16th Mar 2007 08:00
Leni Gas & Oil PLC16 March 2007 FOR IMMEDIATE RELEASE 16 March 2007 LENI GAS & OIL PLC Acquirer of Producing Oil and near Term Exploration Assets Lists on AIM LONDON, U.K. - March 16, 2007 - Leni Gas & Oil Plc ("Leni" or the "Company")LSE-AIM:LGO, an oil and gas company focused on the acquisition of producing orpreviously explored assets in Africa, North America, South America, Australia,Asia and Western Europe today announces its listing on the London StockExchange's AIM ("AIM") market, under the ticker symbol LGO. The Company at itslisting raised £3.85 million. The Company's strategy is to acquire producing or previously exploredprospective assets in the oil and gas sectors in order to create cash flows atan early stage as well as to have exposure to high potential explorationprojects. Leni's management team has been drawn from broad areas of expertise includingnatural resources, mergers & acquisitions, corporate and financial operations.The management's extensive experience will enable to identify and negotiateattractive opportunities to achieve the Company's objectives. Highlights: Financials 1 Listing on the London Stock Exchange AIM market - ticker LGO 2 Private raising of £3.85 million prior to listing Strategy 1 Acquisition of interest in producing or prospective oil and gas assets through companies, partnership and joint ventures 2 Create revenue and cash flow at an early stage 3 Minimise exploration risk 4 Excellent management skill with experience in the natural resources sector and other related areas David Lenigas, Chairman, commented: "We believe our strategy of acquiring already producing assets with advancedstage exploitation plays sets us apart from other junior E&P companies. We aimto create immediate shareholder value through assets which are already on streamand have significant resource delineation potential. We are fully funded at thisstage to achieve such objectives. Enquiries: Leni Gas & Oil PlcDavid Lenigas Tel: +44 (0)20 7016 5100 Beaumont CornishRoland Cornish Tel: +44 (0)20 7628 3396Rosalind Hill Abrahams Tel: +44 (0)20 7628 3396 Pelham PrCharles Vivian Tel: +44 (0)20 7743 6672Evgeniy Chuikov Tel: +44 (0)20 3008 5506 LENI GAS & OIL BACKGROUND Leni Gas & Oil Plc is a newly incorporated company established to invest in oiland gas assets with a view to increasing shareholder value. The company intendsto be an active investor and will focus on opportunities in Africa, NorthAmerica, South America, Australia, Asia and Western Europe. Reasons for the Offering 1 Raise public profile of the Company 2 Net proceeds of the Placing to be used for working capital and help fund acquisitions 3 Enhance Company's ability to pay for the acquisition of businesses by enabling it to issue traded securities. Strategy The Company sees the oil and gas sector as an attractive area of investment. Inparticular the Company's primary strategic approach will be to identifyproducing projects with development premium which the Company could applythrough its financial, commercial and technical knowledge. In addition theCompany also plans to evaluate high potential exploration projects and followingthe listing of its shares the Company will now be assessing such opportunities. The Company also intends to draw on international independent advice, includingthe commissioning of a recognized competent person to prepare report whenevaluating possible investments. In addition the Directors believe that theircollective experience in wide ranging areas will assist them in theidentification and evaluation of suitable opportunities. Management Team David Anthony Lenigas, Chairman, age 45 David holds a Bachelor of Applied Science Degree in Mining Engineering (withdistinction) and has over 25 years of experience in the mineral resourcesindustry covering oil and gas, gold, diamonds, coal and base metals industries.He has extensive experience operating in the AIM environment. David is currentlythe Chairman and Chief Executive of Lonrho Africa PLC, Non-Executive Chairman ofBDI Mining Corp and is non-executive director of Mediterranean Oil and Gas PLC,Asia Energy PLC, Templar Resources PLC and River Diamonds PLC. Jeremy Samuel Edelman, Executive Director, age 38 Jeremy holds Bachelor degrees in Commerce and Law together with a Masters degreein Applied Finance. Previously Jeremy worked for some for the world's leadinginvestment banks in debt and acquisition finance. Jeremy has held consulting anddirector positions in stock exchange listed companies in the UK and Australiawith a focus on resource exploration and development including investmentcompanies established with the specific objective of investing in oil and gasprojects. Jeremy also has corporate finance experience having been responsiblefor co-coordinating a number of companies in making acquisitions in a variety ofresource sectors including oil & gas, uranium, molybdenum, base metals and coal.Jeremy has worked in various regions of the world including the Republic ofKazakhstan, Russia, South Africa and Australia. Donald Ian George Layman Strang, Finance Director, age 39 Donald is a qualified chartered accountant with over 15 years experience in thefinancial and resources sectors. He has experience operating in the AIMenvironment. He is currently Finance Director of Brinkley Mining Plc and aNon-Executive director of Lonrho Africa Plc. He was the Chief Financial Officerand Company Secretary for Global Coal Management Plc (formerly Asia Energy Plc).He has previously held senior financial positions with Ernst & Young and severalpublicly listed Australian mining companies (Macraes Mining Company Limited andPerilya Mining Limited) and has also worked with Deutsche Bank and Credit SuisseGroup in the investment banking sector. Chief Executive Officer The Board is reviewing a shortlist of potential candidates for the appointmentof a designated Chief Executive. ENDS This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
CERP.L