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LGO Energy to re-apply for extension of Spain oil concession

Mon, 30th Jan 2017 13:25

(ShareCast News) - LGO Energy is "disappointed" on learning the Spanish government has not approved the extension of its concession in the country and the oil and gas firm is looking to reapply. The AIM-listed company maintained that the pending the extension decision, and along with present oil prices, it would have a "minimal impact" on its finances as LGO Energy focusses its operations in Trinidad.The La Lora concession, which has a carried value of £7m and is owned by the the company's subsidiary, Compañía Petrolífera de Sedano (CPS), was not granted an extension by the Spanish government and will close on Tuesday at midnight.Executive chairman Neil Ritson said: "Naturally we are disappointed with the decision and it will inevitably cause some hardship to our employees and their communities in the Burgos area, where Ayoluengo has been a significant source of employment for the last 50 years. We will be working with the Spanish authorities to seek a new concession as soon as possible."The company said that the decision appeared to have been made on purely legal, and not technical or commercial, grounds and despite the advice that LGO received from lawyers in the country on the strength of the legal case.It also said that the Spanish Ministry of Industry, Energy and Tourism has indicated that it will offer the Ayoluengo field to CPS for a new concession as soon as possible.LGO will make a new application for a 30-year concession on the same overall technical basis as the extension and believes that its experience at the field and its technical and commercial knowledge puts it in a competitive position.CPS is in the final stages of a process to temporarily suspend all field operations and to complete the sale of all oil stocks from the Ayoluengo field by the end of the concession. Employment contracts for CPS's 17 staff will also be suspended for up to one year.The company said that it has actively sought an extension to the concession over the past four years and has carried out legal, technical and commercial evaluation work that was submitted to the Ministry in August 2015 in support of a formal request for a 20-year extension.Shares in LGO Energy Were down 8.69% to 0.113p at 1257 GMT.

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13 Feb 2017 09:48

LGO clearing trees ahead of Goudron drilling

(ShareCast News) - LGO Energy confirmed on Monday that final approval was granted by the Trinidadian Forestry Department on 10 February to cut trees in order to clear the well sites for the impending two shallow infill wells at the Goudron Field in the east of the country. The AIM-traded firm said s

9 Feb 2017 13:13

LGO Energy reapplies to Spanish government for oil concession

(ShareCast News) - Oil and gas firm LGO Energy has reapplied to the Spanish government to extend its concession in the country, after it was denied an extension in January. The La Lora concession, which has a carried value of £7m and is owned by the the company's subsidiary, Compañía Petrolífera de

24 Jan 2017 16:06

LGO Energy busy in Trinidad

(ShareCast News) - LGO Energy provided an operational update on Tuesday, including plans for production drilling and enhanced oil recovery at the Goudron Field in Trinidad, its Trinidad South West Peninsula interests and group production for the fourth quarter 2016. The AIM-traded company said that

21 Dec 2016 13:50

LGO Energy looking at busy year of operations

(ShareCast News) - LGO Energy updated the market on its corporate plans for the first quarter of 2017 on Wednesday, saying its recent loan refinancing and equity placement positioned the company for an early return to drilling in the Goudron Field. The AIM-traded firm said that would happen with the

21 Dec 2016 10:19

Revitalised LGO Energy Eyes Drilling At Goudron Field In Early 2017

13 Dec 2016 09:23

LGO Raises Funds For Goudron Field By Issuing Shares At Discount (ALLISS)

13 Dec 2016 07:57

LGO energy raises £1.18m to accelerate drilling program at Trinidad wells

(ShareCast News) - AIM-listed oil and gas explorer LGO Energy has raised £1.18m in equity to accelerate the drilling of its sandstone wells in Trinidad. The company will use the £1.funds raised to hasten the drilling of the Mayaro sandstone infill wells at its Goudron Field in Trinidad, and for use

12 Dec 2016 14:26

LGO Energy looking ot restart drilling at Goudron

(ShareCast News) - LGO Energy updated the market on its plans to recommence production drilling at the Goudron Field in Trinidad on Monday, following its announcements on 7 and 9 December confirming the refinancing of the company's loan facility. The AIM-traded firm's local operating subsidiary, Gou

9 Dec 2016 14:28

LGO Energy completes refinancing

(ShareCast News) - LGO Energy confirmed on Friday that, as announced on 7 December, its refinancing had now completed. The AIM-traded company said first close on the transaction agreed with the Lind Partners occurred on Friday. "LGO received the proceeds from the first drawdown of $1.825m on the Li

7 Dec 2016 18:09

LGO Energy Shareholder Sells Up As Funding Deal Sends Shares Soaring

7 Dec 2016 10:31

WINNERS & LOSERS SUMMARY: WPP Hit By Report Of US Justice Probe Of Ads

7 Dec 2016 09:27

LGO Energy Agrees New Funding To Repay Defaulted Bank Facility

7 Dec 2016 09:24

LGO Energy secures funding for drilling project

(ShareCast News) - LGO Energy, AIM listed oil and gas exploration company, has announced that it has secured a new $8.6m convertible security funding agreement to pay back its debt and restart its development drilling program at its Goudron Field. The first drawdown of the $1.8m on the funding agree

29 Nov 2016 11:13

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LGO.L Share News (LGO)

LGO Energy to re-apply for extension of Spain oil concession

LGO clearing trees ahead of Goudron drilling

LGO Energy reapplies to Spanish government for oil concession

LGO Energy busy in Trinidad

LGO Energy looking at busy year of operations

Revitalised LGO Energy Eyes Drilling At Goudron Field In Early 2017

LGO Raises Funds For Goudron Field By Issuing Shares At Discount (ALLISS)

LGO energy raises £1.18m to accelerate drilling program at Trinidad wells

LGO Energy looking ot restart drilling at Goudron

LGO Energy completes refinancing

LGO Energy Shareholder Sells Up As Funding Deal Sends Shares Soaring

WINNERS & LOSERS SUMMARY: WPP Hit By Report Of US Justice Probe Of Ads

LGO Energy Agrees New Funding To Repay Defaulted Bank Facility

LGO Energy secures funding for drilling project

LGO Energy Agrees Sale Of 11,200 Barrels Of Oil In Spain

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