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LGO Energy sells over 10,000 barrels of crude in Spain

"We are happy to have concluded the sale of accumulated surplus stocks of oil built up at the Ayoluengo field over 2016,” said chief executive Neil Ritson.

oil barrels in stack
The oil is being sold at a price that’s competitive with local fuel oil.

LGO Energy PLC (LON:LGO) told investors it has sold more than 10,000 barrel shipment of crude from its stockpile in Spain.

A total of 11,200 barrels of crude from the Ayoluengo field will be delivered in December and January.

The company said the oil is being sold at a price that’s competitive with local fuel oil.

It will use the cash in Spain, within its local subsidiary Compañia Petrolifera de Sedano (CPS), for operations and general working capital.

"We are happy to have concluded the sale of accumulated surplus stocks of oil built up at the Ayoluengo field over 2016,” said Neil Ritson, LGO chief executive.

“Whilst the company is still awaiting a final decision from the Spanish government on CPS's application for a 10-year concession renewal from 1 February 2017 we are continuing with normal operations and preparing for various contingencies, including potentially applying for a new 30-year concession should the company consider that to be advantageous."

Separately, LGO noted that a work-over rig is now back in service at the Ayoluengo Field, following a scheduled recertification.

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