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(Image courtesy of Leni)

Leni Gas & Oil announced that it has terminated talks with Pansoinco for a possible partnership in Leni’s assets located in Northern Spain.

The assets include the producing Ayoluengo Field, and development of the prospective Hontomin Field.

The company also said that it is no longer actively seeking further expressions of interest.

Leni CEO Neil Ritson said,”In the light of the recently announced successful drilling and production results in Trinidad, the Company has reassessed the benefits of the proposed partnership and is now firmly of the opinion that greater value can be obtained from the Spanish assets through LGO investing in additional well capacity in the period of 2016 to 2020, at a time when there is expected to be free cash flow available from the Company’s operations in Trinidad.”