Leni Gas & Oil, an oil & gas exploration, development and production company, today announced that it has acquired a further million shares in Byron Energy from IB Daiwa Corporation, increasing its holding from 22.3 per cent to 28.94 per cent, for $6.6 million (£3.5 million) in cash.

Leni Gas & Oil, an oil & gas exploration, development and production company, today announced that it has acquired a further million shares in Byron Energy from IB Daiwa Corporation, increasing its holding from 22.3 per cent to 28.94 per cent, for $6.6 million (£3.5 million) in cash.

Byron is a privately owned Australian company, set up in 2005. Since its incorporation, Byron has operated as an oil and gas exploration, development and production company focused on opportunities in the Gulf of Mexico and the USA.

David Lenigas, executive chairman of Leni Gas & Oil, commented: “We are extremely pleased to have increased our shareholding in Byron Energy, as it ultimately increases the company’s exposure to the Eugene Island A-7 well, which is currently being completed for production in the Gulf of Mexico.”

The unaudited accounts of Byron, for the nine months ended 31 March 2008, showed a net loss of £669,000.