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20 Jul 2010 09:23
For immediate release
20 July 2010
LENI GAS & OIL PLC
("The Company")
Placement
Leni Gas and Oil plc (AIM: LGO) the oil and gas production company with assets in Spain, Trinidad, and Gulf of Mexico is pleased to announce it has raised gross proceeds of £1.5 million in a placing to institutional investors of 75 million new ordinary shares of 0.05p each in the Company at 2p per share ("Placing Shares"). Subsequent to the issuance of these Placing Shares, the Company will have 683,254,965 Ordinary Shares in issue.
Application will be made for the 75 million new ordinary shares to be admitted to trading and these will rank pari passu with the Company's existing Ordinary Shares.
Dealings on AIM are expected to commence on 2 August 2010.
The funds will be used to fast track new oil production in Spain with the drilling of Hontomin 2 well and a perforation programme at Ayoluengo Field to open up and bring in to production new oil bearing sands in the upper sequences that were identified by the recent seismic re-interpretation.
Enquiries:
Leni Gas & Oil Plc
David Lenigas Tel: +44 (0)20 7016 5100
Beaumont Cornish
Roland Cornish Tel: +44 (0)20 7628 3396
Rosalind Hill Abrahams Tel: +44 (0)20 7628 3396
ENDS
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