LGO Energy begins drilling at seventh well in Goudron field

LGO Energy said on Monday that drilling operations at the GY-678 development well at the Goudron field in Trinidad are now underway.

GY-678 is the seventh of this year’s planned development wells and is being drilled to an anticipated total depth of 4,200 feet. LGO Energy is an oil and gas exploration, development and production company.

The company said work on the well will assist its enhanced oil recovery plans at Goudron, which LGO hopes will lead to a pilot water flood beginning in 2016.

Chief executive Neil Ritson said: “Our 2015 C-sand drilling program continues to make excellent progress with additional production wells and a great deal of important data collected from those wells to assist with the future management and development of the field.

“The additional anticipated production and data from GY-678 will continue this process and we look forward to reporting on its results in due course."

At 1550, LGO shares were up 0.6% at 1.53p.