CERP.L Regulatory News (CERP)

For Immediate Release (Embargoed until 7am GMT)

22 March 2012

LENI GAS AND OIL PLC

("LGO" or the "Company")

Interest received in Spanish assets

LGO today announces that it has received a number of strong expressions of interest from international oil companies to either participate in the development of the Company's Spanish oil assets, or to purchase the assets outright.

The Company announced in October 2011 of its intention to seek a partner to assist in the further development of the Ayoluengo oilfield, including a possible Enhanced Oil Recovery project. The time for submissions closed on 21 March 2012. The Company has now formally closed its data room.

The Board has decided that divestment could potentially represent the best opportunity for the Company in light of the new development opportunities previously announced in Trinidad.

A number of conditional cash bids to buy the assets have been received at a very significant premium to the original €2.6 million paid for these assets.

The Company will now be working with the bidders to close a transaction with the intention of selling its Spanish assets.

Neil Ritson, Chief Executive commented:

"We have been delighted with the interest shown in our Spanish properties and believe that if this results in a divestment, the funds raised can be utilised in Trinidad and the Gulf of Mexico where the Company has many opportunities to invest in work programmes with greater potential for near-term production. The Farm-in Agreement with Advance Oil Company Limited announced in 2011 is now anticipated to be completed in April 2012 and plans to drill the first of the three wells committed under that agreement are being formulated for mid-year 2012, although final timing depends on contracting a suitable drilling rig."

Competent Person's Statement:

The information contained in this announcement has been reviewed and approved by Neil Ritson, Chief Executive Officer and Director for Leni Gas & Oil Plc who has over 35 years of relevant experience in the oil industry. Mr. Ritson is a member of the Society of Petroleum Engineers, an Active Member of the American Association of Petroleum Geologists and is a Fellow of the Geological Society of London.

Enquiries:

Leni Gas & Oil plc

Beaumont Cornish Limited

Old Park Lane Capital Plc

Shore Capital

Joint Broker

Pascal Keane +44 (0) 20 7408 4090

Jerry Keen (Corporate Broking)

Pelham Bell Pottinger

 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 and Trinidad, and holds a minority stake in non-operated exploration acreage Malta. LGO's assets have 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 production enhancement programmes.