Leni bids ‘adios’ to Spain

Leni Gas & Oil

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Eoin O'Cinneide

 18 July 2012 07:19 GMT

Leni Gas & Oil is exiting Spain after a private buyer came in for the company’s assets there with a kitty of some $10 million.

The announcement of the sale sent shares in Leni rocketing over 27% before the opening of trading on Wednesday.

The London-listed explorer is to use the proceeds from the sale to concentrate on oil production in Trinidad where it now intends to take full control of the Goudron field.

An unidentified player has spent EUR 8 million ($9.83 million) on Leni Investments CPS which owns Compania Petrolifera de Sedano, Leni said on Wednesday.

The Spanish offshoot is the sole licence holder of the La Lora production concession as well as the Basconcillo, Huermerces and…

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