15th Apr 2008 07:01
Leni Gas & Oil PLC15 April 2008 FOR IMMEDIATE RELEASE 15 April 2008 LENI GAS & OIL PLC ("Leni Gas and Oil" or the "Company") Leni Gas & Oil increases interest in Spanish Oilfield to 100% Leni Gas & Oil plc ("LGO") today announces it has acquired the remaining 11.25%of the onshore Ayoleungo oil field in Northern Spain from Gold Oil Plc for€315,211. The Ayoleungo oil field has already produced over 17 million barrels of oil andat present produces about 135 barrels of oil per day. The Ayoleungo Field, was discovered in 1964 by Chevron, and is the only onshoreoil field in Spain. Production commenced in 1964, which hit peak production of5098 bopd in July 1969. To date 52 production wells have been drilled atAyoleungo, of which 41 are shut in, leaving 11 still producing. The Company willseek to re-open and re-work old production wells and commence an active drillingprogramme targeting new production wells during the course of the year. David Lenigas, Chairman and Chief Executive of Leni Gas & Oil commented: "The Ayeleungo oil field in Spain is the Company's major production asset andthe increase in ownership to 100% of the production will now allow the Companyto work with its various consultants to re-pressurise the oilfield over the nextyear to significantly increase production." Enquiries:Leni Gas & Oil PLCDavid Lenigas, Executive Chairman Tel +44 (0) 20 7016 5100 Beaumont Cornish LimitedRoland Cornish/Rosalind Hill Abrahams Tel +44 (0) 20 7628 3396 Pelham PRCharles VivianEvgeniy Chuikov Tel + 44 (0)20 7743 667 Tel +44 (0)20 3008 5506 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
CERP.LBOIL.L