CERP.L Regulatory News (CERP)

For Immediate Release 9 June 2016

LGO ENERGY PLC

("LGO" or the "Company")

Issue of Shares for Services

and Total Voting Rights

Further to the Settlements with Various Creditors announcement released on 4 December 2015 ("December Announcement"), the Company confirms that the 161,068,992 new ordinary shares of 0.05p each (the "New Ordinary Shares") have today been issued to various creditors at the mid-market closing price on 8 June 2016 of 0.193p in payment of £310,860 in outstanding fees for services.

This issue of shares concludes the arrangements made in 2015 as notified on the December Announcement.

Application is being made for the New Ordinary Shares, which rank pari passu with all existing ordinary shares, to be admitted to trading on AIM. It is expected that trading in these shares will commence on 15 June 2016. The New Ordinary Shares represent 2.8 per cent. of the enlarged share capital of the Company. 

Neil Ritson, the Company's Chief Executive, commented:

"With the support of shareholders at the recent General Meeting are very pleased to have been able to pay a number of our key suppliers in full by means of shares and to be able to continue to deploy their services in ongoing Goudron Field operations to raise production and to thereby continue the process of recovering the value lost after the GY-678 well incident last year. The flexibility and patience shown by some creditors reinforces the quality of our relationships in Trinidad where we continue to focus the Companies operations for the longer term."

Total Voting Rights

Following the issue of the New Ordinary Shares, the Company's issued share capital consists of 5,860,122,038 ordinary shares with a nominal value of 0.05p each, with voting rights ("Ordinary Shares"). The Company does not hold any Ordinary Shares in Treasury. Therefore the total number of Ordinary Shares in the Company with voting rights is 5,860,122,038.

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