David Lenigas, Lonrho Africa’s entrepreneurial boss, plans to raise £3.8 million on AIM for a new company, Leni Gas & Oil.

Beaumont Cornish is broker and nominated adviser to the new company, whose stated aim is to identify and acquire oil and gas projects around the world, preferably already in production or with previously proved deposits. Lenigas, who is chairman of Leni Gas & Oil, owns nearly two-thirds of the company, which will be valued at £9.82 million by the float, which should take his holding down to 40 per cent.