Leni Gas & Oil plc has signed an agreement (“Farm-in Agreement”) with Malta Oil Pty Ltd, a subsidiary of Mediterranean Oil & Gas, to acquire an initial 20 per cent interest in four oil and gas exploration blocks known as Area 4, located within Maltese waters between Libya and Malta, covering an area in excess of 5,000 square kilometres with water depths of around 400 metres.

Company chairman David Lenigas said: “This first investment since being listed on AIM on 16 March supports the company’s strategy to identify and acquire producing or previously explored prospective assets.”

Area 4 is an under-explored petroleum area that directly relates to the extension of the offshore hydrocarbon zones in Tunisia and Libya, where several major players in the oil and gas sectors (eg Exxon, Woodside, Petrobras and Gazprom), operate and have recently won exploration licences.