LGO Energy PLC Sale of Oil in Spain (3583Q)
November 29 2016 - 2:00AM
UK Regulatory
TIDMLGO
RNS Number : 3583Q
LGO Energy PLC
29 November 2016
For Immediate Release, Embargoed until 7 am
29 November 2015
LGO ENERGY PLC
("LGO" or the "Company")
Sale of Oil in Spain
LGO today confirms the successful conclusion of negotiations for
the sale of over 10,000 barrels of oil stocks in Spain.
Further to the Company's announcement on 4 November, a
commitment has now been received from a Spanish buyer for LGO's
local subsidiary, Compañia Petrolifera de Sedano ("CPS"), to
deliver a total of 11,200 barrels of Ayoluengo crude oil in
December 2016 and January 2017. The oil has been sold at a price
competitive with local fuel oil, and the funds generated will be
used in CPS operations and general corporate working capital.
In separate news from the Ayoluengo Field, the CPS-owned
workover rig has recently undergone a two yearly mechanical
recertification and has now been returned to service.
Neil Ritson, LGO's Chief Executive, commented:
"We are happy to have concluded the sale of accumulated surplus
stocks of oil built up at the Ayoluengo field over 2016. Whilst the
Company is still awaiting a final decision from the Spanish
government on CPS's application for a 10-year concession renewal
from 1 February 2017 we are continuing with normal operations and
preparing for various contingencies, including potentially applying
for a new 30-year concession should the Company consider that to be
advantageous."
Enquiries:
LGO Energy plc +44 (0) 203 794 9230
Neil Ritson
Fergus Jenkins
Beaumont Cornish Limited +44 (0) 20 7628 3396
Nomad
Roland Cornish
Rosalind Hill Abrahams
FirstEnergy Capital LLP +44 (0) 20 7448 0200
Joint Broker
Jonathan Wright
David van Erp
Bell Pottinger +44 (0) 20 3772 2500
Financial PR
Henry Lerwill
This information is provided by RNS
The company news service from the London Stock Exchange
END
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