LGO has raised £1.575 million before expenses, by way of a Company arranged placing of 52.5 million new ordinary shares (the Placing Shares) at a placing price of 3 p per share.

The funds will be deployed as additional working capital to ensure the pace of the Company's planned work program in Trinidad, especially drilling at its flagship Goudron Field development, is not effected by the current lower commodity price environment.

The Company's production operations in Trinidad and Spain are inherently low cost and as a result remain economically robust at current and likely future oil prices.

Tags: LGO Energy