LGO Energy said today that the Spanish Government had rejected the London-listed firm’s request to have the La Lora concession extended by two years.
LGO Energy today confirmed its chairman would leave the company with immediate effect.
LGO Energy said it has completed negotiations for the sale of more than 10,000 barrels of oil stocks in Spain.
LGO Energy has started production from the GY-277 oil well, the fourth of its planned heavy work-overs at the Goudron Field in Trinidad.
LGO Energy will benefit from lower royalty rates in Trinidad after state oil company Petrotrin slashed its take of production.
LGO Energy has raised £1.95million through share placement in bid to pay its debts.
LGO Energy pulled a U-turn in its funding plans, taking itself off the market.
Caribbean focused exploration company LGO Energy has agreed a deal that could secure $20million of investment.
LGO Energy, the Trinidad-focused independent oil and gas firm has said it is open to offers as part of a formal strategic review.
LGO Energy has offered to pay drilling creditors in company shares in order to conserve cash to pay for production activities in Trinidad.
Trinidad-based oil producer LGO Energy has agreed an early end to a banking arrangement with BNP Paribas, which will allow reduced repayment rates of $75,000 per month for the next three months.
LGO Energy said it has been hit by delays as it looks to reach a settlement on the remaining capital costs of a recent unsuccessful drilling program. The company previously revealed last month the loss of well GY-678 and the downhole equipment it contained as well as the anticipated production from the well. LGO is waiting for BNP Paribas to approve the release of specific funds which were previously drawn-down.
LGO Energy is facing an expensive bill up to $4million after its latest drilling project in Trinidad was plugged and abandoned after a mechanical problem.
LGO Energy has agreed to take a 25% stake in Beach Oilfield which sees the UK-based company gain exposure to shallow oil resources in the South West Peninsular projects in Trinidad.
Trinidad-focused LGO Energy has raised a further £1million via a shares issue to pursue its flagship Goudron development in the Caribbean.
LGO Energy, the Trinidad-focused oil producer, doubled its revenue in the first six months of 2015 compared with the same period last year.
The last of LGO Energy's planned 2015 development wells at its Goudron field site in Trinidad has reached its target depth at 4,219 feet.
Production testing has started on LGO's GY-675 well, the first drilled on Pad-5 in the Goudron Field in Trinidad.
LGO Energy has confirmed it has begun drilling its seventh well of the year in Trinidad.
Production costs of less that $10 per barrel are allowing LGO Energy to progress with confidence with its Goudron development in Trinidad.