Leni Gas & Oil plc has acquired the remaining 11.25% of the onshore Ayoleungo oil field in Northern Spain from Gold Oil Plc for €315,211.

The Ayoleungo oil field has already produced over 17 million barrels of oil and at present produces about 135 barrels of oil per day.

The Ayoleungo Field, was discovered in 1964 by Chevron, and is the only onshore oil field in Spain. Production commenced in 1964, which hit peak production of 5098 bopd in July 1969. To date 52 production wells have been drilled at Ayoleungo, of which 41 are shut in, leaving 11 still producing. The Company will seek to re-open and re-work old production wells and commence an active drilling programme targeting new production wells during the course of the year.

David Lenigas, Chairman and Chief Executive of Leni Gas & Oil said, "The Ayeleungo oil field in Spain is the Company's major production asset and the increase in ownership to 100% of the production will now allow the Company to work with its various consultants to re-pressurise the oilfield over the next year to significantly increase production."

Tags: Gold Oil plc, Leni Gas & Oil Plc