logo-loader

LGO Energy PLC ends formal sale process

Published: 03:20 09 Mar 2016 EST

MadagascarOil-(Resized)
The FSP originally announced last November was part of a wide-ranging strategic review...

Trinidad-focused LGO Energy PLC (LON:LGO)  has ended the formal sale processs (FSP) announced last year as it believes other strategic refinancing opportunities would be better for the oil firm.

The FSP originally announced last November was part of a wide-ranging strategic review aimed at maximising"shareholder value” and would consider “potential offers” and mergers, strategic partnerships and investments.

Separately, the group said it had kicked off an ongoing programme of well work at its Goudron field designed to increase production progressively over the next two months.

This will be done by recompleting wells, including from 2014 and 2015 drilling campaigns, where there is known oil that, as yet, not been placed on production.

Neil Ritson, LGO's  chief executive, said today: "The company has now moved to focus on specific funding options that have been identified and as a result has chosen to end the FSP.

"The company is discussing refinancing options that the Board consider present the best approach for the group as a whole.  In light of stabilizing oil prices the company has also agreed to commence additional work designed to increase production at the Goudron Field."

Shares eased 1.56% in early deals to 0.315p.

BenevolentAI advances novel ulcerative colitis treatment through Phase 1a trial

BenevolentAI (OTC:BAIVF) chief scientific officer Dr Anne Phelan joins Proactive's Stephen Gunnion with positive safety data from the Phase 1a, first-in-human, clinical study of BEN-8744 in healthy volunteers. Phelan explained that BEN-8744 is a potent, selective PD10 inhibitor, uniquely...

1 hour, 43 minutes ago