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Leni Gas & Oil Plc is a newly incorporated company that has been established by its shareholders to identify and acquire a number of projects in the oil and gas sector with particular emphasis on projects that are in production or with previously explored hydrocarbons. Such may be acquired by direct investment, or by acquiring all or part of an existing or newly formed company or business; in each case, the company intends to be an active investor.
Leni Gas and Oil plc’s strategy is focused on enhancing the value of existing oil and gas producing assets, where it can maximise equity position, operator influence, exploitation potential, and fiscal stability. It operates a low risk portfolio of stable production assets with significant upside using similar operating approaches to leverage technologies and proven secondary recovery techniques.
Since its incorporation in 9 August 2006, the Company has been fulfilling this strategy and investing in acreage in a number of the prime oil producing regions of the world. LGO has secured exploration areas in the US Gulf of Mexico, Spain, Trinidad, Hungary and Malta. All geographical regions in which the Company has invested an interest have proven track records in the production of hydrocarbons and represent a great opportunity to further develop and maximize shareholder value.
US
Byron Energy (28.94 per LGO), Gulf Of Mexico
Byron Energy gross interests include 25 per cent WI in the Eugene Island block 183, 25 WI in block 184 south (including 184A production facilities), 12.5 per cent WI in block 184 north and 10.37 per cent WI in block 172. The Eugene Island asset is located 50 miles offshore Louisiana in approximately 25m of water with production facilities designed to handle 30mmscfd, 10mbopd and 10mbwpd.
LGO has also acquired a 20 per cent direct working interest (16.25 per cent net revenue post royalty) in Ship Shoal block 180 and South Marsh Island block 6 in the shallow offshore US Gulf Coast.
Spain
Ayoluengo Oilfield (100 per cent LGO)
The Ayoluengo oil field ( 104-116 mmbo STOIIP estimated) has only recovered 17mmbo to date (low recovery factor, ~17 per cent), with wells producing dry oil (37deg API) and reservoir lacking pressure to sustain higher production. No proven enhanced oil recovery methods have been used to energise the reservoir, such as water flood despite successful trials by Repsol. Similarly no modern geological re-interpretation was conducted on the field to identify enhancement opportunities until recently by LGO
Halo Acreage –Exploration and Development (85 per cent LGO)
| Chairman | David Lenigas |
| Executive Director | Jeremy Edelman |
| Finance Director | Donald Strang |
| Operations Director | Fraser Pritchard |
Company AddressLevel 5, Arlington Street
|
CapitalTotal Shares on Issue; 608,254,965 |
Annual General Meeting29th May 2009 |
Nominated BrokersMirabaud Securities Limited, | Nominated AdvisorsBeaumont Cornish Limited |
| Significant Shareholder | % of Issued Capital |
| David Lenigas | 21.70% |
| HSBC Global Custody Nominee (UK) Ltd | 08.16% |
| Canaccord Nominees Ltd | 07.53% |
| Securities Services Nominees Ltd | 05.90% |
| Lynchwood Nominees Ltd | 05.70% |
| Nutraco Nominees Ltd | 05.00% |
| State Street Nominees Ltd | 04.19% |
| Fitel Nominees Ltd | 03.84% |
| Chase Nominees Ltd | 03.38% |
| L-R Global Partners LP | 03.31% |
| BNY Mellon Nominees Ltd | 03.07% |
| Total Significant Holders | 71.78% |