LGO Fully Closes YAGM Equity Swap

For Immediate Release

3 June 2014

Leni Gas & Oil PLC

("LGO" or the "Company")

LGO Fully Closes YAGM Equity Swap

Leni Gas & Oil PLC (AIM: LGO) is pleased to announce that it has completed the full Equity Swap Agreement with YA Global Master SPV, Ltd. ("YAGM"), which has now agreed to provide a total of £1,407,404 in cash funding under the Placing and Equity Swap Arrangements of 23 December 2013. Subsequent to this, the swap has been terminated.

David Lenigas, the Company's Chairman commented:

"This YAGM Equity Swap has proved very successful for LGO, having provided more than 40% over the original £1 million funding envisaged and provided necessary working capital towards the development of the Company's Trinidad oil assets."

YAGM Equity Swap:

On the 23 December 2013, LGO announced that it had entered into a £1 million Placing Agreement and separately a £500,000 Equity Swap Agreement with YAGM. Under the Equity Swap Agreement, LGO was to receive an additional £41,667 per month, for a 12-month period from February 2014, or more per month dependent on the future price performance of the Company's ordinary shares. Under the 21 December 2013 Agreement, YAGM could elect to accelerate the payments due to LGO under certain circumstances.

The recent share price performance of LGO has led to accelerated payments under the Equity Swap Agreement, resulting in the complete closing of the Equity Swap. LGO's total cash payments resulting from the original £1 million Placing and Equity Swap will now be a total £1,407,404.

Enquiries:

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