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17 Aug 2015 07:00
For Immediate Release, 7am
17 August 2015
LGO ENERGY PLC
("LGO" or the "Company")
Drilling Update, Trinidad
LGO is today pleased to announce that development well GY-678, at its Goudron Field development in Trinidad, spudded on 13 August 2015 and is now drilling ahead in a 12 1/4-inch hole at a depth of approximately 337 feet. GY-678 is the seventh of this years planned development wells and is being drilled to an anticipated total depth ("TD") of 4,200 feet MD (4,028 feet TVDss) at a subsurface location 650 feet west-north-west of the surface location on drilling Pad-3.
Well GY-678 is once again targeting a C-sand reservoir interval and has been high-graded as the next C-sand target due to its similarity at reservoir level to wells GY-670 and GY-671 which were successfully completed for production in December 2014. GY-670 has three distinct sand packages in the C-sand interval with a total net pay estimated as 242 feet of which 177 feet were completed for production on 12 December 2014. A further offset well to the west of the proposed TD, GY-156, dating from 1943 also shows similar C-sand reservoir characteristics.
To assist with the anticipated enhanced oil recovery ("EOR") project at Goudron, a core and pressure data will be acquired in GY-678 and these data will be deployed in the ongoing EOR design work which the Company hopes will lead to a pilot water flood commencing in 2016.
Neil Ritson, LGO's Chief Executive, commented:
"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. The additional anticipated production and data from GY-678 will continue this process and we look forward to reporting on its results in due course."
Qualified Person's Statement:
The information contained in this announcement has been reviewed and approved by Neil Ritson, Chief Executive Officer and Director for LGO Energy 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:
LGO Energy plc | +44 (0) 203 794 9230 |
Neil Ritson Fergus Jenkins | |
Beaumont Cornish Limited | +44(0) 20 7628 3396 |
Nomad | |
Rosalind Hill Abrahams Roland Cornish | |
FirstEnergy Capital LLP | +44(0) 20 7448 0200 |
Joint Broker Jonathan Wright David van Erp
| |
Bell Pottinger | +44 (0) 20 3772 2500 |
Financial PR Henry Lerwill | |
Glossary:
core | a section of subsurface rock obtained whilst drilling and recovered to surface for analysis |
C-sand | sandstone reservoirs below the pre-Mayaro unconformity and above the pre-Lower Cruse unconformity encompassing sandstones of equivalent age to both the Gros Morne and the Lower Cruse formations |
EOR | enhanced oil recovery |
pay | a reservoir or portion of a reservoir formation that contains economically producible hydrocarbons. The overall interval in which pay sections occur is the gross pay; the portion of the gross pay that meets specific criteria such as minimum porosity, permeability and hydrocarbon saturation are termed net pay |
MD | measured depth; the depth of a well measured along the length of the borehole |
TD | total depth |
TVDss | true vertical depth; the depth of a well projected on to a vertical line below the surface location and corrected to a sea level datum |
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