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11 Aug 2014 07:00
For Immediate Release
11 August 2014
Leni Gas & Oil PLC
("LGO" or the "Company")
Goudron Drilling Update
LGO today announces that the fifth of its planned Goudron development wells, GY-668, was successfully spudded on Saturday, 9 August 2014 and is now drilling ahead in the Goudron Sandstones.
The well is being drilled as a deviated hole with a maximum angle of 15 degree from the same well pad as used for the recently drilled wells GY-665, GY-666 and GY-667, and is the last planned well from that drill site.
Well GY-668 has a planned total depth ("TD") of 3,000 feet measure depth ("MD") (equivalent to 2,880 feet true-vertical depth ("TVD")) to a bottom-hole location that is approximately 680 feet west of the surface location. The primary target of this well is the Gros Morne sandstones, the top of which are anticipated at a depth of approximately 2,150 feet TVD.
The same well design as has been used on recent wells will be deployed in GY-668 with the Goudron Sandstones and uppermost Gros Morne shale being drilled in 12 1/4-inch hole and cased with 9 3/8-inch casing; whilst the Gros Morne Sandstone will be drilled to TD in 8 1/2-inch hole and cased with 7-inch casing. Electric logging will be performed in each interval and mud weights controlled to minimize formation damage.
Once GY-668 has been drilled to TD, the four wells will be prepared for the arrival of the completions rig before the Well Services Rig 20 moves to the third drill site. The third drill site is now intended to host four new wells; wells six to nine of the 30 well programme. That site is now being constructed and is anticipated to be ready to receive the rig as soon as it is released from the current drilling pad.
Neil Ritson, LGO Chief Executive, commented:
"As we become more familiar with the geology and sub-surface conditions the drilling of wells at Goudron is becoming progressively more routine. The results we have obtained, in terms of oil pay and reservoir pressure, have however exceeded our pre-drill expectations and we are now firmly expecting excellent production performance from the wells on this first pad."
Results from the drilling program to date are given in the table in Appendix below. Further announcements will be made once the main reservoir targets have been drilled.
Competent Person's Statement:
The information contained in this announcement has been reviewed and approved by Neil Ritson, Chief Executive Officer and Director for Leni Gas & Oil Plc, who has over 35 years of relevant experience in the oil industry. Mr. Ritson is a member of the Society of Petroleum Engineers (SPE), an Active Member of the American Association of Petroleum Geologists (AAPG) and is a Fellow of the Geological Society of London.
Enquiries:
Leni Gas & Oil plc
David Lenigas Neil Ritson | +44 (0)20 7440 0645 |
Beaumont Cornish Limited
Nomad and Joint Broker Rosalind Hill Abrahams Roland Cornish | +44(0) 20 7628 3396 |
Old Park Lane Capital Plc
Joint Broker Michael Parnes | +44(0) 20 7493 8188 |
Pelham Bell Pottinger
Financial PR Mark Antelme | +44 (0) 20 7861 3232 |
Henry Lerwill |
Appendix:
Well | Name | Spud Date | Total Depth (MD feet) | Date Total Depth Reach-ed
| Goudron Net Oil Pay (feet) | Gros Morne Net Oil Pay (feet) | Lower Cruse Net Oil Pay (feet) | Compl-etion Date | Completion Formation | Completed Interval (feet) | Initial Production Rate (bopd) |
1 | GY-664 | 28 April | 4212 | 13 May | 192 | 300 | 79 | 30 May | Gros Morne | 278 | 240 |
2 | GY-665 | 27 May | 2750 | 8 June | 195 | 256 | np | ||||
3 | GY-666 | 16 June | 3357 | 1 July | 185 | 209 | 28 | ||||
4 | GY-667 | 10 July | 4006 | 30 July | 187 | 219 | 28 | ||||
5 | GY-668 | 9 August |
All depths are quoted as measured depth in feet below Kelly bushing
np = not penetrated
Glossary:
MD: Measured Depth
TD: Total Depth
TVD: True Vertical Depth
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