Leni Gas & Oil has raised £7 million before expenses, by way of a Company arranged placing of 200 million new ordinary shares (the Placing Shares) at a placing price of 3.5p per share. This placing will enable the Company to accelerate the closing of the US$5 million Trinity-Inniss Oil Field transaction announced without drawing down on the Company's short-term debt facilities and will provide LGO with capital for its expansion plans in Trinidad.

This new funding will also provide the necessary working capital to deploy the work-over rigs to Trinity-Inniss without impacting the ongoing 30 well development programme at the Company's nearby producing Goudron Oil Field.

Tags: Leni Gas & Oil Plc