Leni Gas and Oil plc Corporate Update 24 April 2014 Neil Ritson, CEO

1. Leni Gas and Oil plc Corporate Update 24 April 2014 Neil Ritson, CEO London (AIM): LGO

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

3. Company Profile London Stock Exchange - listed March 2007Producing Oilfields - Trinidad and SpainStaff - 50 (98% local)Net Production - 500 bopd P2 Reserves - 7.6 mmbblsMarket Cap - £22 million London HQ Spain Trinidad

4. London Management and Board of Directors

5. Trinidad • Goudron Field • Infrastructure • Drilling update • Production • Cedros Peninsula • Spain • Ayoluengo Field update • Pansoinco Partnership • Summary • Share Price Performance • Financing Topics Today Goudron Station 207 Ayoluengo Well 37

6. TRINIDAD

7. 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

8. 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 Sales Tank Battery #34

9. Goudron Phase 1: Infrastructure • 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 Camp David

10. Goudron Phase 1: Production • 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 Typical Well

11. Goudron Phase 1: Production – Typical Well Drilled in 1957, completed in 290 feet of Goudron Sand, produced 78,020 bbls over 15 years

12. 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

13. Goudron Phase 2: Well H18 EJ7 H18EJ7 • 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

14. Cedros Peninsula

15. LGO Cedros Lease Position Installing new well tanks Beach Oilfield Cedros Leases FRM-1 Deep Well 3D Seismic LGO Cedros Leases In-line 4100 Icacos Field Bonasse Field Icacos Leases Galpha Point

16. LGO Cedros – 3D Seismic Data South 0 sec 1 sec 2 sec 3 sec North Installing new well tanks Icacos Southern Range Anticline In-line 4100

17. Plans for the Cedros 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

18. Unexplored deep prospectivity Installing new well tanks Oil impregnated Herrera Sandstone from ~10,000 feet sub sea, thrown up by the Galpha Point Mud Volcano

19. SPAIN Ayoluengo Field, Cantabrian National Park, Spain

20. 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

21. 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

22. 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

23. 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

24. How it works… LGO receives estimated 3-year discounted cashflow Revenue interest reverts to 65:35% Pansoinco makes a return Pansoinco invests

25. Why it works… • 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

26. Change the picture CONCLUSIONS

27. Share Price Progression Pansoinco Partnership Equity £1.3 Reduced taxation High Court Goudron CEC 500 bopd Royalty Reduction Mobilisation BOLT

28. 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

29. Thank you for your attention

30. Forward Looking Statements 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.