LONDON (Alliance News) - Leni Gas & Oil PLC Thursday said it has completed its barrel sales tank and started drilling its sixth well of its 30-well re-development of the Goudron Field in Trinidad.
The sixth well, GY-669, is currently drilling in the Goudron Sandstone formation and is due to be drilled to a total depth of 3,925 feet measured depth at a location approximately 400 feet north of the surface location.
Leni Gas & Oil has also completed its 2,000 barrel sales tank to increase storage capacity, with initial sales due to start shortly, it said in a statement. Production from the five recently completed wells - GY664 to GY-668 - will be optimized as a result, said Leni Oil & Gas.
"The drilling program continues to advance at an excellent pace and we can look forward to a further rise in field production. Work will also now commence on the additional infrastructure we will need to handle the increased volume of oil; including a further 700 barrels of bulk storage and a lease automated custody transfer meter to manage a larger volume of sales," said Chief executive Neil Ritson.
Leni Gas & Oil shares were up 2.6% to 5.85 pence per share Thursday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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