CERP.L Regulatory News (CERP)

23 Oct 2008 12:23



LENI GAS & OIL Plc

("LGO" or "The Company")

23 October, 2008

Operations Update - Hungary

Leni Gas & Oil Plc, the oil & gas exploration, development and production company, notes today's announcement from Ascent Resources plc that the shooting of a 3D seismic survey in the Penészlek area of the Nyírség permits in Hungary has commenced.

Leni Gas and Oil has a 7.27% interest in the Penészlek project through its equity interest in PetroHungaria kft. Other partners are DualEx (37.5%), Geomega (8%), Swede Resources (2%) and Ascent Resources (45.23%)

Commenting on the news, David Lenigas, Executive Chairman of Leni Gas & Oil, said; 

"Following the production of first gas in August, the commencement of the 3D seismic survey marks a further positive step towards realising the full potential of the Penészlek project. We look forward to updating further on developments in due course."

Enquiries: 

Leni Gas & Oil plc 

David Lenigas, Executive Chairman 

Tel +44 (0) 20 7016 5103 

Beaumont Cornish Limited 

Roland Cornish / Rosalind Hill Abrahams 

Tel +44 (0) 20 7628 3396 

Mirabaud Securities Limited

Rory Scott

Tel +44 (0) 20 7878 3360

Pelham PR 

Mark Antelme

Tel + 44 (0)20 3178 6242

NOTES TO EDITORS

Leni Gas & Oil Plc is an international oil and gas exploration, development and production company headquartered in London, trading on the London Stock Exchange's AIM index. The Company has assets in the US Gulf of Mexico and Lower 48, Spain, Trinidad, Hungary and Malta. LGO's strategy is delivering growth through the acquisition of proven reserves and the enhancement of producing assets in low risk countries.

Ascent Resources today announced the following:

Ascent Resources plc ("Ascent" or "the Company")

Commences 3D Seismic in Hungary

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, has commenced the shooting of a 3D seismic survey in the Penészlek area of the Nyírség permits in Hungary. 

The survey, covering 100km² of the license area, is being conducted by Ascent's Hungarian associate, PetroHungaria kft. The acquisition of further data from Penészlek follows the commencement of gas production from the PEN-104 well in August 2008 and is intended to delineate other gas reserves in the vicinity. Two wells in the survey area, PEN-9 and PEN-12 have previously tested gas but to date, have not been put into production. The partially depleted Penészlek field also is within the survey area.

Ascent holds a 45.23% interest in the Penészlek Project through its equity interest in PetroHungaria kft. Other partners are DualEx (37.5%), Geomega (8%), Leni Gas & Oil (7.27%) and Swede Resources (2%).

Ascent Managing Director Jeremy Eng said, "This is a positive step forward in the continued development of our Hungarian assets. Following the success of the PEN-104 well, currently producing 108,000 cu. M per day (3.8 MMscfd), we expect that the data acquired from this survey will point us towards new drilling opportunities and allow us to bring further cash generative wells on line in the area."