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Leni Gas and Oil plc

Investor Update, Manchester

Neil Ritson

9 September 2014

London (AIM): LGO

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Company Profile

Trinidad

Spain

London HQ

London Stock Exchange - listed March 2007

Producing Oilfields - Trinidad and Spain

Staff - 50 (All local)

Net Production Capacity - approx. 1000 bopd

2P Reserves - 7.6 mmbbls

Market Cap - approx. £110 million

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London Management and Board of Directors

Chairman Steve HortonHolds a BSc in Mining Engineering and an MBA. He has 35 years experience working in the energy industry including 27 years with BP plc where he held executive roles including worldwide Director of Drilling. He co-founded Silverstone Energy Limited in 2005.

Chief ExecutiveOfficer

Neil RitsonHas a BSc in Geophysics. He has worked in the energy sector for over 35 years, initially with BP plc for 23 years before managing the international operations of Burlington Resources Inc. before founding the Vanguard Energy Group where he was Chairman and CEO.

Chief Operating Officer

Fergus JenkinsIs a Chartered Engineer with a BEng in Mining Engineering and a MEng in Petroleum Engineering. He has over 20 years of experience working in industry, initially in mining before moving to petroleum, where he has worked for Enterprise Oil, LASMO, OMV (UK) Ltd and Afren plc.

Finance Director James ThadchanamoorthyHas a degree in Chemistry and is a qualified accountant. He has 18 years’ experience, including over 10 years spent at BP where he held a number of commercial and finance leadership positions.

Non-ExecutiveDirector

Iain PatrickIs a lawyer with over 30 years’ experience in the international oil and gas industry. He joined Monument Oil and Gas plc in 1988 where he was Commercial director until its sale in 1999. Subsequently Mr. Patrick was Commercial Director of Gulf Keystone Petroleum (UK) Limited.

Non-ExecutiveDirector

Michael DouglasMr. Douglas has worked in the business consultancy sector for 40 years. He was a Managing Partner for PA Consulting and in 1993 Mr. Douglas founded the Quo Group, a consultancy specialising in behavioral change, performance and talent management, leadership and executive coaching.

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SPAINAyoluengo Field, Cantabrian National Park, Spain

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Current Activity

• Preparing for a Concession Extension application; 2017 to 2027

• Final phase of obtaining a production concession at Hontomin

• Active well clean out programme and plan to reactivate several wells e.g. Ayo-35, Ayo-40, etc.

• Care and maintenance, plus low cost upgrade. Production to be maintained at >125 bopd

• Major “back to basics” study underway for 2017 investment

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Future Potential

• Enhance production through the side-tracking of existing wells

• Development of Hontomin as a low cost satellite using existing 3D seismic and re-entry of existing wells

• Development of the Tozo gas discovery as a possible Gas-to-Wire project

• Deepen Ayoluengo wells to the proven Liassic reservoirs

• Sub-lease the unconventional gas exploration potential

7TRINIDAD

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Current Trinidad Assets

Over 7,500 acres of largely unexplored 100% owned private oil leases in the Cedros and adjacent rights held in partnership with Beach Oilfield Limited

Trinidad Head Office, San Fernando

Goudron IPSC (100%) with 2P reserves of 7.2 mmbbls and over 60 mmbbls of contingent resources associated with a future water flood

Icacos Field in the Cedros Peninsula (50%, non-operator), producing ~35 bopd from three wells

HOA to acquire the Trinity-Inniss IPSC from Rex Caribbean

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Goudron Phase 1

Goudron well GY-257 Reactivated 2012

Reactivate wells

Repair and enlarge infrastructure

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• Spudded first well, GY-664, on 28

April 2014

• Completed well GY-664 on 30

May in 278 feet of Gros Morne

• GY-665, TD on 8 June

• GY-666, TD on 1 July

• GY-667, TD on 30 July

• GY-668, TD on 27 August

• Rig being moved to Pad 3 to drill

wells GY-669 to GY-672

• Wells GY-665 to GY-668 on Pad 2

to be completed as Gros Morne

producers

Goudron Phase 2 - Results to date

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Well GY-664

• First new well on the field for over

32 years

• Drilled from the central camp area

• Found 571 feet of net oil pay within

3 reservoirs

• Completed over an interval of 278

feet of Gros Morne

• Initial flow rate 240 bopd 37 API oil

through a 7/32” choke at a flowing

pressure of 660 psi

• Subsequently choked back to 6/32”.

Expect to open choke progressively

to maintain production rate

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Production of 240 bopd through a 7/32-inch choke

Constrained production rate

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Excellent log characteristics in all wells

‘130 foot’ Gros Morne sandstone in GY-667

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Expectations to end 2014

• Move Rig 20 to Pad 3

• Complete wells GY-665 to GY-668

individually as Gros Morne

producers

• Test GY-667 at Lower Cruse level to

establish potential production

characteristics

• Place new 2,000 barrel sales tank in

service

• Drill wells GY-669 to GY-672 and

place them on production

• Collect well data for Senergy

development study and prepare a

new CPR

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Trinity-Inniss

Trinity-Inniss Asset Summary

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Installing new well tanks• Petrotrin IPSC field 20 km from

Goudron

• Current production 140-150 bopd

from approx. 25 active wells

• Herrera Sandstone at depth of

1,500 – 5,000 feet

• Five tank batteries and a 1,500

barrel sales tank

• Average 28-38 degree API oil

exported directly by pipeline to

Pointe-a-Pierre

• Approx. 20 immediate reactivation

targets, and an existing CEC for 12

new wells and 50 side-tracks Trinity-Inniss sales tank facility

Trinity-Inniss Current Status

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Installing new well tanks• Due diligence on technical aspects

has been concluded

• Due diligence on the corporate

aspects is ongoing and expected

to be completed mid-September

• Negotiation of a final Sale and

Purchase Agreement underway

and expectation to exchange a

binding contract by end month

• Completion will occur when

Petrotrin and Ministry approval are

received

• Operations will start immediatelyTrinity-Inness sales tank facilityTrinity-Inniss typical well site

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Cedros Peninsula

LGO Cedros Lease Position

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Installing new well tanks

Beach Oilfield Cedros Leases

Icacos Leases

TED 3D Seismic

Bonasse Field

Icacos Field

LGO Cedros Leases

Galpha Point

FRM-1 Deep Well

Plans for the Cedros

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Installing new well tanks• In collaboration with Beach Oilfield and Dr Krishna Persad; re-evaluate all existing data and wells

• Acquired a soil geochemistry survey to isolate micro-seepage and areas of fractionated light oil

• Plan to fly a high resolution gravity and magnetics survey

• Acquire additional 2D seismic data if necessary to define well locations

• Drill at least one deep exploration well to test the potential at Herrera Sandstone level

Galpha Point Mud Volcano

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Financials

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Revenue: 2010 to 2014E

• Portfolio has been repositioned to focus on growth• Continued impact of development in Trinidad• Spain will be optimised until the extension is confirmed

£2.3m

£3.4m £3.35m

£5.9m

0

2

4

6

8

10

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2010 2011 2012 2013 0 2014

Trinidad (new production)

Trinidad (current wells)

Spain

USGoudronproductioncoming on line in Q3 2014

Current Production

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Gross Profit: 2010 to 2014E

• 2013 Gross Profit was broadly flat • Higher Trinidad volumes were partially offset by lower sales in Spain• Gross Profit will rise steeply in 2014 in line with growth in volumes

£0.5m

£1.06m £1.09m £1.12m

-0.25

0.25

0.75

1.25

1.75

2.25

2.75

3.25

2010 2011 2012 2013 0 2014

Trinidad (new production)

Trinidad (current wells)

Spain

US

Goudronproductioncoming on line in Q3 2014

Current Production

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Share Price Performance (close 5.9.14)

Forward Looking Statements

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Certain statements in this presentation are “forward looking statements” which are not based onhistorical facts but rather on the management’s expectations regarding the Company's future growth.These expectations include the results of operations, performance, future capital, other expenditures(amount, nature and sources of funding thereof), competitive advantages, planned exploration anddevelopment drilling activity including the results of such drilling activity, business prospects andopportunities. Such statements reflect management's current beliefs and assumptions and are basedon information currently available.

Forward looking statements involve significant known risks, unknown risks and uncertainties. Anumber of factors could cause the actual results to differ materially from the results denoted in thesestatements, including risks associated with vulnerability to general economic market and businessconditions, competition, environmental and other regulatory changes, the results of exploration,development drilling and related activities, actions by governmental authorities, the availability ofcapital markets, reliance on key personnel, uninsured and underinsured losses and other factors, manyof which are beyond the control of the Company.

Although these statements are based upon what management believes to be reasonable assumptions,the Company cannot assure investors that the actual results will be consistent with these forwardlooking statements.