LONDON (Alliance News) - LGO Energy PLC Thursday said the airborne survey contractor it hired has completed the full tensor gravity gradiometry survey in Trinidad.
LGO hired ARKeX Ltd to complete the survey, which involved flying an aircraft over the entirety of LGO's prospective onshore and near-shore areas of Trinidad in January. The area covered totalled 5,700 square kilometres and the initial data collected is currently being processed at ARKeK's head office in Cambridge in the UK.
LGO has acquired a license to the entire survey and it is expected that the initial processed results will be available within several weeks and used to make a more detailed plan for work on its assets in the country, it said.
"This unique survey in Trinidad has been completed well within the planned timeframe and we look forward to receiving the data to integrate into our various technical studies at Goudron. The data will also allow us to better understand the Cedros Peninsula and other areas of onshore Trinidad where we believe there to be considerable further untapped oil production potential," said Neil Ritson, chief executive of LGO.
LGO shares were up 0.8% to 3.05 pence per share on Thursday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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