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Corporate Update

Oilbarrel Conference5 November 2014

London (AIM): LGOPresentation assistance provided by:

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Company Profile

London HQ

Trinidad

Trinidad • Goudron, Icacos and Trinity-Inniss Oil Fields,

plus Cedros exploration leases • New drilling underway at Goudron • Current ~900 bopd Trindad production• Up to ~1,700 bopd production capacity now• Net Cash Flow ( >$6 Million pa) growing rapidly• New CPR in progress for Q1 2015

Spain

Spain• Ayoluengo Oilfield and 2 satellite fields• Net Cash Flow (~€1 Million pa)

• London Stock Exchange (Listed March 2007)

• Focus of Activity - Producing Oilfields in Trinidad & Spain

• Staff 50 (All local)• Production Capacity > 1,200 bopd • P2 Reserves 7.6 mmbbls• Market Cap £ 121 million (@ 4.11.2014)

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Management and Board of Directors

Chairman 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.

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. before founding the Vanguard Energy Group where he was Chairman and CEO.

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 Enterprise Oil, LASMO, OMV (UK) Ltd and Afren plc.

Finance Director 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

Iain PatrickIs a lawyer with over 30 years’ experience in the international oil and gas industry. He joined Monument Oil and Gas plc in 1988 where he was Commercial director until its sale in 1999. Subsequently Mr. Patrick was Commercial Director of Gulf Keystone Petroleum (UK) Limited.

Non-ExecutiveDirector

Michael DouglasMr. Douglas has worked in the business consultancy sector for 40 years. He was a Managing Partner for PA Consulting and in 1993 Mr. Douglas founded the Quo Group, a consultancy specializing in behavioral change, performance and talent management, and executive coaching.

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LGO’s Trinidad Assets

Three asset areas in the prime hydrocarbon play zone:• 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 growth from a 30 well infill development drilling programme now drilling well seven

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

• Over 7,500 acres of largely unexplored 100% owned private oil leases in the Cedros and in rights held in partnership with Beach Oilfield Limited

• HOA signed for acquisition (100%) of Trinity-Inniss Field. Existing production of 140-150 bopd from 25 active wells with immediate new and infill wells upside

GOUDRONIPSC

TRINITY- INNISSAQUISITION

Country Overview• A regional financial centre with a well-regulated and stable financial system• English common law based legal system• Well educated workforce with literacy rates of over 98%, • One of the most prosperous countries in the Caribbean• Oil and gas production and processing (> 45% of GDP)

CEDROSLEASES

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Why Trinidad?

• Trinidad sits on the margin of the Caribbean Plate with the island divided by the plate boundary

• The southern part of Trinidad is geologically linked to the South American continent and is within the Eastern Venezuela Basin, but physically separated from Venezuela by the 7 kilometre wide straits of the Columbus Channel

• Essentially the onshore Trinidad Southern Basin is geologically part of Venezuela

• The Eastern Venezuela Basin is a very productive oil province:

• Over 12 billion barrels of oil reserves in the East Venezuelan Basin within Venezuela

• Excluding an est. 1.2 trillion barrels of heavy in place oil in the Orinoco Belt

• Over 3 billion barrels produced onshore to date Eastern Venezuelaoil province

TRINIDAD

Caribbean Plate Boundary

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Trinidad’s Oil Province

Divided into three distinct sectors:• Northern Range: Hills of metamorphic origin• Central Range: Flat, mostly agricultural, plains• Southern Range: The sedimentary basins under the Southern

Range make up the oil province, containing numerous fields

Northern Range

(Metamorphic /rocks)

Central Range

Southern Range

Anticlinal Trend

Anticlinal Trend Oil Play ‘Sweet spot’along line of regional

anticline

A

A’

Many of the oil fields across the Southern Range in southern Trinidad are along faulted anticlinal structures formed by tectonic movement and by mud diapirs with multiple stacked reservoirs

GoudronCedros Trinity - Inniss

(OIL PROVINCE)

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Trinidad Infrastructure

Crude oil:• Proved reserves: 728.3 million barrels (Ryder-Scott, 2013)• Production: 81,000 bbl/day (Ministry of Energy, 2013)

Natural gas:• 6th largest exporter of LNG in the World

Established infrastructure including:• Refinery with ~170,000

bopd capacity• 4 Train LNG plant with 2

bcf/d capacity• 1,835 km gas pipelines• 587 km oil pipelines• Two oil storage and

export terminals• World’s largest ammonia

exporter • World’s 2nd largest

methanol exporter

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Goudron Field(Production and Development)

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Goudron Field Overview

• Goudron is located in Guayaguayare and produces light oil (averaging at least 38 oAPI)

• Discovered in 1927 the field has a long history, but only limited production with less than 5 mmbbls produced

• 154 wells were drilled before 1981, last previous well GY-658 in 1981/2; LGO started drilling in April 2014

• LGO acquired the IPSC in October 2012 and has since then:

• Conducted over 70 well reactivations• Carried out several recompletions• Drilled 6 new wells in a 30 well redevelopment• Placed 5 wells on stream (as @ end Oct 2014)

• Production has already increased from 30 bopd to over 900 bopd and is set to exceed 1,000 bopd in late 2014

Goudron well GY-257 Reactivated 2012

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0 10km

Goudron Field Geology

A

A’

Goudron FieldA A’

Alluvial (Stream / River) Sediment fill

SITE ROADS

Goudron Phase 1: Infrastructure

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

• Limited work undertaken over last 30 years

• LGO has:• Increased sales tank capacity 5-fold• Refurbished previous tank facilities• Repaired bridges and roads• Installed a new communications• Extended and restored electrical power• Constructed new water treatment facilities

• Created a platform for future growth

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• Commissioned facilities with:• offices• workshops• stores• hot-work area• crew rest area• accommodation

• All key infrastructure is now in place for the 30 well drilling campaign now underway and capacity for oil production up to ~ 2,000 bopd

Workshops

Sales Tank Battery #34

New Infill Wells

Existing Wells

Production at C-sand level

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Phase 2: Infill Development Drilling

• Infill locations selected to have low risk of finding oil pay based on offset wells

• Where upswept oil is predicted to be present by comparison with nearby wells

Well 188

Well 664

Well 64

Well Name Spud TD (MD) FT TDGoudron

Net Ft pay

Gros Morne Net ft pay

Lower Cruse

Net ft payCompletion Formation

Openhole Flowrate

bopd

1 GY-664 28/04/2014 4,21213/05/20

14192 300 79 30/05/2014 Gros Morne 490

2 GY-665 27/05/2014 2,75008/06/20

14195 256 np 15/09/2014 Gros Morne 700

3 GY-666 16/06/2014 3,35703/07/20

14185 209 28  18/9/2014 Gros Morne 300

4 GY-667 10/07/2014 4,00610/07/20

14187 219 28  27/9/2014 Lower Cruse  220

5 GY-668 09/08/2014 3,026  27/8/201

4 191  254  np  23/9/2014 Gros Morne 330

6 GY-669 05/10/2014 3,505 24-Oct 227 na na Gros Morne ??

7 GY-670 28/10/2014 Drillling              

2360

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Well results to date:

Goudron Drilling Status (@ 4th Nov 2014)

PRODUCTION LIMITED by 8/32” CHOKE

~ 750 bopdConstrained Flow Rate

Drilling to date:• 6 of the 30 well wells have been drilled, #7 drilling• 5 new wells are currently producing, GY-664 to 668 • GY-667 is to be recompleted in the Gros Morne• GY-669 is awaiting completion (late 2014)• Well GY-670 is currently drilling from the third drill site

0 10km

Gy-664

Gy-665

Gy-666Gy-667

Gy-668

Gy-670

Gy-671

Gy-672

Gy-669

GY-664

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Goudron Phase 3: Water Flood

• Local analogue at Beach-Marcelle Field recovered approximately 30 mmbbls

• Wealth of local experience in Trinidad

• Over 60 mmbbls of 3C (contingent) resources

• Existing study for > 4,000 bopd capacity. New scoping studies starting now

• Collection of critical data during current drilling phase

• Senergy have been engaged to lead the technical work

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Goudron – Reserves Potential

Current 3P Oil Originally in Place estimate is 350 mmbbls

NEW CPR Planned for Q1 – 2015

Reserves:

Contingent Resources (Secondary Recovery incl. Water Flood):

New WellsExisting Wells More New Wells

6.9 mmbo rec 23.1 mmbo rec 93.6 mmbo recTotal Est. Resource Potential:

Source: Independent CPR (Challenge Energy, July 2012)

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Future

Goudron• Maintain excellent HSE record• Continue drilling through to end 2015• Increasing production whilst managing

long-term reservoir performance• Install a LACT meter• Medium term target 2,000 bopd• Complete Senergy studies• Issue a new CPR• Initiate environmental permitting

process for the water-flood

Forward Strategy• Complete acquisition of Trinity-Ininss

Field• Additional acquisition targets under

review• Not forgetting upside Exploration offered

by the Cedros……

Jamaludin Khan, Arthur Snell, Khalid Hassanali, Kevin Ramnarine, Neil Ritson

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Cedros Peninsula(Exploration)

LGO Cedros Leases

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• Licences are bounded by producing fields and infrastructure, mostly with 3D seismic coverage

• Forward program:

• 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• Reinterpretation of 3D and 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

• Owned in collaboration with local company Beach Oilfield

• Primary Potential largely untested. Very few and mostly only shallow wells drilled to date. Only one deep well (FRM-1) drilled which encountered good reservoir targets with encouraging shows at >11,000 feet

• The deep Herrera Sandstone is a proven producing reservoir in Trinidad including the offshore, but largely undrilled in the Cedros area

• LGO plan to drill at least one deep exploration well in the Cedros to test the potential at Herrera Sandstone level

Unexplored Deep Prospectivity

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Oil impregnated Herrera Sandstone from 10,000 feet, thrown up by the

Galpha Point Mud Volcano

• Mud volcanoes are found across the oil producing areas of Trinidad (and Venezuela) with rocks brought to surface

Southern Range

Anticline

Rigs & Production facilities exploiting deep potential offshore

as seen from Cedros coastline

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SPAIN(Production, Development)

Ayoluengo Field, Cantabrian National Park, Spain

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Spanish Assets

ASSETS: Onshore Northern Spain in the Cantabrian Mountains :

Ayoluengo Oilfield (Discovered 1964)• Produced 18 mmbbls (Oil in place est. 104 mmbbls)• Production concession, La Lora, due for renewal in 2017• Deepen Ayoluengo to the proven Liassic reservoirs

Hontomin Oilfield (Discovered 1968)• Test production only (Oil in place <4 mmbbls) • Development of Hontomin as a low cost satellite to Ayoluengo • Awaiting a production concession

Tozo Gas Field (Discovered 1965)• Test production only (Gas in place est. 5 bcf) • Development as either a micro-Compressed Natural Gas

a Gas-to-Wire project

AYOLUENGO OIL FIELD

HONTOMIN OIL FIELD

TOZO GAS FIELD

OVERVIEW:• Late life asset with oil current production of around 100 bopd. Recovery to date of

< 18% of STOIIP. Possible EOR project• Current annualised net revenue after tax ~€1 million, forecast to decline slowly

PLANNED ACTIVITY• Future opportunities to enhance production by side-tracking existing wells to reach unswept oil• Investment only justified once the La Lora Concession is extended • Process commenced in 2014 and expected to take 18-24 months• Integrated structural, sedimentology and engineering studies now underway in parallel

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Valuation

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Share Price

Share price has:• Increased by over 10 fold since acquiring the Goudron Field• Outperformed the AIM Total Return in 2014 by > 350% in the last year

AIM Total Return

KEY HeritageLGO Share Price

Goudron

drilling

underway

Well GY-664

on production

Completion of

GY-665

Nov 2013 March 2014 July 2014Jan 2014 Sept 2014May 2014

% C

hang

e

100%

200%

400%

300%

500%

600%

Nov 2014

Fall in oil price,

bear market

Goudron

drilling

plans announced

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LGO’s approach to onshore Trinidad is repeatable with:• Further value in existing proven reserves• Further reserves to place on production• Additional opportunities to add assets• High impact exploration option

LGO Share Price

Potential Market Value

Trinidad 2P

Potential Value

Trinidad 3P

Potential Value

Trinidad 1P

Asset Under-Valued

Mar

ket C

ap

()

Trinidad & Spain

Asset Valued

Cash at Bank

Nov 2013 March 2014 July 2014Jan 2014 Sept 2014May 2014

% C

hang

e

100%

200%

400%

300%

500%

600%

Nov 2014

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.

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

Presentation assistance provided by: