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Leni Gas And Oil Plc announces partnership in Spain

Tuesday, 18 Mar 2014 03:00am EDT 

Leni Gas And Oil Plc:Signs a heads of terms with an Italian group, Pansoinco s.r.l.The intention of the parties is that Pansoinco will become a long term strategic partner for LGO's oil and gas assets in Northern Spain, including the producing Ayoluengo Field.An initial payment of $2.8 mln to LGO at closing for the transfer of 65 pct of the shares in Leni Investments CPS Limited, the holding company of Compañía Petrolífera de Sedano, S.L.U.(CPS), to Pansoinco.And for Pansoinco to assume operatorship and all operating and development costs from closing until Jan. 31, 2017, after which the partners will proceed on the basis of their respective 65 pct and 35 pct stake in CPS. 

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