LONDON (Alliance News) - LGO Energy PLC on Wednesday said it has mobilised a second drilling rig for the workover programme being conducted on the Goudron oil field in Trinidad.
The new rig will work alongside the existing rig on site to deliver an accelerated well maintenance programme and various well re-completions, LGO said.
LGO said it was also considering mobilising a third, company-owned rig in the next couple of months.
"As a response to the recently announced reduction in over-riding royalties on Goudron oil and to a firmer oil price, work has begun on accelerating the restoration of production levels at Goudron. 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," said Neil Ritson, LGO's chief executive.
LGO shares were up 5.9% to 0.27 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.