6 Nov 2012 10:35
Immediate Release 6 November 2012
Leni Gas & Oil PLC
("LGO" or the "Company")
Termination of discussions on Goudron partnership
Leni Gas & Oil Plc today announces that it has formally advised Range Resources Limited that LGO is no longer seeking a partner for its Goudron Field in Trinidad.
Neil Ritson, LGO's Chief Executive, commented:
"LGO has successfully funded the acquisition of Goudron and raised working capital by disposing of its Gulf of Mexico assets this week and we now feel that selling up to 50% of Goudron for US$8m would seriously undervalue the asset. LGO has the skills within the Company to develop the proven and probable reserves of 7.2 million barrels and are currently focussing on that work."
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
David Lenigas Neil Ritson | +44 (0)20 7440 0645
|
Beaumont Cornish Limited
Nomad and Joint Broker Rosalind Hill Abrahams Roland Cornish | +44(0) 20 7628 3396 |
Old Park Lane Capital Plc
Joint Broker Michael Parnes Luca Tenuta | +44(0) 20 7493 8188 |
Shore Capital
Joint Broker +44 (0) 20 7408 4090
Pascal Keane
Jerry Keen (Corporate Broking)
Pelham Bell Pottinger
Financial PR Mark Antelme | +44 (0) 20 7861 3232 |
Henry Lerwill |