LGO Plans to Obtain New 30-Year Production Concession at Spanish Field

International oil and gas exploration and production firm, LGO Energy plc, announced Thursday that it wants to obtain a new 30-year production concession covering the Ayoluengo field in northern Spain, through a wholly owned subsidiary.

Ayoluengo was previously operated by LGO’s 100 percent owned Compañía Petrolífera de Sedano, S.L.U. (CPS) until the termination of the La Lora Concession Jan. 31. The company has formally notified the Spanish Ministry of Energy, Tourism and Digital Agenda that CPS wishes to immediately commence the process of obtaining a new 30-year production concession covering Ayoluengo.

"LGO holds all the relevant data, experience, technical studies, staff expertise and oil field equipment needed to rapidly re-establish, and further develop, oil production operations at Ayoluengo,” Neil Ritson, LGO's executive chairman, said.

“We hope that by moving quickly to establish the administrative requirement for a new concession the process can be completed quickly and our Spanish employees can return to paid employment as soon as possible,” he added.

Under European Union and Spanish legislation the offer of a new concession requires a process of public tender in which the previous concession holder has preferential treatment.

LGO is currently considering various options to apply for a new concession on a sole basis or in partnership with third parties, the company said.



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