Friday 17th January
LENI GAS & OIL PLC (LGO) Secures Game Changing
Licence Approval for the Drilling of 30 New Wells on Its 2P 7.2 Million Barrel Reserve, 100% Owned Onshore Goudron Oilfield, Trinidad
In a
landmark announcement, London AIM Listed oil company Leni Gas & Oil
(LGO:AIM) today informed
the market that the Environmental Management Agency of Trinidad and Tobago had
confirmed that the Company’s application for a Certificate of Environmental
Compliance (“CEC”) for the planned drilling campaign of 30 new wells at its
100% owned Goudron Field in Trinidad had been approved.
This
announcement is a game changer for LGO
and marks a major boost for Trinidad’s oil production sector, which is
currently enjoying a resurgence in production and investment interest. LGO announced back on the 23rd
December 2013, that it had raised US$4 million to accelerate its production
activities in Trinidad.
The investment will kick off with new wells on Goudron
targeting known reserves which are expected to produce around 60 barrels of oil
per day (bopd) each, taking LGO’s Trinidad sales production capacity alone to
around 2,000 bopd. The company before this announcement was throwing off
$300,000 in post tax profits per month for the group, this new production
capacity will only add to what is already a well run and financially sound oil
production company.
LGO is seen as a darling of
Trinidad’s current oil production renaissance. In a vote of confidence, Minister
of Energy and Energy Affairs Senator the Honourable Kevin Ramnarine visited the
Goudron oilfield in Guayaguayare back in October 2013, accompanied by the
President of Petrotrin, Khalid Hassanali and British High Commissioner, His
Excellency Arthur Snell, who were there to take a look at LGO’s development of
Goudron, where the company has been steadfastly transforming the field, by
reactivating 60 of the 154 wells held on its acreage.
With a
great financial, technical and regulatory platform with which to accelerate its
production capacity in Trinidad, LGO is now perfectly positioned to deliver
some positive financial results.
Investors Take Note: This latest news by LGO should
see investors flooding into the stock, which is now significantly under valued,
when one looks at the overwhelming production upside in Trinidad, the free
cashflow the company is throwing off, the fact it is fully funded for
development and priced at under 1p with a market cap of just £17 million.
Extensive
news flow is sure to follow out of Trinidad, with ten pump jacks expected to
arrive on site this month with positive production numbers expected to follow,
LGO stock at this price has to be the bargain of the year.
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