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LGO Energy looking at busy year of operations

Wed, 21st Dec 2016 13:50

(ShareCast News) - LGO Energy updated the market on its corporate plans for the first quarter of 2017 on Wednesday, saying its recent loan refinancing and equity placement positioned the company for an early return to drilling in the Goudron Field.The AIM-traded firm said that would happen with the imminent signing of an initial two well contract, including options to extend for further wells, in order to drill production wells to the ubiquitous Mayaro Sandstone oil pay interval.After retendering the rig and services, LGO said it had been possible to obtain a small footprint conventional drilling rig on a turnkey basis, which is considered to offer a lower risk and lower cost solution compared to previously proposed solutions using large conventional or heavy workover rigs.The company owned workover rig, Columbus #1, was now expected to be deployed to routine well service operations.It said the initial Mayaro drilling program would get underway as soon as practical in 2017 and was expected to be followed by further drilling to the Mayaro Sandstone oil pay, where up to 70 infill target locations had been identified.Of those, 45 wells had already received outline approval.During the proposed work programme, the company said it expects to issue regular updates on progress, including the spudding and results of each well.LGO would also continue to announce group production on a quarterly basis once oil sales volumes had been fully fiscalised and audited, it said.The company's Goudron subsidiary, Goudron E&P, also expected to submit the formal application for a waterflood enhanced oil recovery project to authorities in Trinidad during early 2017 with a view to commencing the initial phase of waterflood in the C-sands at Goudron in late 2017.Its proposed initial scheme involves the use of existing C-sand wells - two injectors and six producers - and the results of that EOR pilot would determine the detailed form of the wider EOR development in future years.Reductions of discretional spending and headcount during the last year, as well as deferral of director's fees, resulted in a marked reduction in the general and administration costs of the company, it said.The board said it would be continuing the programme of cost reduction to further reduce the corporate overhead in line with its 2017 operational plan.Given the recent re-financing, general and administration costs would be in line with the sustainable financial capacity the company expected to have in the next few years."After a difficult period with low oil prices and a senior debt facility that was difficult to service effectively from field operations, which themselves were constrained by limited available funds, we can now look forward to the imminent return to development drilling and the deployment of capital to increase production at the company's flagship Goudron Field," said chief executive Neil Ritson."During the recovery period some very difficult decisions had to be made on the deployment of funds and shareholder equity and we appreciate the commitment and support of our shareholders during this process."

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3 Jul 2014 12:15

Leni Gas & Oil reports further success at Goudron

Leni Gas & Oil on Thursday announced the successful drilling on the GY-666 well at Trinidad's Goudron, which has an indicated 394 feet of net oil pay. This consists of the previously announced 185 feet in the Goudron sandstone and a further 209 feet in Gros Morne sandstone. Chief Executive Neil R

3 Jul 2014 07:52

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24 Jun 2014 08:25

Leni Gas & Oil Finds Oil In Goudron Sandstones At GY-666 Well

24 Jun 2014 07:29

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17 Jun 2014 12:22

Leni Gas & Oil starts third well at Goudron

AIM-listed exploration group Leni Gas & Oil said the third of its Goudron development wells in Trinidad, GY-666, was successfully drilled. The well, which is part of the 30-well redevelopment programme, is expected to test the Goudron, Gros Morne and Lower Cruse sandstones, all of which are known

17 Jun 2014 10:21

Leni Gas & Oil Starts Third Well At Goudron, Predicts Strong Production

LONDON (Alliance News) - Leni Gas & Oil PLC Tuesday said the third of its development wells at the Goudron field in Trinidad was successfully started on Monday and is now being drilled, and it is expecting higher output than it achieved in the first of the redevelopment wells it drilled at the si

17 Jun 2014 07:34

UK MORNING BRIEFING: Whitbread Leads FTSE 100 On Strong Quarter

LONDON (Alliance News) - UK shares have opened higher Tuesday, encouraged by a positive close on Wall Street on Monday and ahead of UK inflation data.

Whitbread leads FTSE 100 gainers, as it said its Premier Inn hotels and Costa Coffee shops continued their strong s

11 Jun 2014 13:17

Leni Gas & Oil gives another positive update on Goudron

Leni Gas & Oil on Wednesday reported that analysis on its GY-665 well at the Goudron site in Trinidad has indicated the presence of a total of 526 feet of net oil pay. Once cementing work on the well has been completed, the Well Services Rig 20 will be prepared for its move to the next well, which

11 Jun 2014 12:11

Leni Gas & Oil Confirms Net Oil Regions In GY-665 Well

LONDON (Alliance News) - Leni Gas & Oil PLC Wednesday said that analysis of the electric logs run to total depth in its GY-665 well at Trinidad's Goudron Field have shown the presence of 526 feet of net oil pay. The oil and gas exploration and development company said the analysis showed 27

9 Jun 2014 16:05

MARKET COMMENT: UK Stocks Close Mixed; Lloyds, Babcock Down

LONDON (Alliance News) - The FTSE 100 ended slightly higher Monday, while its mid-cap peer index lost ground, in a subdued session that had little in the way of economic or major corporate news to drive it.

The corporate news that there was for blue-chip stocks was mainly negative,

9 Jun 2014 11:21

UK MIDDAY BRIEFING: Lloyds Prices TSB IPO Below Book Value

LONDON (Alliance News) - Lloyds Banking Group Monday set the price range of the initial public offering of TSB Banking Group PLC on the London Stock Exchange at between 220 pence to 290 pence per share, which would value the spun-off retail bank at about GBP1.28 billion at the

9 Jun 2014 10:22

UK WINNERS & LOSERS: Lloyds Among Big Losers In FTSE 100

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices midday Monday.
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FTSE 100 - WINNERS
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Capita, up 1.7%. Numis Securities has upgraded Capita to Buy, from Hold, and increased its pric

9 Jun 2014 09:28

Leni Gas & Oil delivers positive result at Goudron

Shares in Leni Gas & Oil (LGO) jumped by almost a third on Monday morning after it revealed that its GY-665 well at the Goudron field in Trinidad has intersected 687 feet of oil bearing sands at its primary target. LGO said it is confident that the net pay will be comparable to the GY-664, which in

9 Jun 2014 07:37

UK MORNING BRIEFING: Firm Open As Lloyds Sets TSB Price Range

LONDON (Alliance News) - UK shares have opened fractionally higher Monday following rising markets in Asia and a higher close on Wall Street on Friday. China reported strong trade figures for May on Sunday, lending Monday a positive tone.

Lloyds Banking will price t

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