LGO Gets Green Light for GOM Direct Ownership Transfer
Leni Gas & Oil plc ("LGO") advised that in relation to the Heads of Agreement with Byron Energy Pty Ltd ("Byron Energy") to transfer the Company's shareholding in Byron Energy from an indirect to a direct ownership of its US Gulf of Mexico ("GOM") oil and gas assets, Byron Energy shareholders have today approved the transaction at a General Meeting of their Shareholders.
David Lenigas, Executive Chairman, commented, "We are pleased that Byron Energy's shareholders have approved the transaction and under Australian law, where Byron Energy is incorporated, there is now a two to three week period required to fully transfer the rights in the Gulf of Mexico to LGO's subsidiary which has now been properly established to hold the direct working interests in the producing Eugene Island oil and gas field."
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