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Company Timeline...

Discover key highlights since LGO was incorporated on the 9 August 2006.

Company Timeline

30 January 2017

The Spanish Cabinet of Ministers did not approve the extension of the 100% owned Spanish concession, La Lora, and the Concession ends at midnight on 31 January 2017. The Ministry of Industry, Energy and Tourism has indicated that it will offer the Ayoluengo Field to CPS for a new concession as soon as possible. Employment contracts for the vast majority of CPS's staff members are suspended, initially for a period of up to one year.

13 January 2017

CPS announced temporary suspension of production operations was underway at the Ayoluengo Field in order that necessary operations were completed by the end of January 2017 which marks the end of the initial 50-year term of La Lora Concession.

4 January 2017

Rig contract signed with Sadhna Petroleum Services for the first wells in the Mayaro infill program at the Goudron Field.

21 December 2016

• LGO announced its 2017 drilling plans at the Goudron Field, Trinidad including the first of the Mayaro Sandstone infill wells to commence as soon as practical using a conventional drilling rig.

• Notification to hold a General Meeting in 1Q2017 to seek various approvals from Shareholders.

9 December 2016

LGO received first drawdown of US$1.825 million from Lind Partners, LLC. BNP Paribas received US$1.75 million from LGO in full settlement of outstanding loan and released security.

7 December 2016

A US$8.6 million Convertible Security Funding Agreement signed with Lind Partners, LLC for new funds initially to be used to settle remaining debt liability to BNP Paribas.

4 November 2016

Group 3Q2016 production averaged 526 bopd. Well recompletion and re-perforating was used to arrest underlying production declined pending the commencement of Mayaro infill drilling.

22 August 2016

Group’s 2Q2016 production averaged 562 bopd.

18 July 2016

Annual independent resource review performed by Deloitte LLP of the Goudron Field, Trinidad, estimates increased in STOIIP to 975 mmbbls, P1 increased by 22 % adjusted for production of 240,000 barrels of oil to 1.58mmbbls, 2P increased by 4% to 11.79 mmbbls and 3P increased by 9% to 25.60mmbbls.

12 June 2016

Group Q12016 production averaged 574 bopd.

24 March 2016

Goudron IPSC overriding royalty rates for oil prices less than US$50/barrel reduced to below 10%.

9 March 2016

Termination of the formal sales process and end of the initial advisory period with Wellford Capital Markets, LLC and Height Securities, LLC.

24 February 2016

Group 4Q 2015 production averaged 658 bopd.

December 2015

•Trinity Exploration & Production Plc and LGO agreed a full and final settlement for the immediate cancellation of the Sale and Purchase Agreement signed in November 2014 to acquire Trinity's interests in Tabaquite E&P Company Limited which holds the Tabaquite Block.

•LGO announced strategic review (formal sales process) and the commencement of an offer period.

•Negotiations to acquire the Trinity-Inniss IPSC were formally terminated.

November 2015

• LGO reached an agreement with BNP Paribas on the crystallization of existing funds drawn down in March 2015 at its contemporaneous value of US$10.8 million.

• Wellford Capital Markets, LLC and Height Securities, LLC retained for an initial 3 month period to work with LGO's management to define options for longer term sustainability, including sourcing strategic investors and the possible refinancing of the existing bank loan with BNP Paribas.

October 2015

• A mechanical problem was encountered with well GY-678 in the Goudron Field, Trinidad. The Company attempted to recover downhole equipment which was causing an obstruction below the 9 5/8-inch casing, however, this was not successful. Consequently a cement plug was set in the surface casing. All downhole equipment, including the logging while drilling tools, were lost in the hole.

• LGO completed the acquisition of a 25% stake in Beach Oilfield Limited (BOLT). Through this acquisition LGO has access to an interest in the shallow petroleum rights held by BOLT, including the onshore Bonasse Oilfield, Trinidad.

June 2015

Results published of the independent review of the reserves of LGO operated Goudron Field, Trinidad, conducted on its behalf by Senergy (GB) Limited. Best estimate oil in place within the field has increased since the previous independent review by Challenge Energy Limited in 2012 by over five-fold and is now estimated to be 805 million barrels.

April 2015

Drilling underway in Trinidad on a 7 well C-sand programme at Goudron with spudding of well GY-672.

March 2015

A total of £11.78 million were drawn from the BNP Paribas pre-paid swap loan facility to fund 2015 development drilling programme in Trinidad and upgrade Goudron Field’s oil handling infrastructure.

February 2015

• LGO sponsored Full-Tensor Airborne Gravity survey of southern Trinidad with ARKeX was successfully completed.

• Goudron E&P limited signed a US$25 million prepaid oil swap agreement with BNP Paribas to fund ongoing Goudron Field development in Trinidad.

January 2015

Full-Tensor Gravity Gradiometry (FTG) airborne survey commenced over the Company’s Goudron and Cedros assets and were also flown over the entire southern half of Trinidad.

December 2014

• Average net oil production from LGO Group’s assets exceeded 2,000 bopd for the first time.

• Flow rate of Goudron well GY-670 exceeded 1,000 bopd and was reported to be the best new onshore well in Trinidad for 20 years.

November 2014

• Agreement to acquire Beach Oilfield Limited (BOLT) deep rights in the Cedros Peninsula, Trinidad, extended to September 2015.

• The Company changed its name from Leni Gas & Oil plc to LGO Energy plc.

September 2014

• LGO recorded the highest ever daily oil production for the Group to date with Trinidad producing 927 bopd and Spain producing 153 bopd.

• First sale from a newly commissioned sales tank at the Goudron Field to the Pointe-a-Pierre refinery in Trinidad.

August 2014

David Lenigas, LGO’s founding chairman, retired from the Board. Steve T. Horton appointed Non-Executive Chairman.

July 2014

HOA signed to acquire the Trinity-Inness Field IPSC in Trinidad.

May 2014

• First new production well at Goudron Field, Trinidad, for over 30 years, GY-664, was successfully brought on production at a stabilized free flowing, post-clean up, rate of 240 barrels of 37 API oil per day.

• First 100,000 barrels of oil from the Goudron Fieldsold since taking over operations in October 2012.

April 2014

LGO announced that the first new Goudron development well, H18E J1, was successfully spudded.
The well has been officially designated as GY-664.

March 2014

LGO’s claim against Mediterranean Oil and Gas Plc in the High Court of England and Wales in regard to the Company's sale of its 10% interest in Malta Area 4 PSC was not upheld.

February 2014

LGO signed a contract for the drilling of the first eight wells at the Goudron Field, Trinidad.

January 2014

LGO received approval from the Environmental Management Agency of Trinidad and Tobago for a Certificate of Environmental Compliance for the planned drilling campaign of 30 new wells at the Goudron Field.

October 2013

Group production reached 500 bopd.

August 2013

Revised Goudron IPSC terms successfully concluded with the Petroleum Company of Trinidad and Tobago Limited ("Petrotrin") reducing the over-riding royalties and extending licence.

June 2013

• LGO secured a 3 year US$10 million debt facility with YA Global Master SPV Ltd. The first US$2 million was drawn down to increase the Company's oil production operations at the Goudron Field in Trinidad.

• LGO signed a Letter of Intent with Beach Oilfield Limited ("BOLT"), a private Trinidadian registered company, regarding cross-assignment of interests in the Cedros Peninsula of south western Trinidad and Tobago.

January 2013

LGO issued proceedings against Mediterranean Oil and Gas Plc in the High Court of England and Wales in regard to the Company's 31 July 2012 sale of its 10% interest in Malta Area 4 PSC.

November 2012

A definitive Sale and Purchase Agreement was signed to divest LGOs remaining interests in seven leases in the US Gulf of Mexico including the producing Eugene Island-184 field for a cash consideration of US$1.625 million. The agreement with RAVI Corporation for the sale of LGO’s Spanish assets was formally terminated.

October 2012

Transfer of 100% ownership of the Goudron Field Incremental Production Service Contract ("IPSC") onshore south-eastern Trinidad to LGO's subsidiary Goudron E&P Limited was completed and LGO became formal Operator of the Goudron Field.

September 2012

The Sale and Purchase Agreement with RAVI Corporate for the sale of LGO’s Spanish subsidiary was extended until the 21 September 2012.

August 2012

• Agreement was reached with Byron Energy Inc to sell interests in two Gulf of Mexico exploration leases; South Marsh Island-6 and Ship Shoal-180, in which LGO held a 20% interest for a consideration of US$400,000.

• LGO divested its minority 10% interest in the offshore frontier block covered by the Area 4 Petroleum Sharing Contract in Malta.

July 2012

LGO signed a definitive Sale and Purchase Agreement with RAVI Corporation for the divestment of its Spanish assets for a cash consideration of €8 million.

May 2012

LGO mobilised a work over rig to Goudron Field in south-eastern Trinidad to assist the current operator to increase production.

February 2012

Drilling operations with the Ocean Columbia jack-up rig commenced at the Eugene Island Field in the US Gulf of Mexico.

January 2012

LGO and Range Resources Limited agreed a heads of terms to explore ways to jointly develop their interests in the Eastern Fields Area onshore southern Trinidad, including the Goudron and Beach Marcelle fields.

November 2011

• Fugro-Geoteam Pty Ltd were contracted to acquire the additional 1,000 square kilometre 3D seismic survey over Area 4 PSC covering Blocks 4, 5, 6 and 7 offshore Malta where LGO held a 10% interest. The additional seismic data was planned to be used to fully define a drilling prospect.

• LGO acquired the subsurface rights to several additional land leases in the Cedros Peninsula of SW Trinidad, totalling 937 acres. These leases, which lie immediately adjacent to the Company's producing interests at Icacos, were combined with the 815 acres already leased earlier in 2011.

October 2011

LGO announced its intention to acquire Goudron E&P Limited, which holds exclusive rights to acquire the Incremental Production Service Contract for the Petroleum Company of Trinidad Limited owned Goudron Field in onshore south-eastern Trinidad.

July 2011

Agreement was reached with Advance Oil Company (Trinidad) Ltd to farm-in to their Moruga North leases in the first of a number of new opportunities that LGO negotiated in Trinidad with the aim of significantly increasing operations.

June 2011

The Area 4 Petroleum Sharing Agreement covering Blocks 4, 5, 6 and 7 offshore Malta, in which LGO held a 10% interest, was extended by 18 months until 18 January 2013, with a commitment to acquire an additional 1,000 square km of 3D seismic data.

April 2011

A work programme focused on six high productivity wells in the crestal area of the Ayoluengo Field in Spain and the perforation of previously untapped reservoir in the Hontomin-2 well on the nearby Hontomin Field was carried out.

November 2010

• Neil Ritson appointed as the Company’s first Chief Executive Officer.

• An agreement was signed to cooperate with Sorgenia International B.V and Rohöl-Aufsuchungs Aktiengesellschaft (RAG) to assess a potential joint venture for the exploitation of unconventional gas opportunities in Spain.

October 2010

An agreement was entered into with Praxair España, S.L., a Spanish subsidiary of Praxair, Inc. to provide assistance in a nitrogen enhanced oil recovery pilot project at the Ayoluengo Field in Spain.

August 2010

Hontomin-2 well on the Hontomin Field, Spain, was re-entered and work including the running of electric wire line logs and perforation of the existing hydrocarbon intervals and other potential un-depleted zones was undertaken to assess the full production potential of the structure.

July 2010

LGO expanded its acreage position in the US Gulf Coast under terms of the Strategic Alliance Agreement with Byron Energy Pty Ltd. LGO acquired a 20% direct working in Ship Shoal block 180 and South Marsh Island block 6 in the shallow offshore US Gulf Coast.

June 2010

A 3D seismic survey and associated investigation work was carried out at the Hontomin oilfield, Spain, as part of the CIUDEN joint development program.

May 2010

A Heads of Agreement was signed with BP España for a crude oil sales agreement to off-take current and future production in Spain to BP's Castellón refinery in eastern Spain.

March 2010

The Company relinquished all of its holdings in Hungary, composed of 14.54% of ZalaGasCo Kft and 7.27% of PetroHungaria Kft.

November 2009

An agreement was signed with the Fundación Ciudad de la Energia (CIUDEN) for the research, testing and implementation of carbon dioxide (CO2) sequestration pilot sites in Spain.

October 2009

A Heads of Agreement was signed with Byron Energy Pty Ltd to transfer the Company’s 28.94% shareholding in Byron Energy to a direct ownership of its US Gulf of Mexico oil and gas assets.

September 2009

PetroHungaria kft (LGO 7.27%) concluded drilling and logging of the Pen-105 in the Penszlek Development Area of eastern Hungary and was prepared for production testing.

August 2009

LGO was awarded 4 new leases in the Gulf of Mexico Lease Sale 210. The MMS confirmed that Byron was the highest bidder on West Cameron Area, South Addition blocks 469, 472, 473 and 475.

May 2009

Leed Petroleum confirmed the award of the Eugene Island 133 and Ship Shoal 197 leases in the Gulf of Mexico Lease Sale 208. The leases were each to be held for an initial five year "primary".

January 2009

Gulf of Mexico joint venture operator, Leed Petroleum, confirmed that the Eugene Island A-8 well was successfully completed and tested.

December 2008

A new reserves report on Spain was issued following a study by TRACS International. Stock Tank Oil Initially in Place (STOIIP) was calculated across all four primary reservoir sands totalling 109.7 mmbbls and Remaining Oil in Place was estimated at 92.8 mmbbls (85% of STOIIP).

August 2008

• Gas production commenced at the PEN-104 well in the Penzlek area of the Nys permits in Hungary.

• The Company acquired a further 1,000,000 shares in Byron Energy Pty Ltd from IB Daiwa Corporation, for an aggregate cost of US$6.57 million and increased its holding to 28.94%.

July 2008

• Byron Energy acquired a 25% Working Interest in Eugene Island Blocks 183 and the southern half of Block 184, including the Eugene Island 184A platform and production facilities. Byron also acquired a 12.5% Working Interest in the northern half of Eugene Island Block 184 and 10.37% Working Interest in Eugene Island Block 172, excluding the Eugene Island 172 producing reserves and platform.

• LGO acquired a 7.27% interest in PetroHungaria Kft and a 14.54% interest in ZalaGasCo Kft. PetroHungaria owned a 100% interest in the Peneszlek gas development and ZalaGasCo a 50% joint venture with MOL for the redevelopment of various fields in Western Hungary.

April 2008

The Company acquired the remaining 11.25% of the operational Ayoluengo Oilfield in Spain to effect 100% ownership.

January 2008

Company acquired a 50% interest in the producing Icacos oilfield in Southern Trinidad. The field is operated by Primera.

December 2007

Additional 2D seismic was commissioned in Malta during June to December 2007 with a view to identifying drillable projects within the Area 4 PSC where LGO held a 10% interest.

November 2007

Acquisition in Spain completed and LGO commenced trading on AIM with effect from 16 November 2007 following the planned reverse transaction. The Company held a 88.75% of the Ayoluengo Oil field in Spain.

October 2007

Company entered into a conditional agreement to purchase the entire issued share capital of Compañia Petrolifera de Sedano for cash and shares totalling £2,075,000. The Acquisition constituted a Reverse Takeover under the AIM.

May 2007

LGO completed a Farm-In Agreement with Malta Oil Pty Ltd for the acquisition of 20% interest in four oil and gas exploration blocks, known as Area 4, in Maltese waters for expenditure of up to US$5m.

March 2007

The Company was admitted to AIM on 19 March 2007.

August 2006

LGO (Leni Gas and Oil plc) was incorporated on the 9 August 2006.