</p>
<p>The net cost to LGO of drilling, logging and evaluating the A-2 sidetrack is an initial US$280,000. Any incremental production is expected to be realised quickly with a short payback period on the investment.</p> ]]></description>
<pubDate>Fri, 17 Feb 2012 07:16:00 +0000</pubDate>
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<title><![CDATA[RNS press release - Gulf of Mexico Drilling Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120217lgo5904x/</link>
<description><![CDATA[]]></description>
<pubDate>Fri, 17 Feb 2012 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120217lgo5904x/</guid>
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<title><![CDATA[News - Leni Gas & Oil reveals slight delay to Eugene Island drilling ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/38681/leni-gas-oil-reveals-slight-delay-to-eugene-island-drilling-38681.html</link>
<description><![CDATA[<p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) today told investors that its drilling operations have been slightly delayed at the Eugene Island Field, in the Gulf of Mexico.</p>
<p>The delay relates to a problem with the drilling rig’s previous contractor. And LGO says there are no cost implications for the Eugene Island partners.</p>
<p>The current operator of the Ocean Columbia jack-up rig at Eugene Island-51 has had difficulty withdrawing the rig’s legs from the seafloor. </p>
<p>Work is currently underway to free the legs so that they can be raised and the rig can be towed to the Eugene Island location, which is about 55 kilometres away. </p>
<p>At Eugene Island, the drilling programme will start with the A-2ST01 well, a sidetrack of the existing A-2 well, which targets mean recoverable reserves of 0.5 million barrels of oil within the Tex X2 target level.</p>
<p>The slightly deeper Tex-X3 reservoir will also be tested by the well. Both reservoirs are productive in other wells throughout the field.</p>
<p>The partners have budgeted a total 16 days for the drilling and evaluation. The net cost to LGO of drilling, logging and evaluating the A-2 sidetrack is an initial US$280,000.</p>
<p>Any incremental production is expected to be realised quickly with a short payback period on the investment.</p>
</p> ]]></description>
<pubDate>Tue, 07 Feb 2012 07:38:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/38681/leni-gas-oil-reveals-slight-delay-to-eugene-island-drilling-38681.html</guid>
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<title><![CDATA[RNS press release - Gulf of Mexico Drilling Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120207lgo8933w/</link>
<description><![CDATA[]]></description>
<pubDate>Tue, 07 Feb 2012 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120207lgo8933w/</guid>
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<title><![CDATA[RNS press release - Appointment of Joint Broker ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120201lgo5481w/</link>
<description><![CDATA[]]></description>
<pubDate>Wed, 01 Feb 2012 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120201lgo5481w/</guid>
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<title><![CDATA[News - Leni Gas & Oil says drilling at Eugene Island field may start next week - UPDATE ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/38260/-leni-gas-oil-says-drilling-at-eugene-island-field-may-start-next-week-update-38260.html</link>
<description><![CDATA[<p><strong>---Adds broker comments---</strong><br /><br /><a href="http://proactiveinvestors.co.uk/companies/overview/934/Leni+Gas+%26amp%3B+Oil" class="companyPopupTrigger" rel="934">Leni Gas & Oil</a> (<a href="/companies/overview/934/leni-gas-oil-0934.html" class="companyPopupTrigger" rel="934">LON:LGO</a>) said drilling on the Eugene Island field in the Gulf of Mexico could begin next week with the arrival of the Ocean Columbia jack-up rig expected imminently.<br /><br />The rig has now been released by the previous operator and will be mobilised to the Eugene Island platform shortly if weather conditions allow.<br /><br />The company and operator of the Eugene field, Marlin Energy last month approved additional drilling at the Eugene Island-184 leases, in which LGO currently holds a 7.25 percent working interest.<br /><br />The drilling programme will start with the A-2ST01 well, a sidetrack of the existing A-2 well, which targets mean recoverable reserves of 0.5 million barrels of oil within the Tex X2 target level.<br /><br />The slightly deeper Tex-X3 reservoir will also be tested by the well. Both reservoirs are productive in other wells throughout the field.<br /><br />The partners have budgeted a total 16 days for the drilling and evaluation. The net cost to LGO of drilling, logging and evaluating the A-2 sidetrack is an initial US$280,000.<br /><br />Any incremental production is expected to be realised quickly with a short payback period on the investment.<br /><br />Only yesterday, LGO announced a tie-up with <a href="http://proactiveinvestors.co.uk/companies/overview/1350/Range+Resources" class="companyPopupTrigger" rel="1350">Range Resources</a> (<a href="/companies/overview/1350/range-resources-1350.html" class="companyPopupTrigger" rel="1350">LON:RRL</a>, ASX:RRS) to jointly develop onshore oilfields in Trinidad.<br /><br />The deal will see Range taking a 50 per cent stake in LGO’s Goudron oilfield by spending US$8 million. And LGO has an option to acquire a 15 per cent stake in Range’s Beach Marcelle project by spending a maximum of US$7 million.<br /><br />Shore Capital analyst Craig Howie described the tie up with Range as "very good news" for LGO in a note today.<br /><br />It provides strong synergies across the two companies’ portfolios and gives LGO the necessary funding to ramp up activity levels in Trinidad, where the broker see excellent potential for reserves and production growth, he said.</p> ]]></description>
<pubDate>Thu, 26 Jan 2012 12:24:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/38260/-leni-gas-oil-says-drilling-at-eugene-island-field-may-start-next-week-update-38260.html</guid>
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Leni Gas & Oil (LON:LGO) has now mobilised a workover rig to start re-developing the onshore Goudron oilfield in south-eastern Trinidad.
As previously announced, the company plans to re-develop the Goudron oilfield in partnership with Trinidad and Tobago state-owned Petrotrin under the terms of an existing contract.
Field operations are starting imminently. LGO will first be working over up to 50 existing wells and will then drill additional wells.
The Goudron field lies between the East Moruga and Beach Marcelle fields in south-eastern Trinidad and has direct access to the Petrotrin oil export pipeline to the Pointe-a-Pierre refinery in western Trinidad.
The oil reservoirs generally lie between 300 and 3,500 feet below surface and the oil is low sulphur and has API gravities ranging between 25 and 55 degrees.
Proven reserves, recoverable using existing wells and a small number of infill wells, have been estimated at 1.9 million barrels (mmbbls), whilst proven plus probable reserves were estimated at 8 mmbbls.
LGO has recently engaged Challenge Energy to prepare a Competent Persons Report (CPR) on the Goudron field and the report is expected in the third quarter 2012.
Broker Old Park Lane Capital views the announcement as important as it values Goudron as the company’s core asset.
“Upon the conclusion of the partnership agreement to co-develop the field with Range Resources, we believe that LGO’s ultimate 50% interest in Goudron will be worth approximately 2.4p per share (fully diluted),” said the broker, which is a 'buyer'.
This suggests significant upside to the current price of 0.82 pence, which has dipped 0.02 pence, or 2.4 per cent, today.
“We believe that the commencement of workover operations and the publication of a CPR will act as catalysts for further value recognition for the Goudron Field,” the broker concluded.
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Adds broker comment
Leni Gas & Oil (LON:LGO) said today the A-2 sidetrack well at Eugene Island has been plugged after the operator decided not to move to production.
The A2ST01 sidetrack in the Gulf of Mexico was designed to test the Cranberry Creek prospect at the Tex-X2 reservoir level.
The well reached a total depth of 13,496 feet but the Tex-X2 reservoir was encountered slightly high to prognosis and was found to be water wet.
Logging while drilling results showed a 5 foot thick hydrocarbon pay zone at a different level within the well, but operator Marlin decided this was not sufficient to justify installation of a production completion.
Leni Gas has a 7.25 per cent working interest in the Eugene Island leases operated by Marlin.
The A2ST01 sidetrack was drilled from the non-producing A2 well of the Eugene Island-184 platform whilst production from the A1, A3, A4, A5 and A8 wells continued as normal.
Neil Ritson, Leni Gas’s chief executive, said: "Although oil was encountered in this sidetrack, the economics of installing a completion appeared marginal.
This well has shown that additional opportunities remain in the Eugene Island Field and we look forward to the operators proposals in due course. Profitable production of the existing oil and gas reserves continues."
Old Park Lane Capital analyst Barney Gray said: "Eugene Island will continue to generate cash flow for the company going forward and we believe that the pause in activity in the Gulf of Mexico leaves LGO in a good position to focus on the divestment of its Spanish assets and the acceleration of its core development activities in Trinidad."
He added: "This current hiatus in the drilling programme reduces marginally our valuation from 5.1 to 5.0p, leaving our target price unchanged."
Old Park Lane Capital recommends a 'buy' stance.
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Leni Gas & Oil (LON:LGO) said today the A-2 sidetrack well at Eugene Island has been plugged after the operator decided not to move to production.
The A2ST01 sidetrack in the Gulf of Mexico was designed to test the Cranberry Creek prospect at the Tex-X2 reservoir level.
The well reached a total depth of 13,496 feet but the Tex-X2 reservoir was encountered slightly high to prognosis and was found to be water wet.
Logging while drilling results showed a 5 foot thick hydrocarbon pay zone at a different level within the well, but operator Marlin decided this was not sufficient to justify installation of a production completion.
Leni Gas has a 7.25 per cent working interest in the Eugene Island leases operated by Marlin.
The A2ST01 sidetrack was drilled from the non-producing A2 well of the Eugene Island-184 platform whilst production from the A1, A3, A4, A5 and A8 wells continued as normal.
Neil Ritson, Leni Gas’s chief executive, said: "Although oil was encountered in this sidetrack, the economics of installing a completion appeared marginal.
This well has shown that additional opportunities remain in the Eugene Island Field and we look forward to the operators proposals in due course. Profitable production of the existing oil and gas reserves continues."
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Leni has a 7.25 per cent interest in the Eugene Island 184 field in the shallow water Gulf of Mexico.
The operator, Marlin Energy, is preparing to drill two sidetracks and recomplete a third well over the next three months, with production set to increase from April.
Leni will receive a significant boost to cash flow in the second half of the year from this, though long term it is the Goudron oil field in Trinidad that represents the company’s core focus, suggests the broker.
The deal with Range Resources envisages the Goudron field’s production rising to over 1,800 barrels per day within four years.
Old Park Lane says it is a great deal for Leni Oil as Range will provide initial funds of US$8 million to kick start development activity.
In Spain, the 100 per cent owned Ayoluengo oil field generates cash and an enhanced oil recovery programme could boost production longer term, while a farm-out is a possibility.
According to Old Park Lane, Leni has sufficient funds to fulfil its near term obligations in the Gulf of Mexico while the deal with Range Resources in Trinidad will enable it to grow over the longer term.
The broker has put a valuation of US$118m on Leni Oil’s core assets, equivalent to 5.1p per share on a fully diluted basis.
“This represents significant upside to the current share price and we instigate formal coverage with a buy,” it concluded.
]]>Last week the group revealed that the Ocean Columbia jack-up rig had been held up at the site of a previous job.
After the slight delay the rig is now stationed over the EI-184 platform in around 88 feet of water.
The well will be sidetracked from a depth of 7,600 feet.
The sidetrack is designed to intersect Tex-X2 sandstones reservoirs. The target has an estimated mean recoverable reserve of 0.5 million barrels of oil.
It is expected that drilling and evaluation operations will last three to four weeks. And if successful, the well will be completed for production.
A second sidetrack is also planned to target the deeper Tex-X3 reservoir.
Leni Gas & Oil has a 7.25 per cent interest in the project, which is operated by Marlin Energy.
The net cost to LGO of drilling, logging and evaluating the A-2 sidetrack is an initial US$280,000. Any incremental production is expected to be realised quickly with a short payback period on the investment.
]]>Leni Gas & Oil (LON:LGO) today told investors that its drilling operations have been slightly delayed at the Eugene Island Field, in the Gulf of Mexico.
The delay relates to a problem with the drilling rig’s previous contractor. And LGO says there are no cost implications for the Eugene Island partners.
The current operator of the Ocean Columbia jack-up rig at Eugene Island-51 has had difficulty withdrawing the rig’s legs from the seafloor.
Work is currently underway to free the legs so that they can be raised and the rig can be towed to the Eugene Island location, which is about 55 kilometres away.
At Eugene Island, the drilling programme will start with the A-2ST01 well, a sidetrack of the existing A-2 well, which targets mean recoverable reserves of 0.5 million barrels of oil within the Tex X2 target level.
The slightly deeper Tex-X3 reservoir will also be tested by the well. Both reservoirs are productive in other wells throughout the field.
The partners have budgeted a total 16 days for the drilling and evaluation. The net cost to LGO of drilling, logging and evaluating the A-2 sidetrack is an initial US$280,000.
Any incremental production is expected to be realised quickly with a short payback period on the investment.
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