Leni: Increased Production Prospectivity Identified at Ayoluengo

Leni Gas & Oil Plc, an oil and gas development and production company, announces that the geology and production history of its wholly owned Ayoluengo Field in Spain has been reviewed by TRACS International, the Aberdeen based international consultancy services company that specialises in the petroleum industry.

TRACS has re-interpreted the historic data from the field to identify increased production prospectivity. After over 40 years of production the field has produced 17 million barrels of oil ("mmbo") from a STOIIP ("stock tank oil initially in place") in the range of 93-116 mmbo, representing an average recovery of only 17%, which is low for a good quality sandstone reservoir.

TRACS International has reviewed the geological and production history of the Ayoluengo Field to investigate whether additional oil could be produced using proven secondary recovery techniques. The conclusion is that there is potential to increase oil production through a combination of proven recovery methods which to date have not been used. These methods include the use of water injection to increase reservoir pressure and sweep, the drilling of shallow infill wells to reach potentially un-depleted zones, and stimulation of existing wells to improve individual well productivity.

The report has identified multiple stacked reservoirs sands which shall require different recovery techniques to maximise production.

TRACS believes the best method to enhance production is via water injection to re-energise the zones and increase production as these zones have the highest net to gross and lateral connectivity.

David Lenigas, Executive Chairman, commented, "This initial re-evaluation of the Ayoluengo Field validates the substantial potential of this asset and thus our acquisition. Proven oilfield secondary recovery techniques have never been used on the Field and we aim to substantially increase production in the near term, and use the experience to develop the surrounding exploration licences. As the Ayoluengo Field also has long term potential for gas storage, we are about to embark on a game changing play in one of the oldest oil and gas operating basins in Spain.

"On the basis of the findings of the TRACS report; Leni Gas & Oil will now be assessing the best methods to increase and accelerate oil production to 1,000 bbls per day or above in the coming months."


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