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Rex to sell producing oil field for US$5m
Leni Gas & Oil plc (LGO) yesterday announced the signing of a binding heads of agreement (HOA) to acquire a 100 per cent interest in the producing Trinity-Inniss Field in south-eastern Trinidad, close to the LGO’s existing Goudron field operations. After paying US$5 million to Singapore’s Rex International Caribbean subsidiary, LGO plans to acquire 100 per cent of Fram Exploration (Trinidad) Ltd (Fram), the company holding the Incremental Production Service Contract (IPSC) for the Petrotrin-owned Trinity-Inniss field.
In a regulatory notice, the company told the London Stock Exchange (LSE) that the field covers an area of 810 acres with extensive operational sales tanks and export facilities. The Trinity-Inniss Oil field lies approximately 20km west of the Goudron field.