LGO has signed a further agreement with Beach Oilfield Limited (BOLT) concerning the acquisition of BOLT's deep petroleum rights in the Cedros Peninsula (Deep Rights). The total consideration remains as previously announced at US$2,500,000, of which LGO is now making a refundable partial payment of US$400,000 in shares. This secures continued exclusivity for LGO to complete the transaction with an extended long-stop date for the transfer of the Deep Rights of 30 September 2015.
Neil Ritson, LGO's Chief Executive, commented,"We are currently preparing to fly a major airborne survey over all the areas under lease in the Cedros, and further afield, and are delighted to have agreed a further step in securing LGO's exclusive access to the area, which we consider to have major untapped potential for future oil discoveries. This is one of the most underexplored parts of Trinidad however due to its close geological and geographical proximity to the major accumulations in Venezuela and offshore in the Gulf of Paria LGO is keen to pursue an active exploration program in the area."