Anyone else in ?
On board this morning for the first time...(small time)
I've probably paid a bit more than I should've done and one should never buy first thing in the morning when it's probably marked up high to begin with!

But, let's see how it goes..the story is compelling and the rewards could be high, even though it's been tipped by TW ! (Article below..TW tip usually the K o'D!)

Good luck all!
(IMHO,DYOR)


Buy Leni Gas & Oil at 2.125p

Argues Tom Winnifrith of t1ps.com

Tom Winnifrith publishes 20 t1ps a year on www.t1ps.com. To access the website for as little as 73 a year click HERE

Having reached the giddy heights of $147 per barrel in July 2008, with analysts then forecasting $200, oil has since plunged to sub-$40 and some reckon we will see $25. Perhaps that will be the case in the short-term, who knows? One thing that is certain is that at sub-$40, most oil fields that have been developed in recent years will not be economically viable. The outcome, which is already being observed, will be a continued scale back in production until such time that basic market economics prevail and the price is pushed up as demand begins to outweigh supply. I anticipate a return to $60 oil sooner rather than later, which would inevitably see oil stock valuations emerge from the ruins as investors flock back to get a piece of profitable, cash generating producers. AIM-listed Leni Gas & Oil (LGO) will be one of these, but even at current oil prices, its growing cash flow streams derived from a well-diversified portfolio of producing assets represent an enticing investment of amplifying appeal, which will leave its current market cap looking extremely daft. With oil stocks hated by investors driven by sentiment not fact now is the time to gorge greedily on stocks such as Leni.

The Business
The company's primary strategic approach is to identify projects and businesses within the oil and gas sector that may contain a development premium which can be unlocked through a combination of financial, commercial, and technical expertise. This is where Leni's highly-skilled and experienced management team comes into play, assisted by a network of independent experts to evaluate investments to ensure development success.

Operations
Across its portfolio, Leni is currently producing the net equivalent of around 715 boepd from target recoverable reserves of 36.6 million boe at an average estimated operating cost of $10 per barrel.

US Gulf of Mexico - Leni has a 29% interest in Byron Energy, having acquired rights on Eugene Island blocks 172, 183, and 184. The company's interest in Eugene Island equates to an effective working interest of approximately 8%. New production wells were completed in the second half of 2008, with gross volumes of more than 5000 boepd. Additional rights include six oil and gas assets in varying stages of appraisal and development drilling. Planned for 2009 are development drilling, new production completions and assessment of exploitation potential, prior to development in 2010.

Spain - Leni's 100% owned Ayoluengo Oilfield (yes it was once owned by Northern!) is the largest in Spain with STOIIP of 110 mmbbls. Production is up to 260 boepd and continues to increase through improved well productivity programmes. A major development programme has been initiated to increase total field recovery to 30% through secondary recovery and in-fill drilling targets. The company is targeting production to previous plateau levels of 2,500 bopd and it should be heading that way by the end of this year with steady month on month increases. Leni also has an 85% stake in Halo Acreage Exploration & Development, which has total resources of 12.8 mmboe with a focus on high potential developments.

Trinidad - A well stimulation and production enhancement programme is underway at the company's 50% owned Icacos Oilfield, to lift current production from 30 bopd to around 150 bpd. Full re-interpretation and surveys are underway to identify step change production potential. Also, at Leni's 50% owned Icacos Deep Prospect, significant oil & gas discoveries have been made in the halo vicinity. High API oil has been identified, indicating a deep oil system. Seismic and area re-interpretation are planned.

Hungary - The PenZszlek Gas Field, in which the company has a 7.27% interest, has remaining GIIP potential of 22bcf with identified undeveloped discoveries. Production commenced in August 2008 at 4 mmscfd and a 3D seismic was executed at the end of 2008 to validate undeveloped prospects and accelerate incremental production. Elsewhere, at the Zala Basin Gas Play, in which Leni also has a 7.27% interest, multiple tight gas reservoirs exist on the border with Slovenia, with well stimulation and re-completion set to increase recovery.

Malta - The company has a 10% interest in a high potential exploration play with a highly prospective oil & gas basin. Four prospects and five leads have been identified with gross mean 2P STOIIP of 5.7 billion barrels and recoverable reserves of 1.484 billion barrels. A PSC has been signed with the Maltese Government to drill a 2500m well by July 2011. A second study phase is currently being undertaken to increase the chance of success with selected drilling locations.

Click for Full Charting facilities from ShareCrazy.com


Production
During January 2009, monthly production increased by 150% to 20,020 boe. Dividing it up into the company's operating regions: In Spain, production net to Leni, was 7,125 barrels, which was up by almost 10% on the previous month and more than 120% higher than historical plateau production. Oil sales reached a record of 6,935 barrels, representing an increase of more than 100% on historical monthly sales. In Trinidad, the Icacos Oilfield produced 900 barrels during the month, with net production attributable to Leni totalling 450 boe. The rapid progress is signified by highlighting that the oilfield was only pumping around 35 bpd in early 2008. Meanwhile, in Hungary, the PenZszlek gas field produced 1.67 million cubic feet of gas net to Leni during the month, with net production of 279 boe. This was down on the previous month, as the gas field was shut-in due to the failure of a compressor at the downstream gas processing facility. In the GoM, the company's interests held by Byron Energy currently produce approximately 5,000 boepd gross from the Eugene Island Field, with Leni's effective net working interest equating to a net monthly production totalling 12,000 boe.

The numbers demonstrate the success of the company's production schedule step change, reflecting the full benefits of its GoM interest and its Spanish enhancement programme. Having delivering significant month-on-month production increases and achieving record oil sales, Leni is in a commanding position with regards to its full-year targets, and of course, generating expanding and sustainable streams of operating cash flow.

Management
Executive Chairman, David Lenigas, has 25 years' experience in the natural resources industry, covering oil and gas, coal, precious and base metals. He is currently the Executive Chairman of Lonrho, Lonrho Mining, Lonzim, and Templar Minerals, as well as a Director of Vatukoula and GCM Resources. Lenigas is also the Chairman of the Audit and Remuneration committees.

Operations Director, Fraser Pritchard, has 20 years' oil & gas experience from most oil & gas provinces and international and state energy companies. He maintains a focus on securing investment for, and managing junior E&Ps from start-up into sustainable operations.

Finance Director, Donald Strang, has 15 years' experience in financial management predominantly within the natural resources sector. He is currently a Non-Executive Director of Lonrho and Vatukoula, and was previously the Chief Financial Officer and Company Secretary for GCM Resources and BDI Mining Corp. He has also held senior financial positions with Ernst and Young and several publicly listed Australian Resource companies.

Executive Director, Jeremy Edelman, has 20 years' corporate finance experience coordinating acquisitions in the natural resources sector. He has previously held directorships in listed companies in both 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.

*The value of investments can go down as well as up. Past performance is no guarantee of future success. Investing in equities can lose you part or all of your capital. The tips given here are of necessity, general. They cannot relate to the individual circumstances of investors. Anyone considering following the recommendations contained here should seek independent advice. Investments in smaller company shares, by their nature, can be relatively illiquid and thus hard to trade. And that makes such investments more of a high risk than larger company shares.

Financials
In the twelve months to 31st August 2008, the company recorded revenues of 1.91 million and posted a pre-tax loss of 40,000, mainly attributable to a non-cash item of 0.55 million relating to share options. It is worth mentioning that pre-tax operating profits from Spain alone amounted to 0.87 million. The basic and diluted loss per share equated to 0.01p, compared to a loss per share of 0.14p in the previous twelve month period. The balance sheet showed net cash of 1.85 million and net assets of 23.05 million, which consisted of intangibles valued at 20.23 million.

Financials
Leni is currently producing around 21,000 boe per month. With low operating costs of around $10 a barrel at present, the company enjoys a very healthy margin. The oil price weakness will not last indefinitely, and in the meantime Leni continues to drive down its operating costs, which are estimated to be trimmed to around $5 a barrel by the end of 2009. Meanwhile, production is rapidly being ramped up across the company's primary prospects, notably in Spain and the Gulf of Mexico. Assuming this acceleration continues according to plan, the company would - on a self financing basis - be looking to produce at 5,500 boepd by the end of the year, generating sizable and sustainable cash flows just the sort of thing investors are crying out for as the economy continues to reverberate from the profound effects of the financial meltdown and the extreme uncertainty it has bred.

At 5,500 boepd, Leni would be looking at c. 2 million boe per annum. Assuming a conservative average oil price of $45/bbl in 2009, and estimated average operating costs of $10/bbl, the company would be booking operational cash flow of $70 million (48 million) on an annualised basis. On a more bullish (and practical) outlook, taking crude at $60/bbl, annualised cash flow would be c. $100 million (70 million) and it is my strong belief that $60 is where crude should be.

Knocking off 4 million for central costs (far too high) and a 30% tax rate this is a company that should on my $60 scenario be throwing off 46 million a year on an annualised basis. Even at $35 oil this company should throw off 22 million.

At 2.125p Leni is valued at just under 13 million. My initial base case target price is three times cashflow at $35 oil plus net cash with the exploration assets in for free - that is to say 68 million or 11.1p per share. My long term target price uses $60 oil and the same formula and is therefore 140 million or 23p per share. I said that oil stocks are loathed and that is why Leni shares are so cheap. Now is the time to be buying. Leni Gas & Oil is a "buy" at 2.125p and at up to 6p with a base case target price of 11.1p.

Key Data
EPIC: LGO
Market: AIM
Spread: 2p - 2.25p (11.8%)

Still bouyant.

RNS Number : 4561E
Leni Gas & Oil PLC
31 May 2012

Immediate Release
31 May 2012
Leni Gas & Oil PLC
("LGO" or the "Company")

Drilling Update, Trinidad
LGO today announces progress with workover activities at the Goudron Field in south-eastern Trinidad.

Workover rig Altech-1 was mobilized to the field as planned and has entered well GY-190 and retrieved the down-hole pump. The rig is currently withdrawing the production tubing from the well in order to remove any accumulated sand from the casing prior to re-running the tubing and pump.

Repairs to the pump will be completed later this week and the well will be returned to production. Incremental production of up to 20 barrels of oil per day is anticipated as a result of this work. LGO expects to perform up to 50 similar workovers in the coming months.

LGO is operating through its wholly owned subsidiary Goudron E&P Limited as a sub-contractor to Cameron Oil and Gas Limited pending final transfer of the Goudron Incremental Production Service Contract to the Company which is anticipated shortly.

http://www.spreadbetmagazine.com/blog/

Leni Gas & Oil directors and shareholders are feeling rather cheesed off after selling their stake in a Maltese licence to Mediterranean Oil & Gas (MOG) for a knock down price which later turned out to be worth rather more! In fact, it was worth much, much more, apparently within a month.

In early August, MOG bought the remaining 10% stake in the Malta licence for $1, plus $19,050 in past costs. Leni said it would write off £1.9m in costs related to the licence. But then on August 23 MOG said it had sold 75pc of its Maltese blocks for $10m to Genel Energy, meaning that Leni has lost out to the tune of several million dollars. Genel will also pay for 2 drilling wells. Genel’s CEO is ex-BP man, Tony Hayward

Certainly it sounds a bit suspicious that the deal with Genel was consummated just 3 weeks after Leni’s exit and the company has demanded answers to questions on seismic data on the Maltese block as well as details of the timings of negotiations. On August 13, when MOG announced the Leni deal had been approved by Maltese authorities, it also revealed that seismic work had shown three leads in Cretaceous zones on the Maltese exploration block.

As often written, it’s a murky world in AIM and the Mediterranean directors seem to have played Leni. Ultimately the courts may decide whether it was illegal or not. Either that or the management team at Leni are rather incompetent!

Contrarian Investor UK

.

Is something stirring here?, Massive volume for the first couple of hours today..

3 September 2012

LENI GAS AND OIL PLC

("LGO" or the "Company")

Malta Area 4, Legal dispute with Mediterranean Oil and Gas

The Board of LGO announces that, through its lawyers Mishcon de Reya, the Company has attempted to seek confirmation from Mediterranean Oil and Gas Plc ("MOG") of the factual position underlying MOG's representations to LGO before the sale of the Company's 10% working interest in Malta Area 4.



Today's announcement follows LGO's statement on 23 August 2012, in which the Company expressed surprise that MOG had entered into farm-in agreements with Genel Energy Plc ("Genel") for a $10 million cash consideration and two well commitment on the off-shore Malta Area 4 PSC, only weeks after LGO had agreed to sell its 10% working interest to MOG for $1 plus approximately $20,000 of joint venture liabilities.



MOG has not provided any information. Accordingly, LGO has instructed Mishcon de Reya to repeat its request for confirmation of the factual position. Should no satisfactory answers be received by the evening of Monday 3rd September 2012, Mishcon de Reya has been instructed to seek disclosure through the courts and to assess LGO's grounds for rescission of the sale of its 10% interest in Malta Area 4 on the grounds of misrepresentation.



Mishcon de Reya has requested that MOG answer the following questions in full and in detail, and also provide copies of all information relating to the 2011 Long Offset 3D Seismic on Malta Area 4, to which LGO participated as a joint venture partner.



1. What does the 2011 3D seismic actually indicate as to Cretaceous prospectivity or any other prospectivity, what risks and reserves have been estimated and provided to Genel and/or other third parties and on what date(s)?

2. At what time did this prospectivity become evident to MOG and its subsidiaries?

3. On which date did MOG first have discussions with Genel or any of its shareholders, officers or staff concerning the PSC or the underlying hydrocarbon deposits to which it relates?

4. How did MOG come to speak to Genel about the PSC - and which party made the approach?

5. On which date was the prospect of Genel acquiring an interest in the PSC first raised?



Neil Ritson, LGO's CEO commented:

"LGO made it expressly clear to MOG, before entering into sale negotiations, that it would not sell its interest in Malta Area 4 if the 3D seismic analysis indicated Cretaceous prospects. LGO would not have sold its interest for $1 plus liabilities had it been aware of interest from Genel Energy Plc or other potential farm-in partners. LGO considers that MOG's subsidiary PECL, as Operator, was at all times under a duty to provide such information to LGO. LGO is concerned that representations other than the factual position may have been made to it prior to agreeing to sell and before signing the sale of its 10% working interest in Malta Area 4."

Mining and Resource Investor Evening- London - 21st November 2012

Following the resounding success of our previous evening events, Mining and Resources Quarterly and Shares Magazine are proud to offer another chance for you to meet, hear from and ask questions of key senior management figures from carefully selected companies in the mining, oil and gas sector.

This event offers an unique opportunity not only to hear about the latest plans from some of the most exciting companies in the sector, but also to put your questions to the people that matter. What is more, there is a free drinks and canapés reception where you can mingle with industry leaders and your fellow investors. Make sure you don't miss this unique opportunity to get the answers you need from the people who make the market.

The evening conference is tailor-made for private investors and profesionals who already have exposure to mining and resources stocks, or anyone who is considering putting money to work in these exciting and dynamic industries.

Tickets are completely free but places are strictly limited so register now.



Date: Wednesday 21st November 2012

Venue: Novotel London Bridge,10 Pepys Street, London EC3N 2NR

Registration: 6.00pm

Presentations: 6.30pm followed by a drinks/canapés reception

Companies Presenting:


Leni Gas & Oil



Leni Gas and Oil Plc (LGO) is an oil and gas production company that delivers growth through the selective acquisition of underdeveloped reserves and their enhancement. The Company identifies projects which can be enhanced through the application of commercial and technical expertise.

LGO invests in a relatively small number of assets, generally with a high working interest and operatorship, where it can apply its resources most effectively.
Since incorporation in 2006, LGO has invested in production in Trinidad, Gulf of Mexico and Spain. The Company has invested in areas with proven production and where there is significant further opportunity for development. Recently LGO has divested its minority interests in the USA to focus on its growing oil production interests onshore in Trinidad.

In 2011 LGO spent over €3 million on work to establish a higher production rate in Spain. Though production was significantly increased, the cost per barrel was seen to be prohibitive since access to capital was limited. LGO then embarked on a turnaround aimed at moving the business focus from high cost operations in Spain to lower cost operations onshore in Trinidad.

This process was started in late October 2011 and progress has been steadily achieved, but at a cost to shareholder confidence and resulting in a share price fall. The presentation will report on the process, on the issues encountered, the achievements to date and the way ahead. Significant sources of future value will be demonstrated.

Speaker: Neil Ritson, Chief Executive Officer


Tri-Star Resources


Tri-Star Resources (TSTR) is an antimony focussed development company with the strategic objective to become the west’s leading integrated producer of this critical metal, ranked top of the European and British Geological Survey’s list of most critical metals for industrial use.


The management team has a proven track record in the antimony market and the key assets are a mine and exploration licence in Turkey, Goynük, and a large exploration district in Stanley, Canada. It also has an antimony roaster facility being designed for construction in the United Arab Emirates (UAE) with a strong local partner.

REGISTER NOW

MORE COMPANIES TO BE ANNOUNCED

SP has doubled over the last 10 days, 50% increase from here and I'm in profit, just.
2517

Some big buys this morning.

Todays rns sounds promising, they have cancelled a credit line because it is not required.
2517

Seems to be becoming better regarded than of late. Could the new direction be marking a turning point?

hhhmmm no news though.
2517

After starting this thread 3 and half yrs ago and selling... I'm now back in! onwards and upwards!

I first bought LGO in June 2009 @ 5.38p, have traded many times since.
2517

rns production update, another case of travelling is far better than arriving.
2517

Listen to an interview with Leni Gas & Oil

Click here

Listen to Neil Ritson, CEO, Leni Gas & Oil discuss the debt facility.

Click here to listen

Watch the new LGO video which is going live at 2:30GMT

Click here to watch

Watch Leni Gas & Oil - AGM highlights

CLICK HERE TO WATCH

LGO has near tripled production and no comments on here !!

Check last Rns


June 2013

LENI GAS AND OIL PLC

("LGO" or the "Company")

Production Update

LGO today announces that Group-wide oil production from its operations in Trinidad and Spain now exceeds 400 bopd and on the 10th June 2013 total production was over 450 bopd, a new Group record.

In Trinidad, where the Company produces from the Goudron and Icacos fields, LGO's net oil production has increased to 315 bopd on the 10th June 2013.

Oil production has increased consistently since the acquisition of the Goudron field in October 2012 (LGO; 100% operator) and Goudron now contributes two-thirds of the Group total. Production growth is expected to continue through 2013 as additional wells are reactivated and placed on pump. The Company continues to operate two work-over rigs on the field installing new beam pumps and down-hole equipment which arrived in the field over the past few months. Beam pump units for 20 further wells are on order and will be delivered progressively between now and September 2013.

The Icacos Field performance (LGO; 50% non-operator) has been less strong in recent weeks and additional well work-overs are required by the operator to restore previous production levels in excess of 35 bopd (gross). Although not a significant producer to the Group, LGO expects Icacos to be back to recent levels within the next few weeks.

Production from the Company's field at Ayoluengo in Northern Spain (LGO; 100% operator) continues to perform well with oil production on 10th June 2013 of 143 bopd (FY 2012 average: 130 bopd) and it is anticipated to remain broadly at this level for the remainder of 2013. LGO is currently seeking a partner to co-invest in future production enhancement projects at Ayoluengo where a number of potential capital projects to raise production levels have been studied.

Neil Ritson, LGO Chief Executive, commented: "We continue to be ahead of our planned progress towards the 400 bopd target set by the Company for Trinidad by end year. We are continuing at an aggressive pace in Trinidad and we remain confident of the development potential in the country."