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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Lgo Energy | LSE:LGO | London | Ordinary Share | GB00BDGJ2R22 | ORD 0.05P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 3.05 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMLGO
RNS Number : 3583Q
LGO Energy PLC
29 November 2016
For Immediate Release, Embargoed until 7 am
29 November 2015
LGO ENERGY PLC
("LGO" or the "Company")
Sale of Oil in Spain
LGO today confirms the successful conclusion of negotiations for the sale of over 10,000 barrels of oil stocks in Spain.
Further to the Company's announcement on 4 November, a commitment has now been received from a Spanish buyer for LGO's local subsidiary, Compañia Petrolifera de Sedano ("CPS"), to deliver a total of 11,200 barrels of Ayoluengo crude oil in December 2016 and January 2017. The oil has been sold at a price competitive with local fuel oil, and the funds generated will be used in CPS operations and general corporate working capital.
In separate news from the Ayoluengo Field, the CPS-owned workover rig has recently undergone a two yearly mechanical recertification and has now been returned to service.
Neil Ritson, LGO's Chief Executive, commented:
"We are happy to have concluded the sale of accumulated surplus stocks of oil built up at the Ayoluengo field over 2016. Whilst the Company is still awaiting a final decision from the Spanish government on CPS's application for a 10-year concession renewal from 1 February 2017 we are continuing with normal operations and preparing for various contingencies, including potentially applying for a new 30-year concession should the Company consider that to be advantageous."
Enquiries:
LGO Energy plc +44 (0) 203 794 9230 Neil Ritson Fergus Jenkins Beaumont Cornish Limited +44 (0) 20 7628 3396 Nomad Roland Cornish Rosalind Hill Abrahams FirstEnergy Capital LLP +44 (0) 20 7448 0200 Joint Broker Jonathan Wright David van Erp Bell Pottinger +44 (0) 20 3772 2500 Financial PR Henry Lerwill
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCLLFFTLVLTFIR
(END) Dow Jones Newswires
November 29, 2016 02:00 ET (07:00 GMT)
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