LGO Raises £2.3 million for Cedros Peninsula in Trinidad
LGO today announces that the Company has successfully raised £2.3 million before expenses, by way of the placing of 48,418,167 new ordinary shares (“the Placing Shares”) at a placing price of 4.75p per share to assist with accelerating LGO’s oil exploration efforts on its various Cedros Licenses in Trinidad including the recently announced airborne gravity survey.
LGO will be participating in the flying the first Full-Tensor Gravity Gradiometry (“FTG”) airborne survey over the entirety of the onshore Southern Basin of Trinidad, which has historically produced more than 3 billion barrels of oil.
LGO holds rights to approximately 10,900 gross acres of petroleum leases in the Cedros Peninsula of southwestern Trinidad and is planning a deep (approximately 12,000 feet) exploration well to test the presence of potentially oil bearing Lower Cruse and Herrera Sandstones that have previously been successfully tested by wells offshore in the Soldado complex of oil fields. The en-echelon structures offshore at Soldado have yielded major oil fields up to over 200 million barrels and it is LGO’s view that similar structures may lie onshore beneath the Cedros.
Neil Ritson, LGO’s Chief Executive, commented:
“The FTG survey marks the next milestone in our extensive program of developing the exploration play in the underexplored Cedros Basin and we look forward to receiving the results in the New Year. ”
Source: Leni Gas & Oil PLC