30th Sep 2009 11:20
LENI GAS & OIL Plc
("LGO" or "The Company")
30 September, 2009
Gulf of Mexico Direct Ownership and Production Agreement Update
Leni Gas & Oil plc ("LGO") advises that further to the announcement made on 8 April 2009 in relation to the Heads of Agreement with Byron Energy Pty Ltd ("Byron Energy") to transfer the Company's shareholding in Byron Energy from an indirect to a direct ownership of its US Gulf of Mexico ("GoM") oil and gas assets, Agreements have now been signed by both parties which should enable the transaction to be completed over the coming weeks.
The Sale Agreement between LGO and Byron Energy are now subject to (1) Byron Energy shareholders approving the transaction at a soon to be convened General Meeting of their shareholders and (2) LGO's US subsidiary which has been specifically established for this transaction becoming properly authorized by the relevant authorities in the US to hold these interests.
David Lenigas, Executive Chairman, commented:
"We are pleased that the agreements between LGO and Byron have been completed today and look forward to the oil and gas revenue from the Gulf of Mexico being to our account in the near future and being an active participant in the expansion of this exciting portfolio with Leed Petroleum PLC and Byron Energy."
ENQUIRIES:
Leni Gas & Oil plc
David Lenigas, Executive Chairman/ Fraser Pritchard, Executive Director (Operations)
Tel +44 (0) 20 7016 5101
Beaumont Cornish Limited
Roland Cornish / Rosalind Hill Abrahams
Tel +44 (0) 20 7628 3396
Mirabaud Securities Limited
Rory Scott
Tel +44 (0) 20 7878 3360
Pelham PR
Mark Antelme / Henry Lerwill
Tel + 44 (0)20 7337 1500
Related Shares:
CERP.L