Leni Gas & Oil has exercised its Option Agreement to purchase the entire share capital of Eastern Petroleum Australia Pty Ltd ("Eastern"). Eastern's main asset is a 25% interest in the Icacos Permit which is a 1,900 acre Icacos Oilfield located on the Cedros Peninsula of Southern Trinidad, and lies within the East Venezuelan Basin. Leni Gas has also purchased a further 25% interest in the Icacos permit from Kroes Energy Inc. ("Kroes") giving the Company a total interest of 50% in the field.

This field adheres to the Company's investment strategy to acquire current production with potential for improved production from the existing wells and low-cost exploration. The field will be jointly owned with the operator of the field Primera Oil, an active participant in the Trinidad petroleum industry.

The field has produced oil since its discovery by Premier Oil in 1965, mostly 28API gravity crude, from Miocene age sands of the Upper Cruse Formation at depths of typically between 450 ft and 3,000 ft. The leases expire variously between 2023 and 2028.

Current daily production for the total field is 31 barrels per day from only 3 of 14 wells. It is the intention to increase this level utilising regular well maintenance and modernisation techniques. Previously producing wells are planned to be reconditioned and others reopened to take advantage of renewed demand and pricing of oil. This acquisition brings Leni Gas's current daily production to some 130 barrels.

Tags: Leni Gas & Oil Plc