LONDON (Alliance News) - Leni Gas & Oil PLC Monday said it has intersected its largest net oil pay to date at the Goudron field in Trinidad after successfully drilling its sixth well at the site.
The GY-669 well is the sixth well to be completed in a 30 well development programme and has been drilled to a measured depth of 2,390 feet, intersecting 227 feet of net oil pay in the Goudron Sandstones, it said in a statement.
An oil pay is a reservoir or portion of a reservoir formation that contains economically producible hydrocarbons. GY-669 has encountered the largest net oil pay to date from the six wells that have been drilled, with the second largest measuring 195 feet of net oil pay from the GY-665 well completed in June.
The company has continued drilling to reach its original target at GY-669, the Gros Morne Sandstone oil target, which Leni believes is approximately 2,500 feet deep, it added.
"The Goudron Sand has come in on prognosis and is oil bearing as in all previous wells... Well GY-669 has a planned total depth of 3,926 feet... Once the total depth is reached the well will be logged and cased ready for completion as a production well," said Chief Executive Neil Ritson.
Leni shares were down 1.6% to 4.70 pence per share Monday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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