Result of EGM

LEPCO plc
18 July 2001

                     LEPCO PLC ('LEPCO' or the 'Company')


     Results of the £990,200 Open Offer and Extraordinary General Meeting




LEPCO plc, the AIM listed oil and gas company, announces that its Open Offer
of 24,755,000 New Ordinary Shares to raise £990,200 closed at 3 p.m. on 16
July 2001. Valid applications have been received for 13,092,628 New Ordinary
Shares at the offer price of 4p per share. This represents a 52.89 per cent.
take-up of those New Ordinary Shares available under the Open Offer. The
balance of 11,662,372 New Ordinary Shares will be allotted to the underwriter,
Park Resources Limited (and to its placees) under the terms of the
Underwriting Agreement. Under the Open Offer a total of 24,755,000 Warrants to
purchase further New Ordinary Shares at 6p are also to be issued.


The Extraordinary General Meeting of the Company was held today and all of the
resolutions proposed were duly passed.


Prior to the Open Offer, the Concert Party (as set out in the circular to
shareholders dated 20th June 2001) held approximately 20.2 per cent. of the
existing issued ordinary share capital. As a result of its underwriting of the
Open Offer and the Concert Party subscribing for 4,502,500 New Ordinary Shares
under the Open Offer, the Concert Party will, before allotment to any placees,
acquire an additional 16,164,872 New Ordinary Shares. Its increased
shareholding of 18,165,872 New Ordinary Shares will represent 51.49% per cent.
of the Company's enlarged issued share capital. Assuming that the maximum
issue of Share Options under the Share Option Scheme are exercised by the
Proposed Directors only (and on the basis that 500,000 Share Options proposed
to be issued to the Remaining Directors are not exercised), that only the
Concert Party exercises their Warrants and that all of the Headroom Shares are
issued to the Concert Party, then the Concert Party will, before any allotment
to placees, hold in aggregate 82,975,505 New Ordinary Shares, representing
82.90 per cent. of the Company's then enlarged issued share capital.


Admission and dealings in the New Ordinary Shares on AIM are expected to
commence on Monday 23 July 2001.


For further information please contact     :


Peter Wilde, LEPCO:                :     0207 233 5245


Harry Wilson, Proposed Chairman of LEPCO:     01582 460661


Chris Callaway, Beeson Gregory          :     0207 488 4040


18 July 2001