Issue of Equity

LEPCO plc
20 June 2001

                     LEPCO plc ('LEPCO' or 'the Company')


      Proposed Underwritten Open Offer of 24,755,000 New Ordinary Shares

      at 4p per share and 24,755,000 Warrants exercisable at 6p for each

                              New Ordinary Share

   Proposed re-organisation of Share Capital and amendments to Articles of
                                 Association

            Appointment of nominated adviser and nominated broker


Further to the announcement made on 30 May 2001, the Company announces that
the Panel on Takeovers and Mergers has agreed, subject to approvals by the
Company's independent shareholders on a poll, to waive any obligation of
Endeavour Oil & Gas Limited Partnership, Park Resources Limited, Harry Wilson,
Richard O'Toole, Graeme Thomson and Ralph Brown to make a general offer for
shares in the Company which might otherwise arise as a result of (i) the
underwriting of the Open Offer and/or the exercise of the Proposed Share
Options and/or the exercise of the Warrants and/or (ii) the issue of the
Headroom Shares and the exercise of additional Proposed Share Options.


Accordingly the prospectus, application form and form of proxy have today been
sent to shareholders.


The expected timetable of principal events is as follows:
                                                                           2001

Record Date for the Open Offer                             Close of business on
                                                                        15 June

Application Forms despatched                                            20 June

Latest time and date for splitting of Application Forms       3.00pm on 13 July

(to satisfy bona fide market claims)

Latest time for receipt of forms of proxy                               16 July

Latest time and date for receipt of completed Application     3.00pm on 16 July
Forms and payment in full

Extraordinary General Meeting                                           18 July

Dealings expected to commence in New Ordinary Shares          8.00am on 23 July

Stock accounts in CREST credited with New Ordinary Shares            by 23 July

Despatch of definitive certificates for New Ordinary                 by 31 July
Shares


In addition the Company has appointed Beeson Gregory Limited to act as its
nominated adviser and nominated broker with immediate effect.


20 June 2001