LONDON (Alliance News) - LGO Energy PLC Monday said it has finished drilling the GY-675 well on he Goudron field in Trinidad and said it found a net hydrocarbon pay in the C-sand main target of around 260 feet.
Despite the news, shares were down 5.1% to 3.16 pence per share on Monday morning.
LGO Energy said the net hydrocarbon pay is "in line with expectations" and the next well, GY-676, is now being drilled and is the fifth well to be drilled in 2015 on the Goudron field.
The last well drilled on the field, GY-674, produced a net hydrocarbon pay of 277 feet. That was back in early June.
"Well GY-675 has now been successfully cased for future production and the rig has been moved to the second location on Pad 5 where it has spudded the fifth well of the 2015 program, GY-676, which is planned to be drilled to a total depth of 3,640 feet," said the company.
"In parallel, the production testing of the first three wells drilled this year is providing some encouraging results and we hope to have final flow rates from that work shortly," said Chief Executive Neil Ritson.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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