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Leni Gas & Oil rises 5 pct after chief executive buys 2.5 mln shares

Last updated: 14:36 25 Mar 2011 GMT, First published: 15:36 25 Mar 2011 GMT

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Leni Gas & Oil (LON:LGO) said its chief executive officer Neil Ritson has bought a further 2.5 million shares in the company, taking his stake to 0.82 percent. His holding is now 7.5 million shares.

The purchase price was 2.697 pence per share compared to yesterday’s closing price of 2.78 pence. Shares in the company added 5.5 percent today, rising to 2.93 pence.

Leni Gas & Oil is an international oil and gas exploration, development and production company headquartered in London.

Its strategy is to acquire projects and businesses within the oil and gas sector that contain a development premium which can be unlocked through a combination of financial, commercial, and technical expertise.

Leni Gas & Oil operates a low risk portfolio of production expansion assets in the US Gulf of Mexico, Spain and Trinidad with significant play upside using similar strategies to leverage technologies and proven production enhancement techniques.

It specifically targets near term production with upside exploitation potential and manages its portfolio to ensure all assets have accelerated incremental reserves and production enhancement programs.

Last week Leni Gas & Oil announced that the 2011 Spanish work programmes would start imminently, planning to work-over wells on both the Ayoluengo and Hontomin fields, as well as test nitrogen-based enhanced oil recovery techniques later this year.

The work-over programme is expected to increase production to at least 300 barrels of oil per day (bopd) and the company hopes this it will increase to over 500 bopd. So far in 2011 LGO has been producing 122 bopd from the Ayoluengo field.

Ritson also holds 25 million options to subscribe for ordinary shares in the company that expire on 18 November 2013. In addition, Ritson will be granted 20 million ordinary shares upon the company share price reaching 20 pence prior to 31 December 2012

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