LONDON (Alliance News) - LGO Energy PLC on Thursday said that following settlements with creditors announced in December, it has issued 161.1 million new shares to creditors at 0.193 pence in payment of GBP310,860 in outstanding fees for services.
"With the support of shareholders at the recent general meeting are very pleased to have been able to pay a number of our key suppliers in full by means of shares and to be able to continue to deploy their services in ongoing Goudron Field operations to raise production and to thereby continue the process of recovering the value lost after the GY-678 well incident last year," Chief Executive Neil Ritson said in a statement.
"The flexibility and patience shown by some creditors reinforces the quality of our relationships in Trinidad where we continue to focus the Companies operations for the longer term," Ritson said.
Shares in LGO closed down 1.4% at 0.191p Thursday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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