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LGO raises £1.37m on T&T prospects
Leni Gas and Oil (LGO) has successfully raised £1.375 million before expenses, by placing of 144,736,842 new ordinary shares at a price of 0.95 pence per share.
“These funds will be used to assess a number of potentially attractive producing oil fields in Trinidad, which have recently been made available to the company, and to ensure sufficient working capital is available as we embark on the next expansion phase at Goudron (Guayaguayare). LGO intends to spud the first of 30 new development wells on the Goudron Field in Trinidad in the next few days,” an LGO statement to the London Stock Exchange said.
Neil Ritson, LGO’s chief executive officer, said: “As we embark on the largest development drilling campaign in the company’s history management are keen to ensure that the company is well funded, and the right balance is struck with existing short term borrowing arrangements.” LGO expects that admission of the shares on the LSE’s Alternative Investment Market (AIM) will occur, and that trading in the new ordinary shares will commence on AIM on Friday.
The shares will rank the same in all respects with the company’s existing issued ordinary shares. Subsequent to the issuance of these shares the company will have 2,409,729,364 ordinary shares in issue. The company’s T&T operation comprise of four main assets—the Goudron Field IPSC, the Icacos Oilfield, the Moruga North leases and the Cedros Peninsular leases.
The Gourdon Oilfield lies between the East Moruga and Beach Marcelle fields in south-eastern Trinidad and has direct access to the Petrotrin oil export pipeline to the Pointe-a-Pierre refinery in western Trinidad. It was originally discovered by Trinidad Leaseholding Limited in 1927 and was largely developed in its current form by Texaco between 1956 and 1986, when ownership passed to Petrotrin and its predecessors.
A field reactivation contract was signed in late 2009 and this contract was acquired by LGO in October 2012. The Icacos Oilfield lies on the Cedros Peninsular in southwest Trinidad and is surrounded by a number of LGO’s 100 per cent owned petroleum leases. The North Moruga leases are held in partnership with Advance Oil (Trinidad) Limited and contain the existing proven Moruga North Oilfield and a number of unexplored associated fault blocks in the central portion of the Southern Ranges.