LGO.L Share News (LGO)

(ShareCast News) - LGO Energy was pressing ahead with the restoration of production at Goudron Field in Trinidad on Wednesday, moving a second rig to join current operations at the site..The AIM-traded firm's local subsidiary, Goudron E&P, confirmed it had mobilised a second workover rig to the field.It said the Altech-1 rig would be working alongside the existing Altech-2 rig to deliver an accelerated well maintenance programme and various well recompletion, starting with the Goudron sandstone in well GY-50.LGO's board said it was also considering mobilising the company-owned workover rig, Columbus-1, to the field to provide further capacity over the coming months."As a response to the recently announced reduction in overriding royalties on Goudron oil and to a firmer oil price, work has begun on accelerating the restoration of production levels at Goudron," said LGO chief executive Neil Ritson."This increased activity has seen us require additional rig capacity and I am delighted that we can now report that we have a second rig back in the field."