Drilling Report

For Immediate Release, 7 am 1 May 2014

LENI GAS AND OIL PLC

("LGO" or the "Company")

First Oil Pay in GY-664, Goudron, Trinidad

LGO is pleased to announce that the first new Goudron development well, GY-664, has already encountered oil between 571 feet and current well depth of 1,100 feet with combined pay intervals so far of approximately 193 feet in the upper Goudron Sands. Drilling is continuing in the remaining Goudron Sands, estimated to be 400 feet thick, to the first casing point at approximately 1,540 feet, where electric logs will be run. Drilling will then continue in order to test the primary objectives in the Gros Morne and the Lower Cruse Sands at depths below 2,800 feet.

Neil Ritson, LGO Chief Executive, commented:

"The presence of oil bearing Goudron Sands, whilst expected at this location, is very encouraging and the production potential of an interval of this thickness is already well established. GY-664 will now continue to test the full extent of the Goudron Sands and then be deepened to the Gros Morne and Lower Cruse in order to confirm significant additional reservoir potential. This is an excellent start as we begin to unlock the 122 million barrels of proven and probable oil still in the field."

Drilling Update: GY-664

GY-664 is the first well of an approved 30 well development programme on the Company's 100% Goudron Field in Trinidad, which has independently verified proven and probable ("2P") original oil in place of 126 million barrels ("mmbbls") of which only approximately 4 mmbbls have been recovered to date. In place 2P oil resources assigned by Challenge Energy in their 2012 independent report totalled 72 mmbbls in the Goudron Sands and a further 54 mmbbls in the Lower Cruse.

To date the Goudron Field has been developed through a total of 154 wells drilled between 1927 and 1982 of which about 128 have given material production at either the Goudron or Lower Cruse levels, or both. Only 11 wells have previously been completed at the Lower Cruse reservoir and these have achieved an average production of 63,200 barrels per well. A total of 1.64 mmbbls have been recovered from the Lower Cruse, representing a very modest recovery factor of just 3%.

No wells have been drilled at Goudron since 1982 and wells drilled prior to that date did not benefit from modern instrumentation and mud conditioning techniques and this invariably, in the past, led to significant formation damage and resulting reduced production potential. It is expected that the drilling practices and perforating guns, being employed during the present campaign, will provide far better production performance.

The GY-664 well is scheduled to be drilled to a total depth of approximately 4,000 feet and the Company will provide additional information as it becomes available.

Competent Person's Statement:

The information contained in this announcement has been reviewed and approved by Neil Ritson, Chief Executive Officer and Director for Leni Gas & Oil Plc, who has over 35 years of relevant experience in the oil industry. Mr. Ritson is a member of the Society of Petroleum Engineers (SPE), an Active Member of the American Association of Petroleum Geologists (AAPG) and is a Fellow of the Geological Society of London.

Glossary:

The estimates provide in this statement are based on the Petroleum Resources Management System ("PRMS") published by the Society of Petroleum Engineers ("SPE") and are reported consistent with the SPE's 2011 guidelines. All definitions used in this announcement have the meaning given to them in the PRMS.

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