CERP.L Regulatory News (CERP)

2 Sep 2009 07:19



LENI GAS & OIL Plc

("LGO" or "The Company")

02 September, 2009

Hungary - Penészlek Development Update

Leni Gas & Oil plc (LGO) the AIM listed international oil and gas exploration, development and production company today announces that PetroHungaria kft (LGO 7.27%) has concluded drilling and logging of the Pen-105 in the Penészlek Development Area of eastern Hungary and is currently preparing for production testing.

Pen-105 is the third well in the Development and commenced drilling on 16 August targeting mean contingent gas resources of 1.46 bcf in two Miocene reservoirs to a depth of approximately 1500m. The well was completed on prognosis as an appraisal of the Pen-12 discovery well which tested gas from the Miocene volcaniclastic reservoir section. Test results will be announced in due course.

David Lenigas, Executive Chairman, commented:

"LGO are pleased with the successful drilling of Pen-105. We look forward to reporting the test results from the well shortly in addition to a production schedule update for the Development."

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 

Fraser Pritchard, Executive Director

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 / Henry Lerwill

Tel + 44 (0) 20 7337 1505

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. LGO's strategy is to acquire projects and businesses within the oil and gas sector that contain a development premium which can be unlocked through a combination of financial, commercial, and technical expertise.

LGO operates a low risk portfolio of production expansion assets in the US Gulf of Mexico, Spain, Trinidad, Hungary and Malta with significant play upside using similar strategies to leverage technologies and proven production enhancement techniques. LGO specifically targets near term production with upside exploitation potential and manages its portfolio to ensure all assets have accelerated incremental reserves and production enhancement programs.

GLOSSARY

bcf billion cubic feet of gas