GOLD OIL, the London-based oil exploration company focused on the South American and Caribbean region, announces that in late December 2005, the Company received an Operator Certificate from PeruPetro that allows the Company to carry out seismic, drilling and development operations in Northwest Peru.
The Promotion Licence signed with PeruPetro on October 15, 2004 with PeruPetro for Block XI (now renamed Block XXI) onshore Sechura Basin has been converted to an Exploration and Production Licence. The Licence now goes to the Ministry of Energy and Mines for approval, which could be forthcoming anytime between February and May of this year 2006.
The terms of the E&P Licence commit the Company to either shoot 120 km of 2D seismic or drill a well in the first period of five over a seven year term. The remaining four periods require the Company to either drill a well or drop the acreage. The Licence is for a term of 30 years for oil and 40 years for gas, with a minimum royalty of 5% on wellhead production for the first 5000bopd (30 MMscfd for gas) rising to 20% if and when production reaches 100,000 bopd (600 MMscfd for gas).

Times Article:
Gold Oil is valued in the market at about �15m. That is so small that almost any good news must have a big impact on the share price.
What are the chances of that happening? Run by a former Burmah Oil director, Mike Burchell, Gold Oil will drill the first in a series of wells in the Sechura Basin in April. There will be surprise if it does not find gas, as another company, Olympic, has done just that in a similar formation nearby.
The secondary target, later in the year, will be oil, I gather. A couple of months ago, Petro Tech made a big oil find offshore in the Sechura Basin. The theory is the oil may have migrated up into Gold Oil�s block. Don�t ask me to explain the geology because I don�t speak Palaeozoic. But a decent oil find here would be a company-maker.
Gold Oil has enough cash to fund this year�s drilling programme. And it already has a deal in place to sell its gas to Mann Ferrostaal, a German company that is building an ammonia plant nearby. Getting all that for �15m seemed a bargain to me. But Gold Oil still has to find its gas.

GOLD OIL http://www.goldoilplc.com/index.html

Plectrum Web Site
http://www.plectrum.co.uk/splash_content.html

Wall Street Reporter Interview
http://www.wallstreetreporter.com/interview.php?id=17724&player=real
Growth Equities & Company Research Nov 2007
http://www.goldoilplc.com/docum/gecr_09Nov07_GoldOil_full.pdf
Gold Oil's Presentation On The 10/12/2007
http://www.proactiveinvestors.co.uk/pdf
Research Page Last updated Oct 23 2008
http://www.moneyam.com/InvestorsRoom/posts.php?tid=10572#lastread
6 AUG 2009 Operational and Reserves & Resources Update Colombia & Peru
http://moneyam.uk-wire.com/cgi-bin/articles/20090806084900H3062.html

Something dodgy leading to the resignation? Somebody doesn't like something so a parting of the ways.

Not a holder but it looks a bit ominous to me.

doesn't necessarily follow ...... who is GOO's nomad?

cynic
Beaumont Cornish Limited, the Company's nominated adviser, is authorised and regulated by the Financial Services Authority to carry on investment business.

So it's 12 day now since the announcement and things are no clearer. They are taking their time over this.

cynic can you have a look in your money am email box now and confirm the email has arrived safely.

janet .... responded

hmm, tend to agree with mg, quite positive initially, but less so now after this lengthy delay in announcing news. Whatever, nothing holders can do until the shit hits the fan or otherwise.

pth

Everyone seems to be thinking the worst at the moment, but with Cairn sniffing around to expand it's operation, they may just be trying to find a way of resisting the attention of the big boys. Is it possible that combining their assets makes a united front and unattractive to takeover?

no ..... if anything it would make the combined force even more attractive - i.e. 2 crumbs instead of just one

Came accross this RNS,which referes to GOO.!!!!!!






For Immediate Release 25 October 2007
Leni Gas & Oil Plc
("Leni Gas" or the "Company")
Proposed acquisition of Compagnine Petrolifera De Sedano ("CpS")
Application for Admission of the Enlarged Share Capital to trading on AIM


Introduction

The Board is pleased to announce that it has today entered into a conditional agreement to purchase the entire issued share capital of CpS from Ascent for: (i) EUR 2,250,000 (two million two hundred and fifty thousand Euros) and; (ii) eight million Ordinary Shares hereinafter defined as the Consideration Shares (which at the closing mid-share price of 7.375 pence per share as at the close of business on 24 October 2007 represents a value of #590,000). Therefore the total consideration for the Acquisition will be approximately #2,075,000.

The business of CpS will, subject to Completion, consist of the exploration for and production of oil and gas in Spain, principally the operation of 11 production wells in the Ayoluengo Field, the only onshore oil field in Spain. Under the terms of the Acquisition Agreement, Ascent has agreed to procure that the legal ownership of the La Lora License and the Exploration Licence (to the extent not already vested in CpS) are transferred to the Company and all royalties, net proceeds and returns derived from the La Lora License and the Exploration Licence accrue to the Company with effect from 1 August 2007. The La Lora Licence is subject to an external 11.25 per cent. beneficial interest as referred to below. Ascent has further granted the Company an option to acquire a 40 per cent participating interest in the interest that Ascent holds in relation to Seeland-Frienisberg Permit in Switzerland.

Following Completion, the Company will enter into arrangements with Gold Oil PLC to document the continued existence of Gold Oil Plc's beneficial interest of 11.25 per cent in the La Lora Licence resulting in the Company retaining an 88.75 per cent. interest through its ownership of CpS.

The Directors believe that the Proposals represent an opportunity to create value for Shareholders and consequently the marginal dilution of the existing Ordinary Shares together with the utilisation of approximately 27 per cent of the Company's cash resources are justified.

The Acquisition constitutes a Reverse Takeover under the AIM Rules due to the size of the transaction in relation to the size of the Company and is therefore conditional (inter alia) upon the approval of Shareholders. This will result in the change in status of the Company from an investing company to an operating company with a material trading activity. A Reverse Takeover also involves the cancellation of the Company's shares from trading on AIM and application has been made for the Enlarged Share Capital amounting to 393,400,427 Ordinary Shares of 0.05p each to be admitted to trading on AIM and it is expected that dealings will commence following the reverse on 13 November 2007.

Background to and Reasons for the Acquisition

Since IPO Admission the Directors have been reviewing various opportunities in line with the Company's investment and acquisition strategy. The Company's investment strategy is to review project opportunities at all stages from early exploration to later production.

The Ayoluengo Field has been in production since 1964, and is in the final stages of primary production. Reserves are reported in the Competent Person's Report on the basis that operations continue as at present, with no new investment in the field. The Directors believe that the opportunity exists through investment in secondary recovery methods to increase the current reserves base. The Ayoluengo Field lies within the La Lora Licence, which is beneficially owned by Ascent (88.75 per cent. interest) and Gold Oil Plc (11.25per cent.). Ascent acquired its interests over the period 2005-2006. The La Lora Licence was granted in 1967, and expires on 30th January 2017.

The CPS Exploration Licences are subject to a 50 per cent. interest held by Tethys Oil Spain AB.

Given that the La Lora Licence was held by separate entities in a complex structure, the Company has agreed pursuant to the Acquisition Agreement to acquire CpS (which has a limited trading history) from Ascent which in turn has agreed to transfer the legal title of La Lora Licence to CpS.

The Directors believe that, taking into account the value of the Consideration and the potential performance and expansion opportunities for the Enlarged Group, the Acquisition which is in line with the Company's strategy, provides the opportunity to generate significant value for Shareholders.

Information on Ayoluengo Field in the La Lora Licence, Spain

The Ayoluengo Field, discovered in 1964 by Chevron, is the only onshore oil field in Spain, located in the Burgos sub-basin in the Cantabrian mountains of northern Spain. Production started in 1964, ramping up to a peak production of 5098 b/d in July 1969. The field is now very mature and heavily in decline. Cumulative production at 1st August 2007 was 17.002 mmbo. 52 production wells have been drilled, of which 41 are now shut in, leaving 11 still producing. Field production in July 2007 was 116 b/d, with an average production of 9.7 b/d per well. The primary development of the field included 32 wells in the 1960's followed by 19 wells between 1976 and 1985. The last well was drilled in 1991.

Some water injection has been carried out on the field in up to 5 wells, although there is limited information on injection performance. The Ayoluengo Field is currently operated by Ayoluengo Operating Company (Ayoopco) which is one of the Vendors, which sells the produced oil in an unrefined state to a local glass factory, but the Directors believe subject to the Proposals being successfully implemented, the opportunity exists for the Company to increase the current reserves base through investment in secondary recovery methods. CpS will become the operator on Completion.

TRACS have reported in their CPR that no information was provided to independently calculate STOIIP. Chevron estimated 107.8 mmbo in 1983, a figure which has been quoted in published literature. An examination of presentation material, maps and limited well logs suggest that this estimate is of the correct order of magnitude, but TRACS have no means of verifying it. There are no reliable estimates of GIIP.

Information on the Seeland-Frienisberg Permit, Switzerland

The Seeland-Frienisberg Permit in the Alpine Tertiary foreland (Molasse) basin of northwest

Switzerland has one well drilled on it in 1982 by Elf, which flowed a small amount of gas from Triassic dolomitic limestones. Although a number of gas seeps and discoveries have been found in the area, no commercial production has yet been made. Should the Proposals be successfully implemented, the opportunity exists to explore a number of leads currently identified on the block, and to appraise the Hermrigen-1 discovery to attempt to achieve commercial production rates.

The 363.5km(2) Seeland-Frienisberg surface prospecting permit was awarded in July 2005, and Phase 1 of that permit expires on 31st December 2007. Ascent is the operator with a 90% interest and is solely responsible for the renewal or otherwise of the licence. If the Proposals are successfully implemented the Company will have the option to farm in to up to 40 per cent of Ascent's interest. The Swiss company SEAG holds the remaining 10%. SEAG's costs are carried until production. Phase 1 work commitments including a spectral acoustic seismic trial, geochemical field studies, and integration of all data has been completed. For any subsequent periods, commitments will be proposed by the operator and agreed with mining authorities a month before renewal date.

A drilling permit is currently being requested, with the intention of drilling one appraisal well on the Seeland-Frienisberg structure. To convert the licence to an exploration permit, a well commitment will be required.

The Seeland-Frienisberg Permit is still at an early phase of exploration, and no plans for development are yet in place, or indeed possible with the current information available. Given that Switzerland, and surrounding countries have well developed gas markets, all of which are dependent on imports, there is in principle every reason to expect any significant gas discoveries to be developed.So far, Hermrigen-1 is the only gas discovery, but the small proven volume, and the very low production rates achieved are considered by TRAC's to be sub-commercial. Given the size of the geological structure , it may yet be possible, through appraisal drilling to demonstrate that commercial volumes exist, and that they can be achieved at commercial rates. At the present time however, this is not evident. Accordingly, the Hermrigen-1 discovery can be classified as Contingent Resources.

Development of the Hermrigen-1 discovery is contingent upon demonstration of commercial production rates and reserves volumes. From the limited data available at the present time, TRACS considers this to be unlikely, given the apparently poor reservoir quality, with low porosity and probably low connectivity, and poor production test rates TRACS's estimate is that Hermrigen-1 has an approximately 20 per cent. chance of being developed.

Principal Terms of the Acquisition

Pursuant to the Acquisition Agreement, the Company will purchase the entire issued share capital of CpS. The consideration for the Acquisition will be the issue to Ascent by the Company of the Consideration Shares and the payment to Ascent by the Company of EUR 2,250,000 (two million two hundred and fifty thousand Euros) which will be financed out of the Company's existing cash resources. Under the Acquisition Agreement, the Company will neither assume the burden of any liabilities nor receive the benefit of any revenues, in each case arising in respect of CpS or the Licences prior to 1 August 2007. In determining the consideration to be paid by the Company pursuant to the Acquisition, the Directors have attributed the majority of the consideration to the La Lora Licence.

The terms of the Acquisition also includes an option to acquire a 40 per cent participating interest in the interest held by Ascent in the Seeland-Frienisberg Permit in consideration of the Company agreeing to fund 100 per cent of the aggregate costs of the drilling and initial testing of the first appraisal of the Seeland-Frienisberg Permit. The current estimate of the aggregate costs is EUR 6,000,000. Any excess above these costs are to be borne by the parties in proportion to their interests. If the Company elects not to perform its obligations to fund the drilling and initial testing of the first appraisal then a cancellation fee of EUR 2,000,000 is payable to Ascent and the Company's interest will become 10 per cent.

The Acquisition is conditional, inter alia, upon approval of the Resolution by the Shareholders and transfer of the legal ownership of the Licences into CpS.

Pursuant to the Acquisition Agreement the La Lora Licence will be transferred to CpS. This may not be finalised before the Acquisition is completed, as the transfer requires the approval of the Ministry of Industry in Spain. The Company has been advised that there should not be any prima facie impediment to this approval and the Directors are not aware of any reason why this transfer should not be completed. No assurance can be given at this stage that the transfer will be successfully completed. However, the Acquisition Agreement contains provisions to enable the Company to enjoy the benefits of ownership of this licence pending such transfer.

Competent Person's Report

A Competent Person's Report has been prepared by TRACS on the Ayoluengo Field, Spain and the Seeland-Frienisberg Permit, Switzerland.

The Competent Person reports that the Ayoluengo Field has Gross Proven + Probable Reserves (best estimate) of 0.48 MMbbls based on continuation of production using current operational practices. The estimated ranges of Reserves are summarised in the table below.

+-----------------+--------------------------+----------------------------+--------+
|Classification | Gross Reserves | Net Attributable to Leni |Operator|
| +--------+--------+--------+----------+--------+--------+--------+
|Reserves on | Proved |Proved +|Proved +| Proved |Proved +|Proved +| |
|Production | |Probable|Probable| |Probable|Probable| |
| | | | + | | | + | |
| | | |Possible| | |Possible| |


+-----------------+--------+--------+--------+----------+--------+--------+--------+
| | MMbbls | MMbbls | MMbbls | MMbbls | MMbbls | MMbbls | |


+-----------------+--------+--------+--------+----------+--------+--------+--------+
|Ayoluengo Field | 0.40 | 0.48 | 0.57 | 0 | 0 | 0 |Ayoopco |


+-----------------+--------+--------+--------+----------+--------+--------+--------+

(Source: CPR)


Table 1 - TRACS Estimates of Gross and Net attributable Reserves


This estimate does not include any volumes which could potentially be developed with additional investment. There are currently no disclosed plans for further investment by the current owners. The Ayoluengo data comprised field production data to July 2007, some old maps (from Chevron 1969-70) and some presentation material from Northern Petroleum Exploration Ltd showing some recent 3D seismic data. TRACS have not independently checked title interests with Government or licence authorities.

The Competent Person also reports contingent resources for the Hermrigen-1 well in Switzerland:

+----------------+--------------------------+----------------------------+-----------+
|Classification |Gross Contingent Resources| Net Attributable to Leni | |
| | | | |


|Contingent +--------+--------+--------+----------+--------+--------+-----------+
|Resources | Low | Best | High | Low | Best | High |Development|
| |Estimate|Estimate|Estimate| Estimate |Estimate|Estimate|Risk Factor|
|Development | | | | | | | |
|Unclarified | 1C |2C | 3C | 1C |2C | 3C | |
| | | | | | | | |


+----------------+--------+--------+--------+----------+--------+--------+-----------+
| | Bcf | Bcf | Bcf | Bcf | Bcf | Bcf | |


+----------------+--------+--------+--------+----------+--------+--------+-----------+
|Hermrigen-1 |4.5 |10.7 |21.2 | 0 | 0 | 0 | 20% |


+----------------+--------+--------+--------+----------+--------+--------+-----------+

(Source: CPR)

TRACS also reports prospective resources for the prospects/leads identified on the Seeland-Frienisberg Permit:

+----------------+--------------------------+---------------------------+-----------+
|Classification |Gross Contingent Resources| Net Attributable to Leni | |
| | | | |


|Prospective +--------+--------+--------+---------+--------+--------+-----------+
|Resources | Low | Best | High | Low | Best | High |Exploration|
| |Estimate|Estimate|Estimate|Estimate |Estimate|Estimate|Risk Factor|
| | | | | | | | |


+----------------+--------+--------+--------+---------+--------+--------+-----------+
| | Bcf | Bcf | Bcf | Bcf | Bcf | Bcf | |


+----------------+--------+--------+--------+---------+--------+--------+-----------+
| Hermrigen East | 46.5 | 105.1 | 228.1 | 0 | 0 | 0 | 0.140 |
| Bajocian | | | | | | | |


+----------------+--------+--------+--------+---------+--------+--------+-----------+
| Hermrigen East | 28.2 | 69.8 | 162.2 | 0 | 0 | 0 | 0.202 |
| Keuper | | | | | | | |


+----------------+--------+--------+--------+---------+--------+--------+-----------+
| Ruppolsreid | 35.9 | 66.9 | 113.1 | 0 | 0 | 0 | 0.112 |
| Bajocian | | | | | | | |


+----------------+--------+--------+--------+---------+--------+--------+-----------+
| Ruppolsreid | 5.6 | 13.5 | 29.0 | 0 | 0 | 0 | 0.206 |
| Keuper | | | | | | | |


+----------------+--------+--------+--------+---------+--------+--------+-----------+
|Tschugg Bajocian| 56.8 | 90.6 | 140.1 | 0 | 0 | 0 | 0.080 |


+----------------+--------+--------+--------+---------+--------+--------+-----------+
| Tschugg Keuper | 0.7 | 1.8 | 4.0 | 0 | 0 | 0 | 0.168 |


+----------------+--------+--------+--------+---------+--------+--------+-----------+

(Source: CPR_

Spanish legal opinion on CpS and the Licences

A Spanish legal opinion letter has been received from Gimenez Alvira y Cebrian Abogados relating to the constitution of CpS and the status of the Licence.

CpS has been duly established and registered as a legal entity in the form of Limited Liability Company (Sociedad de Responsabilidad Limitada) in accordance with the laws of Spain. CpS is subject to suit and being sued in its own name, and CpS has the requisite corporate capacity and corporate authority to carry out the business of the exploration for oil and gas, to own its property and assets, including the Licences, and to incur indebtedness.

CpS has all necessary corporate power and authority to undertake, observe and perform its obligations under the Licences that are required to be observed and performed by it, and CpS has taken all necessary corporate action to approve and authorise the same.

CpS has purchased the 100% of interest in La Lora Licence, subject to the approval of the Ministry of Industry. The Licences confer upon CpS the exclusive and uninterrupted right to explore for and produce oil and gas in and for the areas defined by such Licence.

Apart from CpS, no person, individual or entity, has any proprietary or other interest in the area covered by the Licences, nor is any such other person, individual, entity entitled to carry on exploration, development, mining or extraction activities related to hydrocarbons on the area covered by the Licences.

Apart from the Licences, no other consents, Licence, approvals, authorisations or declarations of any governmental authority in Spain are required to conduct the oil and gas exploration and production activities proposed to be conducted by CpS on the areas covered by the Licences.

Each of the Licences is in good standing, and there is no default of any nature currently existing which would result in the suspension or termination of any Licence.

In the event of a further discovery of oil reservoirs, CpS has the right to apply for an exploitation and production licence for the licence areas.

CPS Exploration Licences

The transfer of the titles to the CpS Exploration Licences to CpS has been approved by the Junta de Castilla y Leon on 11 July 2007 and awaits publication in the official bulletins. The Exploration Licences are subject to a joint operating arrangement with Tethys Oil Spain AB which will continue to have a 50 per cent interest in the CpS Exploration Licences following the Acquisition. As two of the CpS Exploration Licences are due to expire at the end of January 2008, the Company does not intend to formalise any joint operating arrangement until after the Acquisition and pending review as to whether there is any merit in seeking the renewal of the relevant Exploration Licences.

Malta

In accordance with its strategy, the Company announced, on 18 April 2007, that it had acquired from Malta Oil Pty Limited ("MOL", a subsidiary of MOG) an initial 20% interest in four oil and gas exploration blocks known as Area 4, located in Maltese waters between Libya and Malta, covering an area in excess of 5,000 km(2). As previously announced by the Company, the seismic surveying MV Geomariner of Seabird Exploration, has been commissioned to undertake 1,000 line kilometre of 2D seismic in Area 4 off-shore Malta.

Once results from the seismic work are received by the Company, it will be in a better position to determine drillable prospects and it will report to Shareholders the implications of any further expenditure on Area 4.

The Company has an obligation to fund US$1,500,000 of the exploration study costs and thereafter subject to shareholder approval (if required) and compliance with the requirements of the AIM Rules (as required) to fund a further US$3,500,000. If the Company does not advance more than the initial US$1,500,000 then it is obliged to return a pro rata portion of the participating interest it received on signing.

Furthermore, in the event that a Production Sharing Contract is granted pursuant to provisions of the Exploration Study Agreement entered into on 24 March 2005 between (1) MOL and (2) the Government (as extended by a letter from the Government dated 07 March 2007), the Company will have the right to further solely fund, 80% of the first exploration well cost to increase its participating interest in Area 4 to 50% and MOL will maintain a participating interest of 50% by funding 20% of the exploration well costs.

The timing (but not the amount) of the Company's obligation to contribute funds to the exploration costs is limited in the following manner: (i) US$1,500,000 within the first 12 month period following the Consent Date; (ii) US$1,000,000 in the second 12 month period following the Consent Date; and (iii) the Company's obligation to contribute sole funding after the initial 24 month period following the Consent Date in aggregate amount shall not exceed US$5,000,000.

Strategy

The Company remains focused on its strategy of building a diversified portfolio of oil and gas exploration and production assets by exploring and developing the potential of the Company's existing projects and continuing to identify projects and businesses, which in the opinion of the Directors, may contain a development premium that the Directors hope to unlock through the provision of a combination of financial, commercial and technical support.

On 18 April 2007, the Company acquired an initial 20 per cent interest in four oil and gas exploration blocks offshore Malta known as Area 4, details of which are set out in paragraph 9 above. The Company proposes to await the results of the seismic studies currently being undertaken. It is expected that the results will be available prior to the end of 2007. The Company has no immediate obligation to expend further funds on this project and intends to assess this project at the appropriate time.

Subject to the Proposals being implemented, the Company will acquire CpS which will own the Licences (88.75 per cent. of the La Lora Licence and 50 per cent. of the CpS Exploration Licences).

In respect of the La Lora Licence, the opportunity exists for the Company to increase the current reserves base through investment in secondary recovery methods. The Company's plan is to undertake the following:

*Initially continue with the existing production programme and operations;
*Engage oil industry specialists to conduct a strategic review of the


Ayoluengo Field to establish ways to enhance current production and increase

recoverable reserves via technical evaluation.

As two of the CPS Exploration Licences are due to expire at the end of January 2008, the Company do not have any immediate plans to exploit them and it will re-assess its position at a later stage.

As regards the Seeland-Frienisberg Permit in Switzerland, the Directors will review opportunities if and when the permit is renewed by Ascent, as described above.

Current trading and prospects

Since IPO Admission, the Company has sought an appropriate acquisition or investment target in line with its investment and acquisition strategy. The Company is now pleased to be in a position to make a proposed investment in the Ayoluengo Field subject to Shareholder approval. In the Directors' opinion, the Acquisition will create a source of income and cashflow for the Company.

The Company's strategy is to continue to make investments and/or acquisitions in the oil and gas sector.

The Directors believe that in light of the Acquisition and the strategy set out above, the prospects for the Enlarged Group are good.

CpS for the period of 7 months to 31 July 2007 reported an audited loss before and after taxation of #1,193,199 on nil turnover. This principally relates to historic drilling costs.

The La Lora Licence which is to be transferred into CpS under the terms of the Acquisition Agreement achieved for the year ended 31 August 2007 production and sales of 40,105 and 39,785 barrels respectively and reported an unaudited gross profit of Euro 350,805 on turnover of Euro 1,408,455. These are the figures attributable to the 100 per cent. interest in the licence whereas the Company is proposing (as set out above) to purchase an 88.75 per cent. interest.

On completion, the Vendors have agreed to exclude from the transaction CpS's net working capital liability and write-off agreed proportions of the intercompany balances as at 31 July 2007, eliminating net liabilities of #1,176,000 as at 31 July 2007. Net assets in respect of the La Lora Licence amount to #321,000. Accordingly, the unaudited pro forma net assets of the Enlarged Group based upon the audited balance sheet of Leni Gas & Oil as 31 August 2007 are #6,956,000.

Working Capital

In the opinion of the Directors having made due and careful enquiry, the Company will have sufficient resources for its present requirements, that is for at least twelve months from the date of Admission.

Directors

David Anthony Lenigas, Chairman, age 46

David holds a Bachelor of Applied Science Degree in Mining Engineering and has over 25 years of experience in the mineral resources industry covering oil and gas, gold, diamonds, coal and base metals industries. He has extensive experience operating in the AIM environment and was formerly the Chairman and is now a non executive director of Mediterranean Oil & Gas PLC which is producing gas and condensate in Italy and holds extensive oil and gas resources in Italy, Malta, Tunisia and France. It is currently the fourth largest gas producer in Italy. David is also Executive Chairman and Chief Executive of Lonrho Plc, and is non-executive director of Global Coal Management Plc, River Diamonds Plc and Templar Minerals Limited.

Jeremy Samuel Edelman, Executive Director, age 39

Jeremy holds Bachelor degrees in Commerce and Law together with a Masters degree in Applied Finance. He was admitted as a solicitor to the Supreme Courts of Western Australia and New South Wales. Previously Jeremy worked for some for the world's leading investment banks in debt and acquisition finance. Jeremy has held various positions in stock exchange listed companies in the UK and Australia with a focus on resource exploration and development including investment companies established with the specific objective of investing in oil and gas projects. Jeremy has worked in various regions of the world including the Republic of Kazakhstan, Russia, South Africa and Australia.

The Company is actively seeking the appointment of an independent non-executive director.

Donald Ian George Layman Strang, Finance Director, age 39

Donald is a qualified chartered accountant with over 15 years experience in the financial and resources sectors. He has experience operating in the AIM environment. He is currently Finance Director of Brinkley Mining Plc and was previously the Chief Financial Officer and Company Secretary for Global Coal Management Plc (formerly Asia Energy Plc) and BDI Mining Corp. He has previously held senior financial positions with Ernst & Young and several publicly listed Australian mining companies (Macraes Mining Company Limited and Perilya Mining Limited) and has also worked with Deutsche Bank and Credit Suisse Group in the investment banking sector.

The Company is actively seeking the appointment of an independent non-executive director.

Incentive scheme

The principal incentive scheme of the Company is a discretionary bonus scheme by which bonuses are paid to staff and used by the recipients to subscribe for Ordinary Shares at market value. A total of up to 5 per cent of the issued share capital of the Company is made available for this purpose per annum.

Share option scheme

Pursuant to share option agreements made between the Company and each of the Directors ("the Share Option Agreements") as set out in the IPO Document, the Directors of the Company have been granted options to subscribe for Ordinary Shares in the Company ("the Options"). The Options are exercisable at 3 pence per Ordinary Share pursuant to and on the terms of the Share Option Agreements. The Company has reserved a total of 10 per cent. of the Ordinary Shares in issue from time to time for the purposes of options to be issued to directors, officers, employees and consultants at the discretion of the remuneration committee as new appointments are made. Such options shall be granted on the same terms and conditions as the Options as described in the Share Option Agreements.

Lock-ins

At Admission, the Directors and persons connected with them will own 182,000,000 Ordinary Shares representing 46.26 per cent of the Enlarged Share Capital and options to acquire a further 16,000,000 Ordinary Shares under the Share Option Agreement. Accordingly, the Directors have undertaken to the Company and to Beaumont Cornish Limited that they will not sell or dispose of, any of their respective interests in Ordinary Shares at any time before the first anniversary of IPO Admission except in the following circumstances: (i) in the event of death; (ii) pursuant to acceptance of a takeover offer for the Company which is open for acceptance to all its shareholder; and (iii) an intervening court order.

Dividend Policy

The nature of the Company's business means that it is unlikely that the Directors will recommend a dividend in the early years following Admission. The Directors believe the Company should seek to generate capital growth for its Shareholders but may recommend distributions at some future date, depending upon the generation of sustainable profits, when it becomes commercially prudent to do so.

Corporate Governance

The Directors acknowledge the importance of the Combined Code and intend, following Admission, to continue to apply its principles so far as is practicable taking into account the Company's size and stage of development.

The Directors will continue to abide by Rule 21 of the AIM Rules for directors' dealings as applicable to AIM companies and will also take all reasonable steps to ensure compliance by the Company's applicable employees (if any).


CREST


The Company's Articles of Association contain certain provisions concerning the transfer of shares which are consistent with the transfer of shares in uncertificated form in CREST in accordance with the CREST Regulations. CREST is a computerised paperless share transfer and settlement system, which allows shares and other securities to be held in electronic rather than paper form. The Existing Ordinary Shares are currently enabled for settlement through CREST and the Directors have applied to Euroclear UK & Ireland Limited to issue the Consideration Shares in uncertificated form.

CREST is a voluntary system and holders of Ordinary Shares who wish to receive and retain certificates will be able to do so. Any shareholders wishing to hold their stock through CREST can dematerialize from a certificated holding to a CREST holding by lodging their share certificate and a CREST transfer form with their stockbroker or other CREST member.

Recommendation

The Directors, having been advised by Beaumont Cornish Limited, believe that the Proposals are in the best interests of Shareholders and therefore recommend Shareholders to vote in favour of the Resolution, as we intend to do in respect of our shareholdings, amounting in aggregate to 182,000,000 Ordinary Shares, representing 47.22 per cent. of the Existing Ordinary Shares. In giving its advice to the Board, Beaumont Cornish has taken into account the Directors' commercial assessments.

A Circular comprising an Admission Document under the AIM Rules has been published and is being sent to shareholders today.

Copies of this Admission Document is available from the Company's website www.lenigasandoil.com and from the offices of Beaumont Cornish Limited, 5th Floor, 10-12 Copthall Avenue, London, EC2R 7DE.

For further information, please contact: Leni Gas & Oil PLC Jeremy Edelman, Director
Tel +44 (0) 20 7016 5100


Beaumont Cornish Limited
Roland Cornish Tel +44 (0) 20 7628 3396


Pelham PR Charles Vivian
Evgeniy Chuikov Tel + 44 (0)20 7743 667
Tel +44 (0)20 3008 5506



DEFINITIONS


The following definitions shall apply throughout this announcement unless otherwise stated or the context otherwise requires:

"Acquisition Agreement" the agreement dated 25 October 2007 between
the Company, Ascent, Ayoopco Limited and
Teredo Oils Limited relating to the
Acquisition
"Acquisition" the proposed acquisition of CpS by the
Company pursuant to the Acquisition
Agreement
"Act" the Companies Act 1985 (as amended) and the
Companies Act 2006 (as such provision are
in force from time to time)
"Admission" admission of the Enlarged Share Capital of
the Company to trading on AIM becoming
effective in accordance with Rule 6 of the
AIM Rules
"AIM Rules" the rules of AIM as issued by the London
Stock Exchange
"AIM" a market operated and regulated by the
London Stock Exchange
"Ascent" Ascent Resources Plc
"Ayoluengo Field" The only onshore oil field in Spain,
located in the Burgos sub-basin in the
Cantabrian mountains of northern Spain.
"Beaumont Cornish" Beaumont Cornish Limited, authorised and
regulated by the Financial Services
Authority
"CpS" Compania Petrolifera de Sedano, S.L. or
Compagnine Petrolifera de Sedano, a limited
liability company incorporated and
registered under the laws of Spain.


"CPS Exploration Licences" certain exploration licences within the
Junta de Castilla y Leon in the Province of
Burgos in Spain corresponding to the
permits "Huermeces, Valderredible and
Basconcillos.
"Combined Code" the Combined Code on Corporate Governance
and the Code of Best Practice included with
the listing rules of the FSA


"Company" or "Leni Gas & Leni Gas & Oil Plc Oil "


"Completion" completion of the Acquisition in accordance
with the Acquisition Agreement
"Consideration Shares" a total of 8 million Ordinary Shares to be
issued to Ascent on Completion
"CREST" the relevant electronic settlement system
(as defined in the CREST Regulations) in
respect of which Euroclear UK & Ireland
Limited is the Operator (as defined in the
CREST Regulations)


"CREST Regulations" The Uncertificated Securities Regulations
2001 (SI 2001 No. 2001/3755) as amended


"Directors" or "Board" the directors of the Company at the date of
the Document whose names are set out in
this announcement
Document" the admission document
"Enlarged Group" the Company, its subsidiaries and,
following completion of the Acquisition,
CpS


"Enlarged Share Capital" the Existing Ordinary Shares and the
Consideration Shares
"EU" European Union
"Euros/EUR" the basic monetary units of currency in the




EU

"Existing Ordinary Shares" the 385,400,027 Ordinary Shares of 0.05p
each in issue immediately prior to
Admission


"Extraordinary General the extraordinary general meeting of the
Meeting" or "EGM" Company convened for 12 noon on 12 November
2007 (or any adjournment thereof), notice
of which is set out at the end of this
document
"Form of Proxy" the form of proxy enclosed with the
document for use in connection with the EGM
"FSA" The Financial Services Authority
"IPO Admission" The admission of Ordinary Shares to trading
on AIM on 16 March 2007
"La Lora Licence" The La Lora concession described in the
competent person's report in Part 7 of the
document.
"Licences" the La Lora Licence and the Exploration
Licences


"London Stock Exchange" London Stock Exchange plc


"MOG" Mediterranean Oil & Gas Plc
"Official List" the official list of the UK Listing
Authority
"Ordinary Shares" ordinary shares of 0.05p each in the share
capital of the Company
"Proposals" together, the Acquisition, the issue of the
Consideration Shares and the Admission
"Resolution" the Resolution to be proposed at the EGM as
detailed in the notice set out at the end
of the Document


"Seeland-Frienisberg The 363.5km(2) Seeland-Frienisberg surface
Permit" prospecting permit awarded in July 2005.
"Shareholders" those persons (natural and/or legal) who
are registered holders of Existing Ordinary
Shares
"TRACS" Tracs International Consultancy Limited
"UK" the United Kingdom of Great Britain and
Northern Ireland


"UK Listing Authority" or The FSA acting in its capacity as the
"UKLA" competent authority for the purposes of
Part VI of the Financial Services and
Markets Act 2000
"US" The United States of America
"US$" the basic monetary units of currency in the




US


"Vendors" Ayoopco Limited and Teredo Oils Limited,
being subsidiaries of Ascent
This information is provided by RNS
The company news service from the London Stock Exchange



END


ACQEASESADXXFFE


More
18-10-07 Leni Gas & Oil PLC - Annual Report and Accounts RNS
RNS Number:9113F Leni Gas & Oil PLC 18 October 2007

FOR IMMEDIATE RELEASE 18 October 2007


LENI GAS & OIL PLC
("LENI GAS" OR THE "COMPANY")




ANNUAL AUDITED RESULTS ANNNOUNCEMENT


FOR THE YEAR TO 31 AUGUST 2007


CHAIRMAN'S STATEMENT


The Board is pleased to report the results of Leni Gas and Oil Plc ("the Company") for the period from incorporation on 9 August 2006 to 31 August 2007.

The Company was admitted to AIM in March 2007 and raised approximately #3.85 million at a price of 3p per ordinary share. Since then, the Company has made significant progress towards creating a portfolio of quality hydrocarbon assets. Your company is currently focused on the acquisition of producing or previously explored assets in Africa, North America, South America, Australia, Asia and Western Europe.

In May 2007, the Company announced that it had completed an agreement for the acquisition of a 20% interest in four oil and gas exploration blocks known as Area 4 located within Maltese waters between Libya and Malta, covering an area in excess of 5,000 km2 with water depths of around 400m ("Maltese Farm-In").

Under the terms of the agreement, the Company receives its entitlement to an assignment of a full 20% participating interest on signing the agreement. In consideration of this interest, the Company will contribute the costs towards acquiring about 3,000 line kilometres of 2D seismic and a detailed 3D seismic programme up to a maximum of US$5 millio

they are dragging their feet over this suspension it is now 15 days.

leni gas and oil company. this company share has shot up 20 percent in price this morning, and has certainly involved with goo. Would the article you have put on the board and info be sufficient reason for goo to suspend their shares? How do you think this will affect goo. The certainly have the same advisors as goo cornish.Please get back on this one.

I wish i knew,but i am suprised there has been no comment,i am waiting on the experts,Cynic where are you

cynic not around today for some reason or other. Leni did not have their shares suspended like goo and minmet. There may be something else going on. We have not heard from lizard for a long time. What are your comments on this one Lizard? and all holders.

Its interesting that goo is mentioned and we are STILL waiting for news from GOO.
Is half the cat out of the bag??

I'm not sure but I think what this means is that GOO's 11.25% of La Lora Licence etc, instead of it being in shared ownership with ASCENT (via CpS) will now be in shared ownership with Leni Gas & Oil plc, who are buying CpS from ASCENT. Once completed it will discuss with GOO whether it still wants to hold it's 11.25% share, then again I may be completely wrong. I don't hold atm having sold many months ago @ 8p> I intended to buy back in again, but didn't. Good luck all holders
2517

Hi Capetown

There are two halves to a cat...the nice half with the pretty face and fluffy whiskers and the other half where the sh1t comes out of! Hope there is more GOOd news to come from this.

Mr Turbot,
You have hit the nail right on its HEAD!

back early next week perhaps!. hopeful of a good outcome.

It will be another couple of weeks yet, these things take time