12th Nov 2008 07:00
LENI GAS & OIL PLC
12 November, 2008
MONTHLY PRODUCTION UPDATE - OCTOBER
Leni Gas & Oil plc (LGO), the AIM listed international oil and gas exploration, development and production company, today gives its monthly production update for October.
During October monthly production totalled 4767 barrels of oil equivalent (boe) excluding the interests in the US Gulf of Mexico and Lower 48. The monthly production update from all countries of operation is summarised as follows:
Spain
The Ayoluengo Oilfield (100% LGO) in northern Spain, through LGO's 100% ownership of Compañia Petrolifera de Sedano, S.L. produced net to LGO 2571 barrels of oil (bbls) and 1.116 million standard cubic feet (mmscf) of gas during the month. Net LGO production in barrels of oil equivalent (boe) totalled 2767. As forecast last month production was approximately 15% lower due to execution of the first phase stimulation program which deferred production from 5 wells for just over 2 weeks. A total of 57m of new reservoir zones were successfully perforated across the 5 wells, with all wells scheduled to be returned to production by mid November.
Trinidad
The Icacos Oilfield (50% LGO rights) located on the Cedros Peninsula of Trinidad, through LGO's 100% ownership of Eastern Petroleum (Australia) P/L produced gross 1200 barrels of oil (bbls) during the month. The Oilfield produces no gas. Net LGO production in barrels of oil equivalent (boe) totalled 600.
Hungary
The Penészlek Gasfield (7.27% LGO) in eastern Hungary, through LGO's 7.27% ownership of PetroHungaria Kft produced net to LGO 7.92 million standard cubic feet (mmscf) of gas and no condensate during the month. The Gasfield produces no oil. Net LGO production in barrels of oil equivalent (boe) totalled 1400. The interests in ZalaGasCo Kft (14.74%) LGO) in western Hungary will be announced in due course.
US Gulf of Mexico & Lower 48
The interests held by Byron Energy (28.94% LGO) in the US Gulf of Mexico and Lower 48 will be announced in due course.
David Lenigas, Executive Chairman, commented:
"October saw a small decrease in the production schedule from September as forecast last month of 15% due to the deferment of production from Spain with execution of our Ayoluengo stimulation program completed at the start of this month. Hungary and Trinidad both delivered similar volumes as last month.
Initial production increase results from our Spain stimulation program are very encouraging and we anticipate reporting a significant step change in production from Spain next month with the full results of the stimulation program."
Competent Person's Statement:
The technical information contained in this announcement has been reviewed and approved by Fraser S Pritchard, Director of Operations for Leni Gas & Oil Plc (member of the SPE) who has 20 years relevant experience in the oil industry.
Enquiries:
Leni Gas & Oil plc David Lenigas, Executive Chairman Tel +44 (0) 20 7016 5103
Beaumont Cornish Limited Roland Cornish / Rosalind Hill Abrahams Tel +44 (0) 20 7628 3396
Mirabaud Securities LimitedRory ScottTel +44 (0) 20 7878 3360
Pelham PR Mark AntelmeTel + 44 (0)20 3178 6242
NOTES TO EDITORS
Leni Gas & Oil Plc is an international oil and gas exploration, development and production company headquartered in London, trading on the London Stock Exchange's AIM index. The Company has assets in the US Gulf of Mexico and Lower 48, Spain, Trinidad, Hungary and Malta. LGO's strategy is delivering growth through the acquisition of proven reserves and the enhancement of producing assets in low risk countries.
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