3 Sep 2012 07:00
For Immediate Release (Embargoed until 7 am)
3 September 2012
LENI GAS AND OIL PLC
("LGO" or the "Company")
Spanish Divestment, Update
LGO today provides an additional update on progress with the divestment of its Spanish assets.
The terms of the Sale and Purchase Agreement with RAVI Corporate Sociedad Limitada ("Buyer") for the sale of Compania Petrolifera de Sedano S.L. has been extended until the 21 September 2012. An additional non-refundable cash deposit of €100,000 has been paid by the Buyer to secure this extension.
The Consideration of €8 million announced on the 18 July 2012 has now been adjusted to €9.3 million to reflect the delays in completion and the associated €50,000 per day surcharge accrued to date.
The Board of LGO continues to have confidence in the completion of this divestment and the Company's plans to utilise the proceeds in its business in Trinidad remain in place.
Enquiries:
Leni Gas & Oil plc
David Lenigas Neil Ritson | +44 (0)20 7440 0645
|
Beaumont Cornish Limited
Nomad and Joint Broker Rosalind Hill Abrahams Roland Cornish | +44(0) 20 7628 3396 |
Old Park Lane Capital Plc
Joint Broker Michael Parnes Luca Tenuta | +44(0) 20 7493 8188 |
Shore Capital
Joint Broker +44 (0) 20 7408 4090
Pascal Keane
Jerry Keen (Corporate Broking)
Pelham Bell Pottinger
Financial PR Mark Antelme | +44 (0) 20 7861 3232 |
Henry Lerwill |