Leni Gas & Oil PLC

Trinidad operation now comprise of two main assets, the Icacos Oilfield and the Goudron Field. The 1,900 acre Icacos Oilfield in which Leni Gas & Oil (LGO) has 50% interest is located on the Cedros Peninsula of South-western Trinidad and lies within the East Venezuelan Basin.

The Gourdon oilfield lies between the East Moruga and Beach Marcelle fields in south-eastern Trinidad and has direct access to the Petrotrin oil export pipeline to the Pointe-a-Pierre refinery in western Trinidad. The field was originally discovered by Trinidad Leaseholding Limited in 1927 and was developed in its current form by Texaco between 1956 and 1986 when it passed to Petrotrin. A field reactivation contract was signed in late 2009. LGO has acquired the rights to acquire the Incremental Production Service Contract (IPSC) and expects to take over operatorship in early 2012.

• The existing producing zones have reserves of proven 1.9 mmbbls and estimated 3P reserve of 21.8 mmbbls
• The concession covers a total of 2,875 acres (11.4 sq km)
• The current production comes from a small number of active wells out of a total of about 150
• Production potential has been estimated to be in the range 1,000 to 4,000 bopd
• Additional undeveloped reservoirs in the Gros Morne (Upper Cruse) and Lower Cruse formations provide considerable opportunities for future reserves growth
• Much of the concession is underexplored and significant exploration opportunities exist

• 1,960 acres, onshore producing since 1960’s
• No seismic and exploration limited to shallow horizons
• Gross average 2011 (YTD) production 36 bopd
• Additional development potential and deeper targets
• New 100% LGO owned 815 acre lease acquired in 2011
• Additional leases in the Cedros are being negotiated

LGO has signed a farm-in agreement with Advance Oil Company (Trinidad) Limited to participate in future production and exploration drilling in leases in the Moruga North area of the Southern Basin of Trinidad. The definite agreements and assignment of operatorship are expected to be completed in 2011 and the first exploration well will be drilled in 2012. Two existing production wells will also be reactivated as soon as practical and are expected to produce up to 120 bopd (gross) once the necessary workovers have been carried out.

The onshore oilfields of southern Trinidad perfectly fit LGO’s strategy of acquiring and redeveloping fields with unexploited reserves. Using new technology and making investments in workovers, new facilities and infill wells LGO expects to substantially increase the production from its acreage in Trinidad in the next few years. Additional opportunities exist to add further assets and there is untapped exploration potential associated with each of LGO’s fields.