LGO Energy predicts recoverable oil from Trinidad well

Oil and gas company LGO Energy has said that initial drilling of its GY-674 development well in Trinidad has confirmed the presence of "recoverable hydrocarbons".

The AIM group said the well was spudded a few weeks ago and electric log interpretation from both the Goudron and C-sand intervals was positive.

Net oil pay in the Goudron sandstone is estimated to be 492 feet and net hydrocarbon pay in the C-sand main target is expected to be 277 feet.

GY-674 is the third of seven wells currently planned for 2015, LGO said.

The stock was up 2.6% at 4p by 11:17 on Thursday.