LONDON (Alliance News) - Leni Gas & Oil PLC Monday said electric logs have shown a 219 foot region of net oil pay in the Gros Morne Sandstone at its GY-667 well in the Goudron field following its oil find at the offshore Trinidad site announced last week.
The oil and gas exploration and development company last week said it had added to oil finds at the Lower Cruse and Goudron sandstone regions of the well by finding significant oil pay in the primary Gros Morne target after drilling to a total depth of 4,006 feet.
The company said that evaluation of its electric logs since the statement last week have shown a 219 foot region of net oil pay in the Gros Morne sandstone, including a thick massive sandstone interval of 130 foot at a depth of 2,596 feet.
Leni Gas said pressure data shows that the Gros Morne at this location is at primary pressure and is therefore expected to give excellent free flowing oil production.
"Well GY-667 appears to be our best well so far in the drilling campaign and has a really excellent oil pay in the Gros Morne. The rig will now move to the final location from the current pad and spud the fifth well of the program, following which we will be able to put on production this well along with the others on the pad," Chief Executive Neil Ritson said in a statement.
The news comes after a string of positive developments at the Goudron field, with oil finds in its first three development wells and its first well reaching a stabilised production rate of 240 barrels of oil per day in early June.
Leni Gas & Oil shares were up 4.3% to 3.65 pence Monday morning.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
Copyright 2014 Alliance News Limited. All Rights Reserved.