Lenigas & Oil on Wednesday announced further progress on agreements with Beach Oilfield (BOLT) relating to its joint studies on the Cedros Peninsula in Trinidad, completing the payments agreed late last year.

The payments, which totalled £475,000, were spread over four months, during which Leni Gas & Oil assembled and assessed data.

The final payment consisted of £125,000-worth of Leni shares, equal to 14.22m.

A consultancy agreement was signed in October for an initial period of 12 months so that BOLT's principal expert, Dr Krishna Persad, could provide consultancy services to LGO.

The final definitive agreement, the farm-in agreement, which cross-assigns all deep petroleum rights between the parties meaning Leni becomes the 100% interest holder in all the private petroleum leases below 7,000 feet, is still being finalised as title due diligence has taken longer than was initially assumed, the group explained.

The farm-in secures Leni's access to a package of over 7,500 gross acres of underexplored leases on trend with large oil discoveries in both Trinidad and Venezuela.

Neil Ritson, Leni's Chief Executive, said: "We are very enthusiastic about the oil potential of the Cedros Peninsula and have now completed an initial review of the data we acquired from BOLT. In LGO's technical view there is undoubtedly significant untested potential in proven reservoirs and in a structural style that is simpler than much of onshore Trinidad relating more closely to the prolific East Venezuelan Basin.

"As new data is collected and integrated with the existing data that we have acquired from BOLT it is anticipated that a number of potentially large drillable prospects will be mapped."

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