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Leni Gas and Oil pre-tax losses narrow

Pre-tax losses at Leni Gas and Oil fell to Â£3.91m in the year to the end of December - down from Â£10.29m a year ago.

Revenues increased to Â£3.4m from Â£2.3m and gross profits rose to Â£1.1m from Â£523,000.

Executive chairman David Lenigas said: "During the year the board has been focused on establishing the value of the Spanish assets and increasing our longer term exposure to the onshore oil development potential in Trinidad.

"The new business development activities in Trinidad have seen us successfully add roughly 5200 net acres of exploration and development leases, a six-fold increase, in a range of transactions due to complete in 2012.

"This marks a turning point in our portfolio development and we expect to be able to report positively on these investments in the years ahead."

At 9:37am: (LON:LGO) share price was -0.13p at 0.65p

Story provided by StockMarketWire.com

01/06/2012