LGO Sells Malta Stake. Puts Focus on Trinidad

LGO Sells Malta Stake. Puts Focus on Trinidad


Leni Gas and Oil Investments Limited (“LGOI”), a subsidiary of LGO, has agreed to sell its interest in the PSC (“Interest”) to Phoenicia Energy Company Limited (“PECL”), a subsidiary of Mediterranean Oil and Gas plc (“MOG”) to acquire the 10 per cent interest LGOI holds in the PSC.

MOG hold a 90 per cent interest and operate the PSC and following the completion of the sale, MOG will hold the entire interest in the PSC.

PECL will pay LGOI a consideration of USD1 for the Interest with an effective date of 1 January, 2012. In addition, PECL will assume liability for LGOI’s residual costs arising under the Joint Operating Agreement between the Parties associated with the acquisition of 3D seismic data in 2011 estimated to be of the order of USD20,000 for the to end-2011. The carrying value of the Interest is £1.9 million which will now be written off.

Neil Ritson, LGO Chief Executive, commented:

“LGO has decided as a result of its own technical assessment of the project to divest, at no further cost, its interest in the Malta venture which is both non-core and non-strategic to LGO’s onshore oil development mission. This divestment will allow us to avoid any further expenditure on Malta and to focus our management and cash resources on our core business of production growth in Trinidad.”

Press Release, August 1, 2012

 

 

 

Share this article

Follow Offshore Energy Today

One thought on “LGO Sells Malta Stake. Puts Focus on Trinidad”

Comments are closed.

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply