Joint Venture Agreement in Trinidad

For Immediate Release 14 March 2013

LENI GAS AND OIL PLC

("LGO" or the "Company")

Non-binding Heads of Terms for Joint Venture Agreement in Trinidad

LGO today announces the signature of a non-binding Heads of Agreement ("HOA") with Maxim Resources Inc. ("Maxim") (listed on the TSX Venture Exchange in Toronto) regarding oilfield development opportunities in Trinidad and Tobago ("Trinidad").

On signature of the HOA, the Company will make an initial refundable payment of CDN$75,000 to Maxim, which they will then use for general working capital purposes. Subject to contract and due diligence, the HOA's contemplate further payments totalling up to an aggregate of a maximum of CDN$2.425 million subject to performance milestones, in return for which LGO will receive approximately 30,000,000 shares in Maxim, representing a maximum of 49.99% of the issued share capital of Maxim. Upon successful negotiation and execution of definitive agreements with respect to the transactions contemplated in the HOA, LGO shall have the right to nominate two directors for election to Maxim's board of directors at the next annual meeting of Maxim's shareholders.

Maxim is currently in litigation with Jasmin Oil and Gas Limited ("Jasmin") concerning Maxim's rights to a working interest and revenue from the South Erin Block in southern Trinidad. The South Erin Block contains the producing Jasmin Oilfield, and various other prospects and leads, under a farm-out agreement from the Petroleum Company of Trinidad and Tobago ("Petrotrin"). Maxim originally invested over US$ 4.2 million in the drilling of additional wells in the Jasmin Field which has been producing for a number of years.

Should Maxim gain effective control of the South Erin Block, LGO has agreed to provide CDN$5 million to a work program on the Jasmin Oilfield and shall earn a direct working interest of not less than 50% of the Jasmin Oilfield on terms to be agreed between the parties, subject to regulatory approval including the approval of Petrotrin. LGO will, under the terms of the HOA, assume operatorship of that work programme.

Also, the HOA allows for customary due diligence between the parties and the negotiation and execution of definitive documentation between the parties, which, if successful, shall be subject to approval by both LGO and Maxim shareholders and all requisite regulatory approvals. Definitive documentation is expected to be completed within the next 2 months.

Further information on the transaction and Maxim will be provided if the HOA's proceed to the stage of a definitive agreement in accordance with the AIM Rules.

The full text of Maxim's press release is appended for information.

The Company's Chief Executive, Neil Ritson, said:

"We are delighted to be able to team up with Maxim, who has a legal claim over interests in Trinidad, where both companies are passionate about the future potential. The South Erin Block is of particular interest to us and if Maxim can secure their interest, LGO is well placed to operate the field that we believe has considerable further potential."

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, an Active Member of the American Association of Petroleum Geologists and is a Fellow of the Geological Society of London.

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