LGO Energy PLC Goudron Drilling Update (2060S)
July 06 2015 - 2:00AM
UK Regulatory
TIDMLGO
RNS Number : 2060S
LGO Energy PLC
06 July 2015
For Immediate Release, 7am
6 July 2015
LGO ENERGY PLC
("LGO" or the "Company")
Goudron Drilling Update, Trinidad
LGO is today pleased to announce that its latest development
well, GY-675, at its flagship Goudron Field development in
Trinidad, reached total depth at 3,660 feet measured depth ("MD")
on 30 June 2014. Electric log interpretation from both the Goudron
Sandstone and C-sand intervals confirm the presence of recoverable
hydrocarbons with the net hydrocarbon pay in the C-sand main target
estimated as 260 feet. The next well, GY-676, in the 2015 program
has now been spudded.
Neil Ritson, LGO's Chief Executive, commented:
"Our C-sand drilling program at Goudron is progressing extremely
well and we are now on our fifth well in 2015. In parallel, the
production testing of the first three wells drilled this year is
providing some encouraging results and we hope to have final flow
rates from that work shortly. Additionally the recently published
reserves assessment shows we have significant upside to pursue
after the current seven well drilling campaign."
Well GY-675 is the fourth of seven wells currently planned for
2015 and the first well from drilling Pad 5 in the north-east of
the field. Net oil pay in the Goudron Sandstone was encountered
between 630 and 1,560 feet with an estimated 330 feet of total net
pay. The oil bearing C-sand interval was encountered between 2,015
and 3,020 feet MD. Net hydrocarbon bearing pay in the C-sand
interval is estimated as 260 feet. These observed net pay zones are
in line with expectations for this well.
Well GY-675 has now been successfully cased for future
production and the rig has been moved to the second location on Pad
5 where it has spudded the fifth well of the 2015 program, GY-676,
which is planned to be drilled to a total depth of 3,640 feet MD
(3,400 feet TVDss) at a location 325 feet north-west of the surface
location. Well GY-676 is once again targeting a C-sand reservoir
interval and the top Gros Morne sandstone reservoir (upper C-sand)
is anticipated at 1,935 feet MD (1,700 feet TVDss).
Qualified Person's Statement:
The information contained in this announcement has been reviewed
and approved by Neil Ritson, Chief Executive Officer and Director
for LGO Energy plc, who has over 35 years of relevant experience in
the oil industry. Mr. Ritson is a member of the Society of
Petroleum Engineers (SPE), an Active Member of the American
Association of Petroleum Geologists (AAPG) and is a Fellow of the
Geological Society of London.
Enquiries:
LGO Energy plc +44 (0) 203 794 9230
Neil Ritson
Fergus Jenkins
Beaumont Cornish Limited +44(0) 20 7628 3396
Nomad
Rosalind Hill Abrahams
Roland Cornish
FirstEnergy Capital LLP +44(0) 20 7448 0200
Joint Broker
Jonathan Wright
David van Erp
Bell Pottinger +44 (0) 20 3772 2500
Financial PR
Henry Lerwill
Glossary:
C-sand sandstone reservoirs below the pre-Mayaro
unconformity and above the pre-Lower
Cruse unconformity encompassing sandstones
of equivalent age to both the Gros
Morne and the Lower Cruse formations
------- --------------------------------------------
pay a reservoir or portion of a reservoir
formation that contains economically
producible hydrocarbons. The overall
interval in which pay sections occur
is the gross pay; the portion of
the gross pay that meets specific
criteria such as minimum porosity,
permeability and hydrocarbon saturation
are termed net pay
------- --------------------------------------------
MD measured depth; the depth of a well
measured along the length of the
borehole
------- --------------------------------------------
TD total depth
------- --------------------------------------------
TVDss true vertical depth; the depth of
a well projected on to a vertical
line below the surface location and
corrected to a sea level datum
------- --------------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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