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LGO Energy may put itself up for sale as part of strategic review

Mon, 07th Dec 2015 09:32

(ShareCast News) - LGO Energy has begun a formal strategic review of its business and assets to consider all options to maximise shareholder value, as it announced the cancellation of its sale and purchase deal with Trinity Exploration & Production.The oil production and development company, which has operations and oil reserves in Trinidad and Spain, said it was considering putting itself up for sale, having recently frightened investors by warning it was running out of cash only to frantically renegotiate terms with its bank."The board now feels that a widening of the strategic options being considered is both timely and appropriate and that all options available to the company should now be considered, including strategic partnerships, strategic investments, asset sales, mergers and potential offers for the company."In addition, LGO said that it has agreed with Trinity a full and final settlement for the immediate cancellation of the sale and purchase agreement for a consideration of $265,000 to Trinity including payments of the company's associated legal fees.The consideration is to be paid in LGO ordinary shares equivalent to 41.5m.At 0943 GMT, LGO shares were down 23.5% to 0.3253p
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11 Feb 2014 11:23

Leni Gas & Oil signs rig deal for Goudron Field

Leni Gas & Oil has signed a deal for the drilling of the first seven wells of a planned 30 on the Goudron Field. The deal was signed with Well Services Petroleum Company for the use of its Rig 20, which is anticipated to be mobilised to the field shortly. Preparation on the drilling site has alread

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11 Feb 2014 09:31

Leni Gas & Oil Signs Drilling Contract For Goudron Field, Trinidad

LONDON (Alliance News) - Leni Gas & Oil PLC Tuesday said it has signed a contract with Well Services Petroleum Company Ltd for the drilling of the first seven wells of the company's development drilling programme at the Goudron Field in Trinidad. The exploration and development oil and gas

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22 Jan 2014 13:43

UK MIDDAY BRIEFING: Jobless Rate Falls As UK Recovery Continues

LONDON (Alliance News) - The unemployment rate in the UK declined by more than expected in the three months to November 2013, leading to calls for renewed clarity around forward guidance from Bank of England Governor Mark Carney. Meanwhile, minutes from the BOE's latest Monetary Policy Committ

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22 Jan 2014 10:56

UK WINNERS & LOSERS: Sage Group Leads Blue-Chip Gainers

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices midday Wednesday.

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FTSE 100 - WINNERS

Sage Group, up 4.9%. The business-management software company has reve

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22 Jan 2014 09:00

Leni Gas & Oil Begins Construction Of New Drilling Sites In Trinidad

LONDON (Alliance News) - Leni Gas & Oil PLC Wednesday said it has now started mobilisation for the construction of the first drilling sites of its newly approved 30 development well programme at its 100%-owned Goudron Field in Trinidad. The exploration and development oil and gas company, w

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22 Jan 2014 08:22

UK MORNING BRIEFING: Shares Gain At Open; Sage, JD Wetherspoon Positive

LONDON (Alliance News) - Shares are broadly higher Wednesday ahead of UK employment data and a Bank of England policy statement at 0930 GMT.

Prior to the open FTSE 100 software developer Sage Group and FTSE 250 pub chain JD Wetherspoon both have pro

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17 Jan 2014 13:22

UK MIDDAY BRIEFING: Royal Dutch Shell Shocks With Profit Warning

LONDON (Alliance News) - Oil giant Royal Dutch Shell shocked the market Friday by warning that its profits will be well below expectations after nearly every part of its business performed below its expectations in the fourth quarter.

The profit warning has sent its

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17 Jan 2014 08:56

Leni Gas & Oil Soars As It Gets Environmental Approval For Drill Plan

LONDON (Alliance News) - Leni Gas & Oil PLC Friday saw its shares rise sharply after it said its application for a Certificate of Environmental Compliance for its planned drilling campaign of 30 new wells at the Goudron Field has been approved by authorities in Trinidad and Tobago. In a sta

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28 Nov 2013 12:27

CORRECT: AIM IN BRIEF: Herstal Emerges As Favourite To Acquire Manroy

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28 Nov 2013 11:57

Leni Gas & Oil Moving Towards Final Approvals For Drilling At Goudron

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28 Nov 2013 08:22

AIM IN BRIEF: Beretta Emerges As Favourite To Acquire Manroy

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10 Oct 2013 10:55

UK WINNERS & LOSERS: GKN Prospers, Informa Falls As CFO Switches Company

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10 Oct 2013 07:48

Leni Gas & Oil hits production milestone

Explorer Leni Gas & Oil said it had reached a milestone in oil production from its businesses in the Caribbean and Europe. The group said it had achieved net oil production of more than 500 barrels per day from combined operations in Trinidad and Spain. It said most of the higher production had co

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10 Oct 2013 07:29

Leni Gas & Oil Shares Jump 12% On 500 Barrels Per Day Oil Production Milestone

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3 Oct 2013 13:08

Leni Gas and Oil Extends Deadline For Maxim Deal

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