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1 Corporate Update Oilbarrel Conference 5 November 2014 London (AIM): LGO Presentation assistance provided by:

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1 1 Corporate Update Oilbarrel Conference 5 November 2014 London (AIM): LGO Presentation assistance provided by:

2 2 Company Profile London HQ 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 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 Ayoluengo Oilfield and 2 satellite fields Net Cash Flow (~€1 Million pa) 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 Staff50 (All local) Production Capacity > 1,200 bopd P2 Reserves7.6 mmbbls Market Cap£ 121 million (@ 4.11.2014)

3 3 Management and Board of Directors Chairman Steve Horton Holds 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 Executive Officer Neil Ritson Has 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 Jenkins Is 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 Thadchanamoorthy Has 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-Executive Director Iain Patrick Is 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-Executive Director Michael Douglas Mr. 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.

4 4 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 GOUDRON IPSC TRINITY- INNISS AQUISITION 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) CEDROS LEASES

5 5 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 Venezuela oil province TRINIDAD Caribbean Plate Boundary

6 6 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 Goudron Cedros Trinity - Inniss (OIL PROVINCE)

7 7 Trinidad Infrastructure Crude oil: Proved reserves: 728.3 million barrels (Ryder-Scott, 2013) Production: 81,000 bbl/day (Ministry of Energy, 2013) Natural gas: 6 th 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 2 nd largest methanol exporter

8 8 Goudron Field (Production and Development)

9 9 Goudron Field Overview Goudron is located in Guayaguayare and produces light oil (averaging at least 38 o API) 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

10 10 010k m Goudron Field Geology A A’ Goudron Field A A’ Alluvial (Stream / River) Sediment fill

11 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 11 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

12 New Infill Wells Existing Wells Production at C-sand level 12 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

13 WellNameSpudTD (MD) FTTD Goudron Net Ft pay Gros Morne Net ft pay Lower Cruse Net ft pay CompletionFormation Openhole Flowrate bopd 1GY-66428/04/20144,212 13/05/20 14 1923007930/05/2014Gros Morne 490 2GY-66527/05/20142,750 08/06/20 14 195256np15/09/2014Gros Morne 700 3GY-66616/06/20143,357 03/07/20 14 18520928 18/9/2014Gros Morne 300 4GY-66710/07/20144,006 10/07/20 14 18721928 27/9/2014Lower Cruse 220 5GY-66809/08/20143,026 27/8/201 4 191 254 np 23/9/2014Gros Morne 330 6GY-66905/10/20143,50524-Oct227na Gros Morne ?? 7GY-67028/10/2014Drillling 2360 13 Well results to date: Goudron Drilling Status (@ 4 th Nov 2014) PRODUCTION LIMITED by 8/32” CHOKE ~ 750 bopd Constrained 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 10k m Gy-664 Gy-665 Gy-666 Gy-667 Gy-668 Gy-670 Gy-671 Gy-672 Gy-669 GY-664

14 14 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

15 15 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 Wells Existing Wells More New Wells 6.9 mmbo rec 23.1 mmbo rec 93.6 mmbo rec Total Est. Resource Potential: Source: Independent CPR (Challenge Energy, July 2012)

16 16 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

17 17 Cedros Peninsula (Exploration)

18 LGO Cedros Leases 18 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

19 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 19 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

20 20 SPAIN (Production, Development) Ayoluengo Field, Cantabrian National Park, Spain

21 21 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

22 22 Valuation

23 23 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 Heritage LGO Share Price Goudron drilling underway Well GY-664 on production Completion of GY-665 Nov 2013March 2014July 2014Jan 2014Sept 2014May 2014 % Change 100% 200% 400% 300% 500% 600% Nov 2014 Fall in oil price, bear market Goudron drilling plans announced

24 24 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 Market Cap (  ) Trinidad & Spain Asset Valued Cash at Bank Nov 2013March 2014July 2014Jan 2014Sept 2014May 2014 % Change 100% 200% 400% 300% 500% 600% Nov 2014

25 Forward Looking Statements 25 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.

26 26 Delivering Growth through the Acquisition of Proven Reserves & Enhancement of Producing Assets Presentation assistance provided by:

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