LONDON (Alliance News) - LGO Energy PLC Monday said it has begun drilling its 12th development well at its flagship Goudron field in Trinidad, marking the first well to be drilled on pad 5.
Well GY-675 is to be drilled to a total depth of 3,700 feet measured depth and is targeting a C-sand reservoir and the top of the Gros Morne sandstone upper C-sand, which is anticipated to be encountered at 1,900 feet measured depth.
"The rig is now on drilling pad 5, and we are expecting to drill four wells from this pad. Simultaneously we are commencing completion operations on the last three wells of the program at pad 4 and expect to report on those shortly," said Chief Executive Neil Ritson in a statement.
LGO finished drilling the last well on drilling pad 4 last week, when the company said electric logs over the Goudron and C-Sand intervals confirmed the presence of recoverable hydrocarbons.
LGO shares were down 3.9% to 3.75 pence per share on Monday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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