LGO.L Share News (LGO)

Leni Gas & Oil (LGO) said on Monday its fifth well at the Goudron Field in Trinidad reached its total depth, giving confidence the company will have "excellent" production rates.Well GY-668 was drilled to a depth of 3,026 feet and has been logged and cased.Once approved, wells GY-665 to GY-668 will be placed on production one by one.The Goudron Field is located in the northeastern cost of Venezuela.LGO's chief executive Neil Ritson said: "The fifth well has been successful in meeting its objectives and the rig will shortly be moved off GY-668 and we will start the process of preparing the site for the production. "The pressures we have experienced during the drilling of these wells gives us considerable confidence that we will have excellent production rates."Shares rose 3.33% to 3.72p on Monday at 12:42.JF