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Leni Gas and Oil plc

Annual General Meeting

7 July 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 - 600 bopd

2P Reserves - 7.6 mmbbls

Market Cap - £92 million

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London Management and Board of Directors Chairman David Lenigas

Holds 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 Executive Officer

Neil Ritson Has 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 Jenkins Is 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 Thadchanamoorthy Has 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-Executive Director

Steve Horton Holds 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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TRINIDAD

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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

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Goudron Phase 1

Goudron well GY-257 Reactivated 2012

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• Spudded first well, GY-664, on

28 April

• Completed well GY-664 on 30

May in 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

• TD’ed second well, GY-665, on

8 June to be completed as a

Gros Morne production well

• TD’ed third well, GY-666, on 2

July to also be completed as a

Gros Morne production well

Drilling Results to date

Rig 20 on GY-665, 7 June 2014

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

Constrained production rate

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Excellent log characteristics

Basal Gros Morne in GY-665

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Goudron Phase 3: Secondary Recovery

Challenge Energy CPR, July 2012 (currently being updated for 4Q2014)

Reserves:

Contingent Resources:

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Goudron Phase 3: Water Flood

• Local analogue at Beach-Marcelle

Field recovered over 30 mmbbls

• Wealth of local experience in

Trinidad

• Over 60 mmbbls of 3C resources

• Existing study for 4,000 bopd

capacity. New scoping studies

starting now with Senergy

• Collection of critical data during

current drilling phase

• Recent discovery of gas in Upper

Gros Morne creates further options

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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

• Acquire 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 tanks

Oil impregnated Herrera

Sandstone from 10,000 feet sub

sea, thrown up by the Galpha

Point Mud Volcano

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SPAIN Ayoluengo Field, Cantabrian National Park, Spain

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Spanish Assets

Onshore Northern Spain

Cantabrian mountains between Burgos and Santander

Ayoluengo Oilfield Discovered 1964 Produced 18 mmbbls Oil in place 104 mmbbls

Hontomin Oilfield Discovered 1968 Test production only Oil in place < 4 mmbbls

Tozo Gas Field Discovered 1965 Test production only Gas in place 5 bcf

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Spanish Assets

Outright ownership of the Ayoluengo Field onshore in Northern Spain

Late life asset with oil in place of ~100 mmbbls and current production of around 100 bopd. Recovery to date of < 18% of STOIIP. Possible EOR project

Nearby Hontomin Field awaiting a production licence and 140,000 acres of exploration concessions in the Cantabrian Basin (100% owned)

Current annualised net revenue after tax ~€1 million, forecast to decline slowly to 2017

Change the picture

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

• Deepen Ayoluengo to the proven Liassic reservoirs

• Sub-lease the unconventional gas exploration potential

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Financials

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Revenue: 2010 to 2014E

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

£2.3m

£3.4m £3.35m

£5.9m

0

2

4

6

8

10

12

2010 2011 2012 2013 0 2014

Trinidad (new production)

Trinidad (current wells)

Spain

USGoudron production coming on line in Q3 2014

Current Production

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Gross Profit: 2010 to 2014E

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

Goudron production coming on line in Q3 2014

Current Production

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Share Price Performance

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Q&A

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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.