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LGO Announces Placing to Raise 795,000 Ahead of Trinidad Drilling

Source: www.gulfoilandgas.com 9/23/2016, Location: South America

LGO has raised 795,000, before expenses, by way of a placing of 795,000,000 new ordinary shares of 0.05p each at a placing price of 0.1p per share through a stockbroker and company sponsored placement.

The net funds raised by way of the Placing Shares will be used as working capital by the Company, as it continues with its previously announced workover program at the Goudron Field in Trinidad and with preparations for the drilling of new Mayaro Sandstone infill wells.

Neil Ritson, LGO's Chief Executive, commented:

"The Board has felt it prudent to strengthen the balance sheet with a small equity placement which was offered to the Company at a small discount to the mid-market price.

Operations at the Goudron field continue to progress with well GY-668 recently recompleted and now in clean up. Approval has also been granted to work-over GY-288 with work expected to commence immediately."

Application is being made for the admission of the 795,000,000 Placing Shares to trading on AIM and it is expected that this will occur on or around 29 September. These shares will rank pari passu in all respects with the Company's existing issued ordinary shares.

Subsequent to the issuance of these Placing Shares, the Company will have 7,382,999,626 ordinary shares in issue, with voting rights.

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