LONDON (Alliance News) - LGO Energy PLC Thursday said the latest tests conducted on three wells at drilling pad 4 in the Goudron field in Trinidad resulted in all of them producing oil to surface.
Wells GY-672, 673 and 674 were tested in reverse order and LGO said a total of 506 feet of C-sand pay was perforated across the three wells, all of which have produced oil to surface.
"This is the first time that such extensive testing has been undertaken on C-sand wells in the Goudron field and the process has yielded a great deal of very valuable information for the future development of the field," said Chief Executive Neil Ritson.
The tests on GY-674 have been completed, and production will commence once surface facilities are in place, said the company.
Well GY-674 delivered a natural flow rate of approximately 240 barrels oil per day, and LGO estimates the well could achieve an absolute open-hole flow rate of approximately 500 barrels of oil per day.
The tests on GY-672 are continuing whilst the preliminary results of tests on GY-673 are being used to determine how best to balance production and reservoir management.
"Once the GY-673 data analysis has been completed, we expect that production from that well will be optimized by means of downhole pumping. Initial results from the tests at GY-672 suggest that a downhole pump may also be the most appropriate production approach on that well," said the company.
Still, LGO shares were down 4.5% to 2.60 pence per share on Thursday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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