BP- The best value stock on the LSE.

Expect to see BP go into the blue later:

From:




BP Trinidad and Tobago, owned 70:30 by BP and Repsol YPF, has confirmed a significant gas discovery of an estimated 360 million barrels of oil equivalent (mboe) at the Chachalaca x-1 exploration well in the East Mayaro license area to the southeast of Trinidad, both BP and Repsol said in separate statements.
The well is seven miles south east of the BP Mahogany field in the Columbus basin and is in 100metres of water. It was drilled to a total depth of 4,765m and penetrated 427m of gas bearing sands in four main reservoirs.
The company is in the preliminary stages of data analysis and is now removing the casing and plugging the well as part of the finishing-up process. Next steps will be to drill the Coconut exploratory well, close to the Flamboyant gas and condensates field.
A production date has not yet been earmarked and it will join a queue of fields that can potentially come into production and when we are considering our next field development it will be assessed amongst all the other fields in the inventory.
"This is a world class discovery which continues to demonstrate our deep understanding of the Columbus basin and underpins our confidence in its prospectivity," BP TT chairman and CEO Robert Riley said in the BP statement. "This newly discovered resource reinforces our belief in the potential of the Columbus basin and underpins our long-term gas growth strategy in Trinidad and Tobago."