LGO has signed a non-binding Heads of Agreement (HOA) with Maxim Resources Inc. (Maxim) (listed on the TSX Venture Exchange in Toronto) regarding oilfield development opportunities in Trinidad and Tobago (Trinidad).

On signature of the HOA, the Company will make an initial refundable payment of CDN$75,000 to Maxim, which they will then use for general working capital purposes. Subject to contract and due diligence, the HOA's contemplate further payments totalling up to an aggregate of a maximum of CDN$2.425 million subject to performance milestones, in return for which LGO will receive approximately 30,000,000 shares in Maxim, representing a maximum of 49.99% of the issued share capital of Maxim.

Upon successful negotiation and execution of definitive agreements with respect to the transactions contemplated in the HOA, LGO shall have the right to nominate two directors for election to Maxim's board of directors at the next annual meeting of Maxim's shareholders.

Tags: Leni Gas & Oil Plc, Maxim Resources Inc.