Termination of Equity Line Facility

Immediate Release 12 November 2012

Leni Gas & Oil PLC

("LGO" or the "Company")

Termination of Equity Line Facility and Update on Spain

LGO today announces that it has terminated the three year £5 million Equity Line Facility with Dutchess Opportunity Cayman Fund Ltd ("Dutchess") by mutual agreement as the Company no longer believes that this type of facility is required in the Company's forward funding plans. The facility has been terminated at no cost to either party.

As separately announced, the Company recently acquired the contract to produce the Goudron Field onshore in Trinidad where an independent reserves report has identified 7.2 million barrels of proven and probable reserves. Production enhancement activities are now being undertaken at Goudron with one work-over rig in continuous operation and a second rig planned for later in the year. An update on activities in Trinidad will be provided in due course.

The Company's operations in Spain remain subject to possible divestment and non-exclusive discussions are being conducted with a number of parties, including Ravi Corporate Sociedad Limitada. Production from the Company's 100% owned and operated Ayoluengo Field has averaged 153 barrels of oil per day (bopd) over the last 3 months, and with daily production regularly in excess of 180 bopd. The Company is now in the process of installing larger downhole pumping units at a number of key wells aimed at increasing production and further improving the reliability of field operations.

An independent reserves report on the Ayoluengo Field has been commissioned from Challenge Energy Limited and is expected to be available by year-end.

LGO has also divested non-core activities in the US Gulf of Mexico and will use the funds from this divestment to accelerate the work at Goudron.

Neil Ritson, LGO Chief Executive, commented;

"LGO has held the Dutchess facility over the last year, however, having now acquired the Goudron Field in Trinidad and receiving strong cash flow from our operations in Spain the Company no longer sees a future role for the facility."

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 and 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