LONDON (Alliance News) - LGO Energy PLC Monday said its most recently completed well, GY-669, at the Goudron Field in Trinidad is now flowing at a stabilised, but highly-restricted, rate of 365 barrels of oil per day.
In a statement, the oil and gas production company said that over the last 48 hours the GY-669 well has flowed at an average rate of 445 barrels of oil per day. It said the initial calculated open-hole flow rate of the well is approximately 1,000 barrels of oil per day.
"Well GY-669 is a further highly productive well from our eight well drilling campaign in 2014 and when combined with future drilling will allow us to maintain group production in excess of 2,000 barrels of oil per day for many years," said Chief Executive Neil Ritson in a statement.
The company said that preparations for the 2015 drilling campaign at Goudron are now "well underway", and it expects to recommence the drilling of additional new C-sand wells as soon as the next drilling pad is completed.
LGO Energy shares were trading 1.2% lower Monday morning at 3.43 pence.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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