24 May 2012 07:00
Immediate Release
24 May 2012
Leni Gas & Oil PLC
("LGO" or the "Company")
Rig Mobilisation, Trinidad
LGO today confirms the immediate mobilization of a rig to the Goudron Field in south-eastern Trinidad.
Working through its wholly owned subsidiary Goudron E&P Limited ("GEPL") as a sub-contractor to Cameron Oil and Gas Limited, pending completion of the full contract assignment, LGO is mobilizing a work-over rig to commence the initial planned work program as previously announced on the 21st May.
It has been agreed to re-enter, clean out and re-complete three wells; GY-190, GY-254 and GY-63. A further two wells; GY-66 and GY-200, are also candidates for work in this initial trial phase. Well 190 has approximately 735 feet of open perforations above a total depth of 1,690 feet whilst well 254 is of a similar depth and has 645 feet of open perforations. The final well, GY-63, was originally drilled in 1931 is currently plugged back below a depth of 2,350 feet above which there are approximately 600 feet of perforations.
The shallower zones are completed in the Lower Goudron Sandstones, whilst the deeper intervals are in the Gros Morne (Cruse Formation equivalent). These three wells collectively have production potential of 35 bopd and are considered typical of many of the 150 pre-1980's wells on the field.
It is now planned that the rig will arrive at the field over the weekend and will commence work immediately.
Neil Ritson, LGO's Chief Executive, commented:
"We are immensely pleased to be able to commence work in the field and after reviewing a number of options these five wells have been selected for a trial program of work-overs. Results and incremental production estimates should be available within a few weeks."
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, an Active Member of the American Association of Petroleum Geologists 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 Luca Tenuta | +44(0) 20 7493 8188 |
Shore Capital
Joint Broker
Pascal Keane +44 (0) 20 7408 4090
Jerry Keen (Corporate Broking)
Pelham Bell Pottinger
Financial PR Mark Antelme | +44 (0) 20 7861 3232 |
Henry Lerwill |
Glossary
bopd - barrels oil per day