01/07/2008
Lonhro boss David Lenigas’s exploration company is buying 22.3 per cent of Gulf of Mexico-focused Byron Energy for £11 million.
AIM-quoted Leni Gas & Oil is paying cash for its stake in Byron, a private Australian concern with a 25 per cent option over properties in the shallow waters of the Gulf of Mexico which it introduced to Leed Petroleum, an AIM-quoted and Louisiana-based oil and gas producer where the entrepreneurial IBDaiwa group has a chunky holding. Leni Gas & Oil, whose Byron stake would fall to 18.6 per cent once certain options were exercised, can have a director on Byron’s board as long as its stake remains above 15 per cent.
Chief executive David Lenigas declares, ‘Byron is an exciting prospect that complements our existing exploration prospects.’ Floated at 3p in March last year, Leni Gas & Oil shares have now reached 11.25p, valuing the company at £45 million, and have speculative potential.
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