10th Oct 2013 07:29
LONDON (Alliance News) - Leni Gas & Oil PLC Thursday said the company has reached a significantly milestone by achieving net oil production of over 500 barrels per day from its combined operations.
The exploration and development oil and gas company, with operations in Spain and Trinidad, said the majority of its production increase has come from the company's assets in Trinidad where ongoing improvements and well reactivations are currently taking place.
The company said that its Goudron Field in Eastern Trinidad increased production in the company's first-half from 105 barrels a day at the end of 2012 to 260 barrels. Leni said it hopes to reach a daily production of 400 barrels of oil from the Goudron field by the end of 2013.
LGO also said that its post-tax profit from operations now exceeds USD300,000 per month and the company believes it is now in a sustainable and positive financial position to move forward.
Leni Gas & Oil shares were up 12.14% to 0.864 pence, putting it in the top three AIM movers in early trading.
By Tom McIvor; [email protected]; @TomMcIvor1
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