The company invited firms in October 2011 and the submissions were accepted until 21 March 2012.

The Board has decided that divestment could potentially represent the best opportunity for the company in light of the new development opportunities previously announced in Trinidad, the company said.

LGO has received a number of conditional cash bids to buy the assets and will now be working with the bidders to close a transaction with the intention of selling its Spanish assets.

In case of a divestment, the funds raised can be utilised in Trinidad and the Gulf of Mexico where the company has many opportunities to invest in work programs with greater potential for near-term production.