Leni Gas and Oil plc was incorporated on the 9 August 2006. The Company was admitted to AIM on 19 March 07.  Following admission to AIM LGO made the following investments stated below.  These investments were primarily acquired using the funds raised from the following share placements:

    •    Raised £3.85m at 3p in March 07
    •    Raised £ 3.35m at 6p in August 07
    •    Raised £16.36m at 8p in June/July 08

In May 2007 LGO completed a Farm-In Agreement with Malta Oil Pty Ltd for the acquisition of 20% interest in four oil and gas exploration blocks, known as Area 4, in Maltese waters for expenditure of up to US $5m.

2D seismic commissioned during June to December 2007 with a view to identify drillable projects.

In July 2008 the initial Farm-In Agreement was varied such that LGO now contributes only US $2.5m for a 10% working interest in Area 4 and the Production Sharing Contract between Malta Oil Pty Ltd and Maltese Government.

In November 2007, the company acquired 88.75% of the Ayoluengo Oil field in Spain with revenues attributable from 1 August 2007.  In April 2008 the Company validated the potential of the first production asset by way of acquiring the remaining 11.25% to effect 100% ownership of the operational Ayoluengo Oilfield in Spain, and has embarked on an ambitious exploitation programme to realise incremental recoverable reserves of 10mmboe, and increase production above 1,000 bopd through a variety of proven secondary recovery techniques.

The Ayoluengo Oilfield was developed by Chevron in the 1960’s and full production facilities exist for a 10,000 bbl per day operation, with the operations well equipped and staffed to handle the targeted oil production increase.

The surrounding 556 sq.kms of exploration acreage in Spain (Basconcillos H, Huermeces and Valderredible permits) also show significant potential for additional near-term developments, and the Company’s technical team are currently conducting an area wide re-interpretation to develop a fast-track exploitation program. To this extent, the Company increased its holding in these permits from 50% to 85%.

In January 2008 the Company acquired a 50% interest in the producing Icacos oilfield in Southern Trinidad by way of exercising its option agreement. The field is jointly owned with the operator of the field, Primera Oil.  Current daily production for the field is 31 bopd from only 3 of 14 wells.  A contractor is currently on site reworking and logging abandoned holes with the view of increasing current production levels.

This acquisition of the producing Icacos oilfield in Trinidad provides the Company with a foothold in one of the richest oil and gas bearing areas of the world, and access to the highly prospective East Venezuelan Basin. Initial data analysis of the prospect has identified a potential deep oil & gas play of significant magnitude.

In July 2008 LGO acquired a net 7.27% interest in the Penészlek gas development project, eastern Hungary as well as a net 7.27% interest in the Bajcsa gasfield redevelopment project, western Hungary through the acquisition of 14.54% interest in ZalaGasCo, which will have a 50% interest in that redevelopment project with MOL, the leading Hungarian oil company.
 

In July 2007 LGO acquired 3,34 million new shares in Byron Energy Pty Ltd ("Byron"), giving it 22.3 per cent (22.3%) of the issued share capital of Byron for an aggregate cost of approximately US$22 million in cash.

Byron is a private Australian company, incorporated in 2005. Since its incorporation, Byron has operated as an oil & gas exploration, development and production company focused on opportunities in the US Gulf of Mexico and the US Lower 48.

On 21 July 2008, the Company announced that Byron Energy completed a transaction to acquire a 25% Working Interest in both Eugene Island Blocks 183 and the southern half of Block 184 (Net Revenue Interest up to 20.83% in Block 183 and 19.17% in the southern half of Block 184), including the Eugene Island 184A platform and production facilities. Byron has also acquired a 12.5% Working Interest (Net Revenue Interest 9.58%) in the northern half Eugene Island Block 184 and 10.37% Working Interest (Net Revenue Interest 8.64%) in Eugene Island Block 172, excluding the Eugene Island 172 producing reserves and platform.  These properties were acquired from Leed Petroleum plc under the terms of the Scouting Agreement between Byron and Leed.

In addition the Company acquired a further 6.64% in Byron for US $6.57 million.  LGO now holds 28.94% of Byron.

The Company holds an option to acquire a 10% interest in Ascent’s Seeland-Frienisberg Exploration Permit in Switzerland.