CERP.L Regulatory News (CERP)

23 Oct 2008 13:07



This announcement replaces the Leni Gas & Oil PLC announcement released today under RNS number 5416G at 12.23pm. The announcement contained draft text. All material content remain unchanged. The full correct version of the announcement appears below.

LENI GAS & OIL Plc

("LGO" or "The Company")

23 October, 2008

Hungary 3D Seismic Commencement

Leni Gas & Oil Plc, the oil & gas exploration, development 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 PetroHungaria kft in which LGO holds a 7.27% equity interest. The acquisition of further data from Penészlek follows the commencement of gas production from the PEN-104 well in August 2008, as announced on 12 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.

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

The Penészlek PEN-104 well produced net to LGO 8.63 million standard cubic feet (mmscf) of gas and no condensate during September. The well produces no oil. Net production in barrels of oil equivalent (boe) totalled 1526.

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."

Competent Person's Statement: 

The technical information contained in this announcement has been reviewed and approved by Fraser S Pritchard, Executive Director (Operations) for Leni Gas & Oil plc (member of the SPE) who has 20 years relevant experience in the oil industry.

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.