AGM Statement and Result

For Immediate Release

23 May 2013

LENI GAS AND OIL PLC

("LGO" or the "Company")

Annual General Meeting

Chairman's Statement

Result of Meeting

At today's Annual General Meeting, Neil Ritson, on behalf of the Chairman, opened the meeting with the following statement:

"As expected, 2012 was a transformational year for LGO with the successful shift to Trinidad with particular emphasis on a growth in production. The Board and I are delighted with the position we have now managed to obtain in the onshore Trinidad oil belt and we see this, supported by our position in Spain, as providing the springboard for future growth.

Our acquisition of the Goudron IPSC was concluded in October. We immediately mobilised equipment to the field and this resulted in over a 100% improvement in oil production within 60 days. Work continued into 2013 and the field is now producing well over 200 bopd which represents more than a five-fold increase in production compared to production at the time of acquisition. We believe this trend is set to continue through 2013 and beyond, with many wells still to be reactivated and numerous opportunities to recomplete existing wells in new reservoir intervals and the presence of over 7 million barrels of proven and probable reserves that can be quickly accessed.

.

Goudron alone is a company-making asset; however, we have also established a significant portfolio of medium term opportunities in Trinidad. The Icacos Field and surrounding private petroleum leases in the Cedros peninsula have additional production potential and also hold a deep Herrera Sandstone trend that has never been explored in that part of Trinidad, but is known to be oil bearing elsewhere. 

In 2013, we have also added an option to acquire a 50% interest in the South Erin Block which contains the producing, but underdeveloped Jasmin Field. An onshore bid round for new Herrera plays and some joint ventures and other new acquisitions are potential targets in the near term.

As part of our new geographic focus, a dataroom was opened for Spain in January 2012 with several buyers emerging, resulting in commercial negotiations throughout the remainder of the year and into 2013. One party paid for periods of exclusivity; however, no party was able to close the acquisition successfully due to their financing arrangements. The Board is now considering alternative options to maximise value from Spain while keeping the Company's operations and capital focussed on Trinidad. In the meantime, Spain continues to provide consistent cashflow for LGO.

As part of our repositioning, we also divested our USA and Malta assets which we considered non-core to the strategy. This freed up valuable capital to invest in Trinidad with the Gulf of Mexico assets sold for a total of US$2 million. As you know, the sale of the Malta asset has unfortunately led to our claim against the operator, Mediterranean Oil and Gas plc, which I am pleased to say, is now before the High Court.

LGO has also made significant progress on the corporate front with the recently announced $50 million loan facility (subject to final documentation and regulatory approval). This is an important sign of how we are maturing as a Company. The loan will allow us to speed up growth and opens up the possibilities of further value accretive acquisitions.

Overall, I am pleased with the position we find ourselves in, as a financially strong and operationally successful Company. The focus on Trinidad is already showing good results and as we broaden and deepen our exposure to that market I expect this trend to be maintained. I would also like to thank the management, staff and shareholders for their support during this transition."

The Company is pleased to report that all resolutions put to the meeting were passed.

Enquiries:

Leni Gas & Oil plc

Beaumont Cornish Limited

Old Park Lane Capital Plc

Shore Capital

Joint Broker +44 (0) 20 7408 4090

Pascal Keane

Jerry Keen (Corporate Broking)

Pelham Bell Pottinger