LONDON (Alliance News) - LGO Energy PLC Monday said it has begun drilling the seventh and final well on the Goudron field in Trinidad in 2015.
The GY-678 development well is being drilled to a total depth of 4,200 feet and is targeting a C-sand reservoir.
"Our 2015 C-sand drilling program continues to make excellent progress with additional production wells and a great deal of important data collected from those wells to assist with the future management and development of the field," said Chief Executive Neil Ritson.
To assist with the anticipated enhanced oil recovery project at Goudron, a core and pressure data will be acquired in GY-678 and these data will be deployed in the ongoing enhanced oil recovery design work which the company hopes will lead to a pilot water flood commencing in 2016.
All of the previously drilled six wells on the field in 2015 have encountered hydrocarbons and the company plans to provide some form of production guidance for the field once GY-678 has been completed.
LGO shares were up 0.3% to 1.53 pence per share on Monday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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