LONDON (Alliance News) - LGO Energy PLC on Monday said it has started a strategic review and entered an offer period following a separate statement in which it said its sale and purchase deal with Trinity Exploration & Production PLC has been terminated.
LGO said it would consider "all options" for the future of the company as it kicked off its strategic review. The oil and gas company owns production assets and reserves in both Trinidad and Spain.
It has also entered into an offer period in order to facilitate discussions with potential suitors or partners, it said.
In addition, LGO said its sale and purchase deal signed with Trinity relating to Trinity's interests in the Tabaquite Block in Trinidad has been terminated, with LGO to pay Trinity USD265,000.
The consideration has been paid in LGO shares, with the company issuing 41.5 million shares to Trinity under the agreement.
LGO shares were down 12% to 0.377 pence on Monday morning.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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