11th Dec 2007 15:45
Leni Gas & Oil PLC11 December 2007 11 December 2007 Leni Gas & Oil Plc ("Leni Gas") Malta Update and Issue of Equity Leni Gas & Oil Plc (AIM: LGO) notes the following announcement made today byMediterranean Oil & Gas the operator of offshore Malta Blocks 4,5,6 and 7 knownas Area 4. Leni Gas has a 20% interest in all four Blocks. MEDITERRANEAN OIL &GAS PLC (the "Company") Operational Update "CGG Veritas has completed the data processing of 2D newly acquired seismic andthe reprocessing of 3D seismic. The Company has now commenced interpretation ofthe newly acquired 2D seismic data in blocks 5, 6 and 7 and integration withvintage 2D seismic data and the geological model. Interpretation is expected tobe completed by mid-late February 2008. 3D data re-interpretation on block 4will follow back to back." ISSUE OF EQUITY Leni Gas further announces today that it has issued and allotted a total of593,793 ordinary shares at a price of 7.25p in satisfaction of the provisions ofthe engagement of professional service providers. These shares will rank pari passu in all respects with the existing issuedOrdinary Shares in the company. Application has been made to the London StockExchange for these shares to be quoted on AIM. As at the date of this announcement, Leni Gas has an issued share capital of393,993,820 Ordinary Shares with a nominal value of 0.05p each, with votingrights. Enquiries: Leni Gas & Oil PLCDavid Lenigas, Executive Chairman Tel +44 (0) 20 7016 5100 Beaumont Cornish LimitedRoland Cornish Tel +44 (0) 20 7628 3396 Pelham PRCharles Vivian Tel +44 (0)20 7743 667Evgeniy Chuikov Tel +44 (0)20 3008 5506 NOTES TO EDITORS Area 4 is located in an under-explored petroleum province, within Maltese watersbetween Libya and Malta, covering an area in excess of 5,000 km2 with waterdepths of around 400m. Under the terms of the agreement with Malta Oil Pty Limited ("MOL"), asubsidiary of Mediterranean Oil & Gas plc, Leni Gas and Oil receives anentitlement to a full 20% interest in Area 4 and in the event that a ProductionSharing Contract is granted pursuant to provisions of the Maltese ExplorationStudy Agreement, Leni Gas and Oil will have the right to further sole fund, 80%of the first exploration well cost to increase its participating Interest inArea 4 to 50% and MOL will maintain a participating Interest of 50% by funding20% of the exploration well costs. This initial campaign will be primarily directed towards increasing theunderstanding of some of the large prospects in the area covered by theExploration Study Agreement. As announced on 24 May 2007 by the parent companyof MOL, Mediterranean Oil & Gas PLC, the previously identified prospects atHagar Qim, Skorba and Tarxien together with the newly identified prospects,particularly Luzzu, provide best estimate prospective resources of 1.5BBstb andbest estimate STOIIP of 5.7BBstb. High estimate STOIIP exceeds 14.0BBstb on thepermit. The offshore area south of Malta is an under-explored petroleum province relatedto an extension of the offshore Libyan and Tunisian proven hydrocarbonprovinces.QUALIFIED PERSON The information regarding Area 4 off-shore Malta and the previously identifiedprospects at Hagar Qim, Skorba and Tarxien together with the newly identifiedprospects, particularly Luzzu, is extracted without material adjustment from the announcement made by Mediterranean Oil & Gas PLC ("MOG") on 24 May 2007 andwhich was reviewed for MOG by Giovanni Catalano. Giovanni Catalano (a director of MOG) holds a masters degree in geology and hashad over twenty-five years in the upstream oil and gas industry. His lastposition held was with Woodside Energy Pty Ltd, Perth, Western Australia as Business Development Manager - Far East. Prior to Woodside (where he was forseven years), Mr Catalano was with AGIP for nine years and LASMO Internationalfor eleven years. He is a former Director of Woodside Energy UK and AGIP Mauritania BV companies and former Chairman of Woodside Energias SA in Spain. Hecompiled, read and approved the technical disclosure in the announcement madeby MOG on 24 May 2007. The technical disclosure in that announcement compliedwith the SPE/WPC standard. Glossary Stb/BBstb - Stock tank barrels /Billion stock tank barrels STOIIP - Stock tank oil initially in place This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
CERP.L