Leni Gas and Oil Plc, based in London, is an international hydrocarbon exploration, development, and production company. The company holds assets in Spain, Trinidad, Malta and the US Gulf of Mexico. Leni Gas and Oil was incorporated in 2006 and trades on the Alternative Investment Market of the London Stock Exchange.
The company’s strategy is to acquire proven reserves and enhance production in established fields, concentrating in low-risk countries. The directors have a wide variety of experience and expertise in the oil and natural gas fields, and are working to leverage their knowledge to identify investment opportunities in proven reserve areas as well as underexploited areas which can benefit from an injection of cutting-edge technology and techniques.
Leni Gas and Oil holds interests ranging from 10 to 100 per cent in various projects in four main areas.
In the US Gulf of Mexico and Trinidad, LGO is partnered with other corporations in development of new oil and natural gas sites in the Gulf, as well as expanding the Icacos operation in Trinidad to reach deeper reserves.
In the area off Malta, LGO owns a 10% interest in an offshore site close to established hydrocarbron reserves. They are evaluating the area for future production.
In Spain, LGO owns 100% of the Ayoluengo oil field, which has been the largest site of Spanish oil production since the 1960s. LGO seeks to enhance current production with updated techniques, taking advantage of facilities already in place from previous operations.
Leni Gas and Oil suffered losses in 2009 related to its relinquishment of Hungarian assets which had proved unprofitable, but has stepped up development of its other assets and expects to accelerate production in its three currently-producing areas while continuing to develop the Malta holding.
Shares of Leni Gas and Oil Plc (LGO) are listed on the London Stock Exchange’s Alternative Investment Market and were at 3.29 p as of 29 October 2010.