Leni Gas & Oil (LGO) has signed a Heads of Agreement to cancel its shareholding in private Australian company Byron Energy in exchange for a direct working interest in Byron Energy's oil production and development assets in the US Gulf of Mexico.
Offshore staff
LONDON -- Leni Gas & Oil (LGO) has signed a Heads of Agreement to cancel its shareholding in private Australian company Byron Energy in exchange for a direct working interest in Byron Energy's oil production and development assets in the US Gulf of Mexico.
• LGO is to convert its 28.94% interest in Byron Energy to a 7.25% direct working interest in Eugene Island blocks 183 and 184 south and a 3.625% direct working interest in blocks 172 and 184 north • Conversion of LGO's shareholding in Byron Energy includes the ability to acquire up to 29% of Byron Energy's interest in all option properties in the GoM under the existing Leed Petroleum/Byron Scouting Agreement. • LGO will also have the option to acquire up to a 20% direct working interest in properties acquired by Byron Energy with effect from Dec. 8, 2008, by paying 30% of all costs.
