LGO Energy Share Discussion Threads

[12bn] 03/5/2017 13:46

There is very little income here dodgy and LGO loses £2m every 6 months,Ritson has no choice but to issue more shares imo. I wouldn't be surprised if he sugar coats it with promises of drilling the Cedros Peninsular. He will have some seemingly valid reason to raise more cash but he won't admit that the real reason for dilutions is just to keep the show on the road,imo.

[arrynillson] 03/5/2017 13:24

offerman - the results from the first drill are not as good as expected and may worsen as although NR is attempting to resolve history suggests that he is not favourite to win that challenge. Having said that new drilling is a speculation and the second drill is apparently less problematic - the overall result is important but with only 2 new wells a problem with one is significant for averaging.

We await the meeting for revelations!

[offerman] 03/5/2017 13:06

Approaching near 0.075 old money! And I thought 0.010 old money was dire! Just how low is this going to go?

[offerman] 03/5/2017 13:04

Anyone know why the large drop today on the RNS? I didn't see any bad news in there? Or is it just down to shorters making more money on the way down again? Thanks

[nexus7] 03/5/2017 11:56

From jcg post "Hoping to introduce new people to our investors people who will be working with LGO to deliver the plan"

Could this plan what Bigmj was talking about?

[jcgswims] 03/5/2017 11:45

NR on stocktube

[jcgswims] 03/5/2017 11:13

NR re briefing next week "Hoping to introduce new people to our investors people who will be working with LGO to deliver the plan" "A larger story to unfold to people"

[nexus7] 03/5/2017 08:51

Group Operational Update
RNS Number : 9724D
LGO Energy PLC
03 May 2017

[12bn] 03/5/2017 07:43

Morning OzzMosiz,is your filter broken today? PMSL! This dog has very poor production,I did try to warn PIs that production from new wells would fall fast and it has. I don't expect NR to give us exact up to date figures for 682 and 683 but 682 falling to 32 bopd for the first half of April does suggest that the second half of April was even worse. Goodness knows what the losses will be when reported on Friday!

[12bn] 03/5/2017 07:33

Production from the Goudron Field in the first quarter of 2017 averaged 435 bopd.///// More than I expected but over 100 wells that is a massive 4.35 bopd per well! NR should be able to buy a coffee and a biscuit with that.LOL

[ozzmosiz] 03/5/2017 07:32

12bn
2 May '17 - 13:58 - 823 of 831 0 0 He will have to squirm a lot on Friday though when he has to RNS Goudron production of under 400 bopd and group production may even be below 400 bopd as well.
-------
Todays RNS:
Production from the Goudron Field in the first quarter of 2017 averaged 435 bopd. The second quarter will benefit from the recent completion of the GY-682 and GY-683 wells and it is anticipated to see a significant improvement in production as a result.

[12bn] 03/5/2017 07:30

The earlier well, GY-682 was producing at an average of 32 bopd in the first half of April with a relatively high water cut and by contrast with GY-683 this may suggest that some of the perforated zones are affected by depletion. ////// You don't say Einstein Ritson,what a shock!

[12bn] 03/5/2017 07:28

The earlier well, GY-682 was producing at an average of 32 bopd in the first half of April with a relatively high water cut and by contrast with GY-683 this may suggest that some of the perforated zones are affected by depletion. Initial simple interventions to improve oil production rate were undertaken in mid-April leading to an erratic rate which has yet to stabilise. Since water handling is not an issue at the Goudron Field GY-682 will be left on pump for now and further interventions, including water shut-off, to restore stable production closer to the initial oil rate of 55 bopd will be undertaken as necessary./////// Wow,55 bopd to 32 bopd to an undisclosed amount! So much for 20% per annum depletion! I told you so springs to mind!

[12bn] 03/5/2017 07:24

RNS Number : 9724D

LGO Energy PLC

03 May 2017

For Immediate Release, 7 am

3 May 2017

LGO ENERGY PLC

("LGO" or the "Company")

Group Operational Update

LGO is today pleased to announce progress on its Trinidad operations in both Goudron and the South West Peninsula, and also provides an update on its activities in Spain.

Goudron Field, Trinidad

Following the completion of the initially planned two infill wells, GY-682 and GY-683, Rig #18 has been temporarily demobilized whilst new drilling contracts are negotiated. Additionally, some of the ancillary equipment associated with the rig is being modified in order to reduce the size of drilling locations needed, which will save future earthworks and costs when the infill drilling programme proceeds.

Four additional Mayaro Sandstone infill locations have been fully approved by the Petroleum Company of Trinidad and Tobago ("Petrotrin") and the Ministry of Energy and Energy Industries ("MEEI") and work can commence as soon as the LGO Board approves contracts for these wells.

Well GY-683, which initially flowed naturally without pumping has now been put on rod pump at a stable average oil rate of 55 barrels oil per day ("bopd"), which remains significantly ahead of the average prognosis of 45 bopd. GY-683 continues to produce dry oil, strongly suggesting that it is not in communication with depleted sandstone reservoirs already produced in any nearby wells.

The earlier well, GY-682 was producing at an average of 32 bopd in the first half of April with a relatively high water cut and by contrast with GY-683 this may suggest that some of the perforated zones are affected by depletion. Initial simple interventions to improve oil production rate were undertaken in mid-April leading to an erratic rate which has yet to stabilise. Since water handling is not an issue at the Goudron Field GY-682 will be left on pump for now and further interventions, including water shut-off, to restore stable production closer to the initial oil rate of 55 bopd will be undertaken as necessary.

Technical work supporting the first phase of the Goudron waterflood enhanced oil recovery project is nearing completion and final regulatory approvals will be sought over the coming weeks.

Production from the Goudron Field in the first quarter of 2017 averaged 435 bopd. The second quarter will benefit from the recent completion of the GY-682 and GY-683 wells and it is anticipated to see a significant improvement in production as a result.

South West Peninsula, Trinidad

LGO, through its local subsidiary Leni Trinidad Limited ("LTL"), holds an interest in all onshore private petroleum leases covering in excess of 10,000 acres of the prospective, but underexplored, South West Peninsula of Trinidad. Included in the leases are several LTL 100% owned lease, as well as a 50% interest in the Icacos Field and associated leases, which produces oil from shallow reservoirs. In addition, LTL holds a 25% interest in Beach Oilfield Limited ("BOLT") which owns the shallow Bonasse Field and surrounding leases. LTL has an exclusive right to acquire the remaining shareholding in BOLT under a Sale and Purchase Agreement (the "SPA") announced 24 January 2017.

As discussions with various parties have not been completed LTL has delayed the completion of the acquisition of BOLT and as a result the longstop date in the SPA, previously 30 April 2017, has been mutually waived by the parties.

Notwithstanding the decision to defer completion, LTL and BOLT have commenced a handover of operations. During the last week of April, LTL transported approximately 200 barrels of oil from Bonasse to the sales point at Point Fortin approximately 30 kilometres from the field and this will sold to Petrotrin in the next few days. LTL now expects to commence regular oil sales and to start to increase production rates by the recommissioning of existing wells and equipment at the field.

During the first quarter 2017 the Icacos Field produced 12 bopd net to LTL's 50% interest.

Spain

Further to the Company's announcement of 9 February 2017 LGO's Spanish subsidiary Compañí;a Petrolífera de Sedano, S.L.U. ("CPS") has been working with the Ministry of Energy, Tourism and Digital Agenda ("Ministry") to close all relevant files associated with the previous La Lora Concession. Once that process is completed the Hydrocarbons Department of the Ministry can commence the formal issuing of a tender for a new concession covering oil operations at the Ayoluengo Field. A final inspection of the Company's physical suspension arrangements is anticipated to be made by the Ministry in May and then notice of the tender is expected to be issued.

Other than regular site inspections by CPS's senior HSE engineer, no work is now being undertaken at Ayoluengo. All wells remain suspended and all oil previously produced from the field has been sold and exported. Staff employment contracts are also suspended.

Neil Ritson, LGO's Chief Executive Officer, commented:

"Increasingly LGO is focusing on its South West Peninsula assets and is looking forward to completing the licensing process and an independent resources evaluation this year. The recommencement of oil operations at the Bonasse Field is very encouraging and adds to the growing momentum the Company has at the Goudron Field."

Qualified Person's Statement:

The information contained in this announcement has been reviewed and approved by Neil Ritson, Chief Executive Officer and Chairman for LGO Energy plc, who has over 38 years of relevant experience in the oil industry. Mr. Ritson is a member of the Society of Petroleum Engineers (SPE), an Active Member of the American Association of Petroleum Geologists (AAPG) and is a Fellow of the Geological Society of London (FGS).

Enquiries:

[12bn] 03/5/2017 07:20

arry,I am sick of your nit picking on trivia,you will lose money here but I am putting you on filter,bye.//////arrynillson3 May '17 - 06:54 - 828 of 829 0 0 (Filtered)

[arrynillson] 03/5/2017 06:54

12bn - liking the new theme for your posts - Pointless!!!

Seismic movement from you - someone who was prepared to mislead readers here on netback figures for many months because they couldn't be bothered to listen to NR webcast - now you know enough to advise NOMAD on compliance issues ROFL!!!!

[12bn] 03/5/2017 06:39

Following completion of the Fundraising, the Company's Enlarged Share Capital will comprise 539,197,502 Ordinary Shares.///////// The same number! What was the point of it? NR just seems to like RNSs!!!!!

[12bn] 03/5/2017 06:33

What a pointless RNS,the number of shares is the same as 31st March!//////RNS Number : 9538D

LGO Energy PLC

02 May 2017

For Immediate Release

2 May 2017

LGO ENERGY PLC

("LGO" or the "Company")

Total Voting Rights

For the purposes of the Disclosure and Transparency Rules of the Financial Conduct Authority, the Board of LGO is required to notify the market of the following:

As at the date of this announcement, the Company's issued share capital consists of 539,197,502 ordinary shares with a nominal value of 0.05p each, with voting rights ("Ordinary Shares"). The Company does not hold any Ordinary Shares in Treasury.

Therefore the total number of Ordinary Shares in the Company with voting rights is 539,197,502.

The above figure of 539,197,502 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

[thenorth] 02/5/2017 21:43

John thank you for the post. Yes all is well thank you and although frustrating I am happy to sit on my holding as time is my friend... as for losses it's in my opinion only a material loss when I press the sell button at a given point where the share price achieved is lower than what the investment owes me... until then it's an investment in negative territory all be it only just, as I took opportunity to average down..I never really worked out your position or why you posts turned upon a six pence so rapidly but I respect that it was based upon either what you knew or thought. I guess that just illustrates that there is a huge degree of anonymity when engaging with strangers on a forum like this so we will never know who you really are, what your actual motives were and how you were able to post some very imformative posts either for or as in the latter stages against the company...I'm quite straight forward... I post because I invested... I have a full time job and family... I consider myself a private investor... nothing more than that. Hope all is well in your world too.TN

[nexus7] 02/5/2017 19:52

From Alexmoneybags Today 13:20
--------------------------------------

Its all coming together

BIGMJ quoting the A team "love it when a plan comes together "

VSA have a £2.2 million pounds invest along with a target of 22p

Strategic briefing is going to be very interesting IMO.

10th of may could be a game changer for LGO ! lets pray for a JV

good luck all =)

[nexus7] 02/5/2017 19:29

Total Voting Rights
RNS Number : 9538D
LGO Energy PLC
02 May 2017

..The above figure of 539,197,502 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations...