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LGO announces sale of oil in Spain

Published by , Editorial Assistant
Oilfield Technology,

LGO has confirmed the successful conclusion of negotiations for the sale of over 10 000 bbls of oil stocks in Spain.

Further to the company's announcement on 4 November, a commitment has now been received from a Spanish buyer for LGO's local subsidiary, Compañia Petrolifera de Sedano (CPS), to deliver a total of 11 200 bbls of Ayoluengo crude oil in December 2016 and January 2017. The oil has been sold at a price competitive with local fuel oil, and the funds generated will be used in CPS operations and general corporate working capital.

In separate news from the Ayoluengo Field, the CPS-owned workover rig has recently undergone a two yearly mechanical recertification and has now been returned to service.

Neil Ritson, LGO's Chief Executive, commented:

"We are happy to have concluded the sale of accumulated surplus stocks of oil built up at the Ayoluengo field over 2016. Whilst the company is still awaiting a final decision from the Spanish government on CPS's application for a 10 year concession renewal from 1 February 2017 we are continuing with normal operations and preparing for various contingencies, including potentially applying for a new 30-year concession should the Company consider that to be advantageous."

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