LONDON (Alliance News) - LGO Energy PLC on Monday said the last of its currently planned 2015 development wells at its Goudron Field development in Trinidad reached target depth at 4,219 feet measured depth on Saturday.
The well, known as GY-678, was spudded on August 13. The company said that electric log interpretation from both the Goudron Sandstone and C-sand reservoir intervals "confirm the presence of recoverable hydrocarbons". There is a net hydrocarbon pay in the C-sand main target totaling nearly 480 feet, the company added.
"Well GY-678, the seventh C-sand well this year, was targeting an area of anticipated thicker sandstone development and has successfully located a similar section to GY-670, which was drilled and completed late in 2014 and has subsequently produced over 105,000 barrels oil to date. This new well has found that same thick sand package and will now be completed for production," Chief Executive Neil Ritson said in a statement.
LGO Energy shares were down 0.7% at 1.39 pence on Monday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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