LGO Energy Share Discussion Threads

[12bn] 05/5/2017 15:14

RNS Number : 7365R

Leni Gas & Oil PLC

09 November 2011

Immediate Release, 7 am

9 November 2011

Leni Gas & Oil PLC

("LGO" or the "Company")

Trinidad Update

Leni Gas & Oil plc today announces further petroleum lease acquisitions and progress with other projects in Trinidad.

LGO has reached agreement to acquire the subsurface rights of several additional land leases in the Cedros Peninsula of SW Trinidad, totalling 937 acres. These leases, which lie immediately adjacent to the Company's producing interests at Icacos, will be combined with the 815 acres already leased earlier in 2011. A Private Petroleum License will be applied for shortly. These leases require a minimum work programme of geological studies and have no fees other than net production royalties in the event of success.

The Icacos License covers a total of 1,960 acres; which with the new 100% owned leases, gives LGO a total interest in over 3,700 acres. The Company considers this to be a sufficient area to initiate the detailed planning for geophysical surveys; expected to consist of an airborne gravity and magnetic survey in 2012, followed by 2D seismic data and exploration drilling to explore for the Herrera Formation target. This area lies less than 15 kilometres from the Venezuelan coast where the equivalent Mio-Pliocene play is proven and has produced close to a billion barrels over the last 80 years (AAPG, Memoir 74). By contrast very little exploration for the Herrera Formation reservoirs has so far been undertaken in the Cedros Peninsula.

LGO envisages an integrated approach to exploration across the peninsula. Geological and geophysical studies will be combined with data from existing wells in Trinidad and Venezuela. Exploration drilling could be undertaken in 2013 and is expected to involve at least one well to a depth of at least 10,000 feet.

Icacos Field produces from the Upper Cruse reservoir at an average depth of 2000 feet. Production currently coming from three open wells and has averaged 35 bopd (gross) to date in 2011. LGO holds a 50% interest in the Icacos License. Potential exists to re-open some of the other 14 wells drilled within the Icacos leases and to explore further for small fields at the Cruse level as well as the deeper Herrera.

Elsewhere in Trinidad; the farm-in to the Advance Oil Moruga North leases has been substantially progressed and it is hoped to drill the first of the three exploration wells in first quarter 2012. A location for the first well has been agreed, environmental permits have been applied for and the contracting of a rig and well services has been initiated. An update on this programme will be issued later in November.

Progress on the assignment of the Goudron Area Increased Production Service Contract continues and the Company is optimistic that field operations can be commence in early 2012.

Neil Ritson, LGO's Chief Executive commented: "Trinidad provides a major growth area for LGO which combines early production revenues from a large number of existing wells, with very significant exploration upside in a proven hydrocarbon province. We are pleased to report excellent progress and are optimistic about the prospects for 2012."

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 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

[12bn] 05/5/2017 08:39

Wow,even worse than I expected!. This is the important bit./////FINANCIAL

-- Revenue for period of GBP4.55 million (2015 GBP9.48 million).
-- Gross profit for period was a loss of GBP0.15 million (2015 a profit of GBP0.33 million).
-- Pre-tax Group loss for period of GBP11.89 million (2015 loss of GBP11.47 million)/////// Note a fall in revenues,they have more than halved but a group loss of £11.89m is eye watering. I question whether LGO can survive,never mind flourish!

[sean spicer] 05/5/2017 08:37

Another strong hint regarding a joint venture. I believe more details on this will be given next week. This looks like very good news.

"The reactivation of production from Bonasse with the first oil having been successfully delivered at the beginning of May 2017, is the first step in a programme of activity that will involve well reactivations, the drilling of new shallow wells and the farming-out of deep drilling to a partner so that the large potential seen to exist in multiple Cruse and Herrera Sandstone plays can be fully exploited. The Board of LGO are excited by the potential in the SWP, which has already created significant interest and are confident that it will attract third-party involvement and capital."

[12bn] 05/5/2017 08:35

Edgein5 May '17 - 08:31 - 7746 of 7746 0 0
Next move will be to increase production from the solid base of 460bopd approx.///// The base is not 460 bopd edgein,I am surprised at you making that comment as an RNS for Q1 2017 states 435 bopd! The 460 bopd was for 2016,so since then the 'solid base' has fallen by 25 bopd!

[edgein] 05/5/2017 08:31

Next move will be to increase production from the solid base of 460bopd approx. This is up from a base of around 80bopd when LGO started this redevelopment programme. The most significant event is still to come, the pressure support wells. Well done to those getting them at the bottom, 3-5 wells coming short term as well as Bonasse reactivation. I wonder what the strategic review and webcast will add next week.

Regards,
Ed.

[12bn] 05/5/2017 08:31

PMSL at this post.///////ccr19585 May '17 - 08:27 - 7743 of 7743 0 0
Yes sean, Company heading right direction ./////// The company is heading for another issue of shares,what do you think yesterdays RNS about a 'meeting to discuss LGOs future' was about?

[thenorth] 05/5/2017 08:31

Jcg yep.... join the dots....

[jcgswims] 05/5/2017 08:29

"The reactivation of production from Bonasse with the first oil having been successfully delivered at the beginning of May 2017, is the first step in a programme of activity that will involve well reactivations, the drilling of new shallow wells and the farming-out of deep drilling to a partner so that the large potential seen to exist in multiple Cruse and Herrera Sandstone plays can be fully exploited."

"As 2017 progresses it is intended to finalise all lease acquisitions and to progress towards a full independent verification of the Company's previous prospect generation work with a view to seeking a partner for future drilling."

[ccr1958] 05/5/2017 08:27

Yes sean, Company heading right direction .

[gkp heros] 05/5/2017 08:11

XTR and LGO must your proudest of the shot you ramped you sub human specimen of a human being

[sean spicer] 05/5/2017 08:05

"The new facility which, was specifically designed to be affordable from the cashflow from Goudron, even at low oil prices, is repayable over 24 months. The facility has a combination of Company selectable conversion arrangements and a Lind call agreement to convert the outstanding balance at a fixed price of 3p per share (post-consolidation), though the first five payments were made in cash and the Company intends to make all payments in cash throughout the life of the facility. To date, no shares have been issued to Lind."

So almost a quarter of the loan already paid off with no intent to issue shares to pay any of the remaining balance off.

That sounds like good news to me.

[12bn] 05/5/2017 07:56

Cashflow

Cash outflow from operating activities in 2016 after movements in working capital amounted to GBP4.29 million (2015: outflow of GBP2.80 million). Net cash inflow from financing activities was GBP1.44 million (2015: GBP13.42 million). Net cash outflow from investing activities was GBP0.31 million (2015: GBP8.07 million).

Net cash position

Net cash at 31 December 2016 was GBP1.83 million (2015: GBP4.13 million).////// Not a lot of cash left with Goudron shallow wells costing £500k a pop,salaries and water flood will be expensive,add in the cost of drilling in the Cedros Peninsular and more cash will need to be raised,imo.DILUTION is coming,imo.

[nexus7] 05/5/2017 07:55

Annual Financial Report
RNS Number : 2610E
LGO Energy PLC
05 May 2017

[12bn] 05/5/2017 07:39

Wow,even worse than I expected!. This is the important bit./////FINANCIAL

-- Revenue for period of GBP4.55 million (2015 GBP9.48 million).
-- Gross profit for period was a loss of GBP0.15 million (2015 a profit of GBP0.33 million).
-- Pre-tax Group loss for period of GBP11.89 million (2015 loss of GBP11.47 million)

[hubs] 05/5/2017 07:35

Pre-market finding new lows, unchartered waters, deeper depths. Beware.

[thenorth] 05/5/2017 07:08

News out....!!

[nexus7] 04/5/2017 16:33

From bigmj Today 10:42
------------------------------------

RE: Bolt deep rights

Like I said before , I have always told the truth and shared my trades with everyone, I invested like everyone to make money here, fortunately for me nothing that happens here will be life changing for me, unlike others who maybe invested more than they can afford to lose etc.
If I didn't believe my investment would work out well here, I would have sold out and moved the money elsewhere.
Due to the negative reaction from a number of people on this board I decided to stop posting and answering questions, however I will say that I don't believe my shares could be in any better hands in terms of getting the best results for LGO shareholders, some people need to be patient, I will of course expect an apology in the coming months from anyone who doubted and criticised me and my motives.
Last post for a while as I am off to watch some A Team DVD's for the next few weeks GLA

[crosseyed] 04/5/2017 16:18

J84,
Perhaps toon was being ironic:}
c

[j284] 04/5/2017 13:36

By the way Ozz I'm planning to be there next Wednesday where we can discuss Neil's stellar performance and compare losses on the marvellous investment. I'm still waiting for you to respond with regard to my misplaced and inappropriate negative comments. Can't wait to hear all the areas where Neil needs congratulating. By the way due to my stupidity and ridiculous on going faith in NR I would have been better off if LGO had gone bust 12 months ago, so actually him stringing this out has even cost me more. Hard lessons learned.