LONDON (Alliance News) - Leni Gas & Oil PLC shares were given a boost in early trade on Wednesday after the group reported encouraging initial flow results from its Goudron field in Trinidad.
Shares in Leni Gas were up 7.8% to 4.555 pence in early trade, putting it among the AIM All-Share best performers.
The company said a series of initial production tests from the Gros Morne Sandstones at well GY-665 at Goudron resulted in a calculated open-hole flow rate of 700 barrels of oil per day. It said the well is currently producing water-free oil at a rate of 415 bopd through a choke.
"The second of our new wells is now on stream at a very encouraging initial production rate and flowing pressures," said Leni Gas Chief Executive Neil Ritson.
"The remaining three wells drilled from this pad will be placed on production shortly. Well Services Rig 20 is being moved to the next pad to drill four further wells in the development programme," Ritson added.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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