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Leni Gas and Oil plcCorporate Update24 April 2014

Neil Ritson, CEO

London (AIM): LGO

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Delivering Growth through the Acquisition of Proven Reserves & Enhancement of Producing Assets

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Company Profile

Trinidad

Spain

London HQ

London Stock Exchange - listed March 2007Producing Oilfields - Trinidad and Spain

Staff - 50 (98% local)Net Production - 500 bopd P2 Reserves - 7.6 mmbblsMarket Cap - £22 million

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London Management and Board of Directors

Chairman David LenigasHolds a Bachelor of Applied Science in Mining Engineering and has 30 years of resources industry experience. Until recently he was the Executive Chairman of Lonrho plc. David is also the Executive Chairman of Stellar Resources plc, Solo Oil plc, Rare Earth Minerals plc and AfriAg plc.

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. and more recently as CEO at Regal Petroleum plc, before founding the Vanguard Energy Group where he was Chairman and CEO. He is a Director of Solo Oil plc and a Non-Executive at Enovation Resources Ltd.

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 most of his career in mid-sized independent oil companies, including Enterprise Oil, LASMO, OMV (UK) Ltd and Afren plc.

Director of Finance

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

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. Steve is a Non-executive Director of Seamwell Limited and, until the recent merger, of Valiant Petroleum plc.

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Topics Today

Trinidad Goudron Field Infrastructure Drilling update Production Cedros Peninsula

Spain Ayoluengo Field update Pansoinco Partnership

Summary Share Price Performance Financing

Goudron Station 207

Ayoluengo Well 37

6TRINIDAD

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LGO’s Trinidad Assets

Goudron IPSC (100%) with 2P reserves of 7.2 mmbbls and over 60 mmbbls of contingent resources associated with a future water flood. Active production from 70 reactivated wells and growth from imminent 30 well infill drilling

Icacos Field in the Cedros Peninsula (50%, non-operator), producing ~35 bopd from three wells. Future opportunities for infill drilling

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

Goudron Phase 1: Infrastructure

• Located in the remote primary forests of the Trinity Hills close to a Wildlife Sanctuary

• Limited work undertaking for 30 years

• LGO has:• Doubled sales tank capacity• Refurbished previous tank facilities• Repaired bridges and roads• Installed an entirely new camp

facility• Extended and restored electrical

power• Constructed new water treatment

facilities• Reactivated about 70 old wells

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Sales Tank Battery #34

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• A newly commissioned camp with:

• offices• workshops• stores• hot-work area• crew rest area• accommodation

• All key infrastructure is now in place for the upcoming 30 well drilling campaign

and• for oil production of over

2,000 bopd

Goudron Phase 1: Infrastructure

Goudron Camp David

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• Phase 1 reactivations have now peaked

• Some reactivations still ongoing with potential for further recompletions, gas lift and condensate production

• Considering a long term stable economic rate of 275 – 325 bopd from the old wells

• Focus on Phase 2 production which is budgeted conservatively at 65 bopd/well (IP)

• Upside in new wells estimated +150% of budget (~160 bopd), downside is estimated at -25% (~45 bopd)

Goudron Phase 1: Production

Goudron Typical Well

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Goudron Phase 1: Production – Typical Well

Drilled in 1957, completed in 290 feet of Goudron Sand, produced 78,020 bbls over 15 years

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Goudron Phase 2: Development Drilling

• Production to date, using primary pumped wells, has achieved recovery of less than 4 million barrels

• Significant parts of the field have not be swept, especially at Cruse level

• Previous drilling techniques can be vastly improved

• A program of 30 new development wells, infilling and extending the field, is now underway

• Rig mobilisation started 16th April

• STATUS: rig components and equipment transferred to the field and rig-up underway Rig 20 at Palo Seco

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Goudron Phase 2: Well H18 EJ7

H18 EJ-7 is the first new well on Goudron for 33 years

Goudron Sands are productive in offset wells

Gros Morne is productive in nearest well

Lower Cruse sands are productive in some wells

H18EJ7

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Cedros Peninsula

LGO Cedros Lease Position

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Installing new well tanks

Beach Oilfield Cedros Leases

Icacos Leases

3D Seismic

Bonasse Field

Icacos Field

LGO Cedros Leases

Galpha Point

FRM-1 Deep Well

In-line 4100

LGO Cedros – 3D Seismic Data

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Installing new well tanks NorthSouth

In-line 4100

0 sec

1 sec

2 sec

3 sec

Southern Range AnticlineIcacos

Plans for the Cedros

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

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

• 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

Unexplored deep prospectivity

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Installing new well tanksOil impregnated Herrera Sandstone from ~10,000 feet sub sea, thrown up by the Galpha Point Mud Volcano

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SPAINAyoluengo Field, Cantabrian National Park, Spain

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Spanish Assets

Onshore Northern SpainCantabrian mountains between Burgos and Santander

Ayoluengo OilfieldDiscovered 1964Produced 18 mmbblsOil in place 104 mmbbls

Hontomin OilfieldDiscovered 1968Test production onlyOil in place < 4 mmbbls

Tozo Gas FieldDiscovered 1965Test production onlyGas in place 5 bcf

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Ayoluengo Potential

• Future opportunities to enhance production through the side-tracking of existing wells to reach unswept oil

• Major investment only justified once the Concession is extended

• Concession extension process to commence in 2014

• Probable timeline to complete extension 18-24 months

• Seismic, sedimentological and engineering studies now underway in parallel Ayoluengo Field

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Wider Spanish Potential

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

• Development of Tozo as either a micro-Compressed Natural Gas or Gas-to-Wire project

• Deepen Ayoluengo to the proven Liassic reservoirs

• Sub-lease the shale gas exploration potential in the Sedano trough?

• Secondary or tertiary recovery? Cantabrian Massif at Sergentes

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Proposed Pansoinco Partnership

• Italian privately owned oil and gas maintenance and operations group

• Create access to Pansoinco’s resources to enhance production at no cost to LGO for 3 years

• LGO’s predicted 3-year cashflow is advanced to the date of transaction

• Incentivises Pansoinco to invest in production growth and seek a concession extension to 2027

Well work over Ayoluengo

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How it works…

2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17

-2500

-2000

-1500

-1000

-500

0

500

1000

1500

2000

2500

Base revenue LGO netPansoinco planned investment Pansoinco net case

Qua

rter

ly N

et R

even

ue ('

000

Euro

)

LGO receives estimated 3-year discounted cashflow

Pansoinco invests

Revenue interestreverts to 65:35%

Pansoinco makes a return

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Why it works…

4Q16 1Q17 2Q170

100

200

300

400

500

600

700

Base revenue LGO netPansoinco net case

Qua

terly

Net

Rev

enue

('00

0 Eu

ro)

At the end of the 3-year period:

• Pansoinco have made a worthwhile return on their investment (IRR > 30%)

• Ownership of revenue reverts to 65:35%

• LGO’s 35% revenue is greater than the 100% of base revenue that would have resulted

• In the interim LGO has had use of $2.8 million to deploy in Trinidad

Change the picture

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CONCLUSIONS

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Share Price Progression

Equity £1.3

Royalty Reduction

GoudronCEC

PansoincoPartnershipReduced taxation

BOLT

500 bopd High Court

Mobilisation

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Conclusions

• Phase 1 production at Goudron from legacy wells now planned to stabilise at a long-term rate of roughly 275-325 bopd

• Phase 2 development drilling underway in next few days; forecast to take total production to 2,000 bopd within 18 months

• Once some of the new wells have been drilled LGO will develop a Phase 3 water flood development plan and issue a new CPR

• Exciting medium term opportunity in the Cedros peninsula

• Relationship with Pansoinco could provide a short-term cash boost and a long-term value driven partnership in Spain

• Debt funding based on established cash-flow and underlying reserves at Goudron is still actively being sought

• New production-based opportunities in Trinidad are being reviewed

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Thank you for your attention

Forward Looking Statements

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Certain statements in this presentation are “forward looking statements” which are not based on historical 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 and development drilling activity including the results of such drilling activity, business prospects and opportunities. Such statements reflect management's current beliefs and assumptions and are based on information currently available.Forward looking statements involve significant known risks, unknown risks and uncertainties. A number of factors could cause the actual results to differ materially from the results denoted in these statements, including risks associated with vulnerability to general economic market and business conditions, competition, environmental and other regulatory changes, the results of exploration, development drilling and related activities, actions by governmental authorities, the availability of capital markets, reliance on key personnel, uninsured and underinsured losses and other factors, many of 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 forward looking statements.