LGO Updates on GOM Direct Ownership, Production Agreement
Leni Gas & Oil plc ("LGO") advised that in relation to the Heads of Agreement with Byron Energy to transfer the Company's shareholding in Byron Energy from an indirect to a direct ownership of its US Gulf of Mexico oil and gas assets, Agreements have now been signed by both parties which should enable the transaction to be completed over the coming weeks.
The Sale Agreement between LGO and Byron Energy are now subject to (1) Byron Energy shareholders approving the transaction at a soon to be convened General Meeting of their shareholders and (2) LGO's US subsidiary which has been specifically established for this transaction becoming properly authorized by the relevant authorities in the US to hold these interests.
David Lenigas, Executive Chairman, commented, "We are pleased that the agreements between LGO and Byron have been completed today and look forward to the oil and gas revenue from the Gulf of Mexico being to our account in the near future and being an active participant in the expansion of this exciting portfolio with Leed Petroleum PLC and Byron Energy."
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