Leni Gas & Oil PLC

Delivering Growth

Through Acquisition of Proven Reserves
& Enhancement of Producing Assets

Leni Gas & Oil PLC

Delivering Growth

Through Aquisition of Proven Reserves
& Enhancement of Producing Assets

Leni Gas & Oil PLC

Delivering Growth

Through Aquisition of Proven Reserves
& Enhancement of Producing Assets

General Meeting
when, where...

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The next General Meeting of Leni Gas & Oil plc will take place on,

7 July 2014

Located at,

200 Strand ,
London, WC2R 1DJ

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Leni Gas & Oil PLC

Delivering Growth

Through Aquisition of Proven Reserves
& Enhancement of Producing Assets

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Leni Gas & Oil PLC

Delivering Growth

Through Aquisition of Proven Reserves
& Enhancement of Producing Assets

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Leni Gas & Oil PLC

Delivering Growth

Through Aquisition of Proven Reserves
& Enhancement of Producing Assets

Company
History

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Significant Shareholder % of Issued Capital
BARCLAYSHARE NOMINEES LIMITED 11.76%
TD DIRECT INVESTING NOMINEES (EUROPE) LIMITED 10.07%
HSDL NOMINEES LIMITED 6.88%
HARGREAVES LANSDOWN (NOMINEES) LIMITED (VRA) 5.37%
L R NOMINEES LIMITED 4.44%
HARGREAVES LANSDOWN (NOMINEES) LIMITED (15942) 4.14%
HARGREAVES LANSDOWN (NOMINEES) LIMITED (HLNOM) 3.12%
HSBC CLIENT HOLDINGS NOMINEE (UK) LIMITED 3.08%
TD DIRECT INVESTING NOMINEES (EUROPE) LIMITED 3.04%
Total Significant Holders 58.80%
Shares on Issue Number of Shares
Total Shares on Issue
2,668,195,353
Outstanding Options
204,000,000
Outstanding Warrants
4,080,802
Total Shares on Issue (fully diluted)
2,876,276,155
% of Securities not in Public Hands
6.45%
Ordinary Share Capitol on Admission
  
Authorised
Amount: £2,500,000
Number: £2,500,000
  
Issued and Full Paid
Number: 385,400,027
Ordinary shares of shares of shares of 0.05p
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Leni Gas & Oil PLC

Delivering Growth

Through Aquisition of Proven Reserves
& Enhancement of Producing Assets

Leni Gas & Oil
Operations

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Leni Gas & Oil PLC

Delivering Growth

Through Aquisition of Proven Reserves
& Enhancement of Producing Assets

Operations
Trinidad

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Trinidad - Location

Trinidad - Overview

Operation Overview

Trinidad operation now comprise of four main assets, the Goudron Field IPSC, the Icacos Oilfield, the Moruga North leases and the Cedros Peninsular leases. The Gourdon Oilfield (LGO 100%) lies between the East Moruga and Beach Marcelle fields in south-eastern Trinidad and has direct access to the Petrotrin oil export pipeline to the Pointe-a-Pierre refinery in western Trinidad. The field was originally discovered by Trinidad Leaseholding Limited in 1927 and was largely developed in its current form by Texaco between 1956 and 1986, when ownership passed to Petrotrin and its predecessors. A field reactivation contract (Incremental Production Service Contract or IPSC) was signed in late 2009 and this contract acquired by LGO in October 2012. The Icacos Oilfield (LGO 50%) lies on the Cedros Peninsular in southwest Trinidad and is surrounded by a number of LGO’s 100% owned petroleum leases. The North Moruga leases (LGO 49%) are held in partnership with Advance Oil (Trinidad) Limited and contain the existing proven Moruga North Oilfield and a number of unexplored associated fault blocks in the central portion of the Southern Ranges.

Goudron Field (100% LGO, operator)

The transfer of the Goudron IPSC was completed in October 2012 and production enhancement activity commenced immediately. LGO also published the results of an independent reserves evaluation of the field commissioned from Challenge Energy Limited in London.

  • The concession covers a total of 2,875 acres (11.4 sq km)
  • The existing producing zones have reserves of proven and probable reserves of 7.2 million barrels and estimated 3P reserve of 30 million barrels 
  • Contingent resrouces, potentially accessed using Enhanced Oil Recovery ("EOR") techniques, could be as high as 60 million barrels
  • The current production comes from a relatively small number of active wells out of a total of about 100 still thought to be available
  • Production potential has been estimated to be in the range 1,000 to 4,000 bopd
  • Additional undeveloped reservoirs in the Gros Morne (Upper Cruse) and Lower Cruse formations provide considerable opportunities for future reserves growth

Since the start of operations in 2012 LGO has increased production by around 7.5 times (from around 40 bopd to 300 bopd) and anticipates continuing to increase daily production as additional wells are reactivated and wells are enhanced through work-overs and improved equipment. It is anticipated that the first new field development wells will be drilled in the second half of 2013.

A water-flood project has the potential to recover up to 60 mmbbls of incremental oil from the existing field and since much of the concession is underexplored there is thought to be significant potential for additional exploration opportunities. These projects will be considered once primary production from the field has been substantially increased and the production infrastructure upgraded.

 

Icacos Field, (LGO 50%)

Located in the extreme southwest of the island the Icacos field is operated by the Territorial Services Group (a subsidiary of Touchstone Exploration Inc).

  • 1,960 acres, onshore producing since 1960’s
  • No available seismic
  • Recent exploration is limited to shallow horizons
  • Gross average 2012 production of about 32 bopd
  • Additional development potential and possible deeper targets

LGO also holds a number of new 100% LGO owned private petroleum leases acquired in 2011 and 2012 covering some 1,752 acres of prospective, underexplored, lands around the Icacos Field. A Private Petroleum Licence has been applied for and it is hoped that exploration studies can commence later in 2013.

Trinidad Growth Potential

The onshore oilfields of southern Trinidad perfectly fit LGO’s strategy of acquiring and redeveloping fields with unexploited reserves. Using new technology and making investments in work-overs, new facilities and infill wells LGO expects to substantially increase the production from its acreage in Trinidad in the next few years. Additional opportunities exist to add further assets and there is untapped exploration potential associated with each of LGO’s fields.

 

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Leni Gas & Oil PLC

Delivering Growth

Through Aquisition of Proven Reserves
& Enhancement of Producing Assets

Operations
Spain

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Spain - Location

Spain - Overview

Operation Overview

The Ayoluengo acreage has a long history of oil production, going back to the 1960s. A total of 54 wells were drilled within the field boundary north of Burgos, targeting reserves in Purbeck aged sandstone formations at between 900 and 1400 metres below surface. Peak production of 5,900 bopd was achieved in 1969 however by the late 1980s production had fallen to 2,500 barrels of oil per day. Since that time a lack of investment has seen production levels decrease dramatically. Leni Gas & Oil (LGO) plans to invest in projects that will significantly enhance the levels of production that have been seen in recent years..

When LGO’s Spanish subsidiary, CPS, took over full operations of the field at the end of 2007, no modern geological assessment had been conducted to identify enhancement opportunities. Having undertaken this assessment CPS have identified a variety of proven recovery methods and scheduled an exploitation plan to prioritise developments to restore production levels.

CPS now operates the acreage as a fully self-sustainable production facility. Water produced on site is re-injected, gas generated from the site is either used directly for the oil heater and pump motors, or converted to electricity and used to run every aspect of the field (from the pumping systems to the office computers). The production facility enables the oil to be treated (removal of water) and safely stored before being transported to various industrial consumers in Northern Spain. Operating in this way ensures we can maximise oil production, whilst maintaining an awareness and safeguarding the environment.

 

Ayoluengo Oilfield (100% LGO)

  • Acquired by LGO in October 2007
  • Largest Spanish onshore oilfield
  • Low sulphur crude, 37 degree API
  • Total production 17 mmbbls, peak in 1969
  • Remaining oil in place 104 mmbbls (P50)
  • Original facilitiy capacity 10,000 bopd
  • H2 2012 average production 142 bopd
  • Production enhancement planning underway
  • Future potential in EOR and deeper targets
  • Oil sold as fuel oil to industrial users
  • Oil sales agreement with BP to handle higher output

 

The field lies in a National Park and extensive remediation has been undertaken by LGO to remove oil contamination accumulated on some well sites during the field's history. New concrete pads and bunded storage tanks have been installed and will ensure no future soil contamination can occur.

 

Adjacent Exploration Acreage (100% LGO)

  • Combined acreage of 556 sq.kms with several undeveloped oil and gas discoveries
  • Contingent and prospective resources of mean 13 mmboe
  • Trial production operations has been undertaken at the Hontomin discovery where well H-2 has been recompleted and placed on long-term test
  • A carbon dioxide storage project has been initiated with CIUDEN at Hontomin to test the viability of a CCS project in the Burgos area
  • Studies have also considered potential uses for the small Tozo gas discovery within the LGO licence area
  • A deeper proven reservoir in the Liassic below the productive Ayoluengo reservoir is being studied and appraisal drilling is planned
  • The potential for unconventional shale gas reserves below LGO acreage is also under review as the Cantabrian Basin is a known area for the development of suitable shales at depth

 

Ayoluengo Recoverable Reserves Estimation

A full field seismic and well re-interpretation study identified recoverable reserves in four reservoir sands, with the majority identified in the primary Ayoluengo and Sargentes sand units.

 

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Leni Gas & Oil PLC

Delivering Growth

Through Aquisition of Proven Reserves
& Enhancement of Producing Assets

Regulatory
News Service

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Leni Gas & Oil PLC

Delivering Growth

Through Aquisition of Proven Reserves
& Enhancement of Producing Assets

Leni Gas & Oil
Continuing success in 2014

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The  Company's corporate strategy is very clear: Focus on high interest Operated production enhancement from existing onshore reserves. This is being achieved with assets in Spain and Trinidad.

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Leni Gas & Oil PLC

Delivering Growth

Through Aquisition of Proven Reserves
& Enhancement of Producing Assets

Disclaimer

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Conditions of use of the Leni Gas & Oil plc

LGO has made reasonable efforts to ensure that information provided on its website on the internet is accurate at the time of inclusion. LGO makes no representations or warranties about the information provided on its website or via hypertext links or any other item used either directly or indirectly from LGO’s website and reserves the right to make changes and corrections at any time, without notice. By accessing this website, you agree that LGO will not be liable for any inaccuracies or omissions or any direct, special, indirect or consequential damages or losses, or any other damages or losses of whatsoever kind resulting from whatever cause through the use of any information obtained either directly or indirectly from or through LGO’s website and any decisions based on such information are the sole responsibility of the visitor.

While we make every effort to provide up to date information, LGO makes no representations or warranties about the information provided on it's website

No information contained in LGO’s website constitutes or shall be deemed to constitute an invitation to invest or otherwise deal in the shares or any other securities of LGO and must not be relied upon in connection with any investment decision. Statements made on or contained in this website or in documents referred to, particularly those regarding capital expenditure, cash flows, costs, savings, debt, demand, disposals, dividends, earnings, efficiency, gearing, growth, improvements, investments, margins, performances, prices, production, productivity, profits, reserves, returns, sales, strategy, synergies, tax rates, trends, value, volumes, the effects of LGO merger and acquisition activity, are or may be forward looking statements.

 

Actual results may differ from those expressed in such statements, depending on a variety of factors including future levels of industry product supply; demand and pricing; political stability and economic growth; development and use of new technology; actions of competitors; and natural disasters, wars and acts of terrorism.

 

Forward Looking Statements

Certain statements in this website are “forward looking statements” which are not based on historical facts but rather on the management’s expectations regarding the Company’s future growth.

These expectations include the results of operations, performance, future capital, other expenditures (amount, nature and sources of funding thereof), competitive advantages, planned exploration and development drilling activity including the results of such drilling activity, business prospects and opportunities. Such statements reflect management’s current beliefs and assumptions and are based on information currently available. Forward looking statements involve significant known, unknown risks and uncertainties.

Remember that all forward looking statements involve significant risks both known and unknown.

 A number of factors could cause the actual results to differ materially from the results denoted in these statements, including risks associated with vulnerability to general economic market and business conditions, competition, environmental and other regulatory changes, the results of exploration, development drilling and related activities, actions by governmental authorities, the availability of capital markets, reliance on key personnel, uninsured and underinsured losses and other factors, many of which are beyond the control of the Company. Although these statements are based upon what management believes to be reasonable assumptions, the Company cannot assure investors that the actual results will be consistent with these forward looking statements.

 

Data Protection (Privacy) Notice

Any information you have provided through this website will only be used by LGO to answer your present enquiry or for any regular mailing list for which you have submitted your details. The information will not be passed to anyone outside LGO for any other purpose. Where it is necessary, in order to answer your enquiry, the information you have provided may be passed to any LGO office worldwide.

By sending this information to us you are consenting to the personal information contained therein being transferred within the LGO group worldwide and being processed by LGO for these purposes.

 

Third party links

Were required LGO will provide information hosted on other Internet sites, which are maintained by third parties. LGO is not responsible for any content that is being provided by others.

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Leni Gas & Oil PLC

Delivering Growth

Through Aquisition of Proven Reserves
& Enhancement of Producing Assets

Glossary

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Associated Gas

Natural gas produced with crude oil from the same reservoir.

Barrel

A unit of measure for oil and petroleum products that is equivalent to 42 U.S. gallons.

Blowout

The uncontrolled flow of gas, oil or other fluids from a well.

Blowout Preventer (BOP)

The equipment installed at the wellhead to control pressures in the annular space between the casing and drill pipe or tubing during drilling, completion, and workover operations. See also Christmas tree.

Brine

See produced water

British thermal unit (BTU)

A measure of the heating value of a fuel.

Casing

Metal pipe inserted into a wellbore and cemented in place to protect both subsurface formations (such as groundwater) and the wellbore. A surface casing is set first to protect groundwater. The production casing is the last one set. The production tubing (through which hydrocarbons flow to the surface) will be suspended inside the production casing.

Christmas tree

The assembly of valves, pipes, and fittings used to control the flow of oil and gas from a well.

Coiled tubing

Along, small diameter pipe flexible enough to be stored on and deployed from a large, truck-mounted roll. Used to replace jointed pipe in certain types of drilling, completion, and workover operations.

Compressor

An engine used to increase the pressure of natural gas so that it will flow more easily through a pipeline.

Development well

Awell drilled within the proved area of an oil or gas reservoir to the depth of a stratigraphic horizon known to be productive; a well drilled in a proven field for the purpose of completing the desired spacing pattern of production. Downhole – a term used to describe tools, equipment, and instruments used in the wellbore, or conditions or techniques applying to the wellbore.

Downstream

When referring to the oil and gas industry, this term indicates the refining and marketing sectors of the industry. More generically, the term can be used to refer to any step further along in the process.

Downstream

When referring to the oil and gas industry, this term indicates the refining and marketing sectors of the industry. More generically, the term can be used to refer to any step further along in the process.

Drill cuttings

The small pieces of rock created as a drill bit moves through underground formations while drilling.

Drill cuttings

The small pieces of rock created as a drill bit moves through underground formations while drilling.

Dry gas

The volume of gas remaining after all water and natural gas liquids have been removed.

Dry hole

Any exploratory or development well that does not find commercial quantities of hydrocarbons.

E&P Exploration and production

The "upstream" sector of the oil and gas industry.

Enhanced oil recovery (EOR)

Refers to a variety of processes to increase the amount of oil removed from a reservoir, typically by injecting a liquid (e.g., water, surfactant) or gas (e.g., nitrogen, carbon dioxide).

Exploratory well

A hole drilled: a) to find and produce oil or gas in an area previously considered unproductive area; b) to find a new reservoir in a known field, i.e., one previously producing oil and gas from another reservoir, or c) to extend the limit of a known oil or gas reservoir.

Field

An area consisting of a single reservoir or multiple reservoirs all grouped on, or related to, the same individual geological structural feature or stratigraphic condition. The field name refers to the surface area, although it may refer to both the surface and the underground productive formations.

Formation damage

The reduction in permeability in reservoir rock due to the infiltration of drilling or treating fluids into the area adjacent to the wellbore.

Fracturing

The application of hydraulic pressure to the reservoir formation to create fractures through which oil or gas may move to the wellbore.

Gas-to-Liquids (GTL)

The conversion of natural gas to a liquid form so that it can be transported easily. Typically, the liquid is converted back to natural gas prior to consumption.

Gravity

A standard adopted by the American Petroleum Institute for measuring the density of a liquid. Gravity is expressed in degrees with lower numbers indicating heavier liquids and higher numbers indicating lighter liquids.

Integrated

When applied to an oil company, it indicates a firm that operates in both the upstream and downstream sectors (from exploration through refining and marketing)

Lease

A legal document conveying the right to drill for oil and gas, or the tract of land on which a lease has been obtained where the producing wells and production equipment are located.

Lease

A legal document conveying the right to drill for oil and gas, or the tract of land on which a lease has been obtained where the producing wells and production equipment are located.

Lifting costs

The cost of producing oil from a well or lease.

Log

To conduct a survey inside a borehole to gather information about the subsurface formations; the results of such a survey. Logs typically consist of several curves on a long grid that describe properties within the wellbore or surrounding formations that can be interpreted to provide information about the location of oil, gas, and water. Also called well logs, borehole logs, wireline logs.

Midstream

A term sometimes used to refer to those industry activities that fall between exploration and production (upstream) and refining and marketing (downstream). The term is most often applied to pipeline transportation of crude oil and natural gas.

Natural gas liquids (NGL)

The portions of gas from a reservoir that are liquified at the surface in separators, field facilities, or gas processing plants. NGL from gas processing plants is also called liquified petroleum gas (LPG).

Non-associated gas

Natural gas produced from a reservoir that does not contain significant quantities of crude oil.

OCS

Outer Continental Shelf, a term used primarily in the U.S. for the offshore areas under federal jurisdiction.

P&A (plugged and abandoned)

A depleted well or dry hole that has been (typically) filled with cement and marked, with all surface equipment removed.

Permeability

A measure of the ability of a rock to transmit fluid through pore spaces.

Porosity

A ratio between the volume of the pore space in reservoir rock and the total bulk volume of the rock. The pore space determines the amount of space available for storage of fluids.

Produced water

The water extracted from the subsurface with oil and gas. It may include water from the reservoir, water that has been injected into the formation, and any chemicals added during the production/treatment process. Produced water is also called “brine” (and may contain high mineral or salt content) or “formation water.” Some produced water is quite fresh and may be used for livestock watering or irrigation (where allowed by law).

Royalty

A percentage interest in the value of production from a lease that is retained and paid to the mineral rights owner.

Seperation

The process of separating liquid and gas hydrocarbons and water. This is typically accomplished in a pressure vessel at the surface, but newer technologies allow separation to occur in the wellbore under certain conditions.

Shut in

To close valves on a well so that it stops production, or a well on which the valves have been closed.

Sour crude oil

Oil containing free sulfur or other sulfur compounds whose total sulfur content is in excess of 1 percent.

Sour gas

Natural gas containing hydrogen sulfide.

Spacing

The distance between wells producing from the same reservoir. Spacing is often expressed in terms of acres, e.g., 40-acre spacing, and is often established by regulatory agencies.

Stimulation

The term used for several processes to enlarge old channels, or create new ones, in the producing formation of a well designed to enhance production. Examples include acidizing and fracturing.

Underbalanced drilling

Drilling under conditions where the pressure being exerted inside the wellbore (from the drilling fluids) is less than the pressure of the oil or gas in the formation.

Underground injection

The placement of gases or fluids into an underground reservoir through a wellbore. May be used as part of enhanced oil recovery or waterflooding processes or for disposal of produced water.

Upstream

The exploration and production portions of the oil and gas industry.

Waterflooding

The injection of water into an oil reservoir to “push” additional oil out of the reservoir rock and into the wellbores of producing wells.

Wellhead

The equipment at the surface of a well used to control the pressure; the point at which the hydrocarbons and water exit the ground.

Well servicing

Maintenance work performed on an oil or gas well to improve or maintain the production.

Wet gas

Natural gas containing significant amounts of liquifiable hydrocarbons.

Wildcat well

A well drilled in an area where no current oil or gas production exists. Also called a “rank wildcat.”

Workover

Operations on a producing well to restore or increase production. A workover may be performed to stimulate the well, remove sand or wax from the wellbore, to mechanically repair the well, or for other reasons.

WTI

West Texas Intermediate, a type of crude oil commonly used as a price benchmark.

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Leni Gas & Oil PLC

Delivering Growth

Through Aquisition of Proven Reserves
& Enhancement of Producing Assets

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