LGO Energy makes more solid progress at Goudron

Trinidad-focussed oil and gas company LGO Energy announced on Thursday that its second new development well, GY-683 - part of the 2017 drilling campaign on the its Goudron Field - had successfully reached total depth at 1,250 feet, on 4 April.

The AIM-traded firm said electric log interpretation of the Mayaro Sandstone target interval confirmed the presence of oil, and it was decided to perforate and place on production 269 feet of the best net oil pay within the Mayaro reservoir.

Casing had now been run and Rig 18 would shortly be moved to allow a workover rig access to the well, in order to perforate and put the well to production.

“I am pleased to confirm that drilling and completion work has progressed entirely to plan and that the anticipated net oil pay is present and will shortly be placed on production,” said chief operating officer Fergus Jenkins.

“Currently we have a further three wells fully approved and are assessing the best contracting strategy for the drilling of those and future Mayaro wells.”

Well GY-682, completed in mid-March, was perforated over a 273 feet of net pay interval and produced at an initial rate of 55 barrels oil per day, the board reported.

Production was continuing as expected from GY-682 as well.

Three further wells had now been approved by the Ministry of Energy and Energy Industries as part of the ongoing development in which 45 wells had already received environmental approvals.

LGO said it was currently evaluating the drilling performance to date and determining the best contracting strategy for the next batch of wells as it looked to double field production by the end of 2017.