30 Jul 2012 07:00
For Immediate Release (Embargoed until 7 am)
30 July 2012
LENI GAS AND OIL PLC ("LGO" or the "Company")
Spanish Divestment, Update
LGO today provides an update on progress with the divestment of its Spanish assets for a cash consideration of €8 million.
All conditions precedent to the closing of the transaction announced on the 18 July 2012 had been satisfactorily met by the close of business on the anticipated completion date of the 27 July 2012; however, a minor technicality with the buyers banking arrangements has delayed the final completion by a few days.
The Company's Board remains confident that completion will occur shortly and also confirms that the buyer is now paying the late completion surcharge, of €50,000 per day, until final. A further update will be provided in due course.
Enquiries:
Leni Gas & Oil plcDavid Lenigas +44 (0)20 7440 0645Neil Ritson
Beaumont Cornish LimitedNomad and Joint Broker +44(0) 20 7628 3396 Rosalind Hill AbrahamsRoland Cornish
Old Park Lane Capital Plc +44(0) 20 7493 8188Joint BrokerMichael ParnesLuca Tenuta
Shore CapitalJoint Broker +44 (0) 20 7408 4090Pascal Keane Jerry Keen (Corporate Broking)
Pelham Bell PottingerFinancial PR +44 (0) 20 7861 3232Mark AntelmeHenry Lerwill