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19 Feb 2015 10:01
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For Immediate Release
19 February 2015
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LGO ENERGY PLC
("LGO" or the "Company")
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FTG Survey Completion
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LGO today announces that airborne survey contractor ARKeX Limited ("ARKeX") has now successfully completed the Full Tensor Gravity Gradiometry ("FTG") survey in Trinidad announced by the Company on 15 January 2015. All the planned data has been gathered and accepted as being within specification.
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As reported previously the aircraft commenced flying the gravity and magnetic survey over the entirety of the prospective onshore and near-shore areas of Trinidad in mid-January. The data gathered covers an area of approximately 5,700 square kilometers and has now been transferred to ARKeX's head office in Cambridge, UK where initial data processing is already underway.
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LGO has acquired a license to the entire survey and it is expected that the initial processed results will be available within several weeks and will then be used over the coming months in more detailed interpretation work in both the producing Goudron Field and in the Cedros Peninsula where the Company holds approximately 10,900 gross acres of underexplored prospective leases.
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Neil Ritson, LGO's Chief Executive, commented:
"This unique survey in Trinidad has been completed well within the planned timeframe and we look forward to receiving the data to integrate into our various technical studies at Goudron. The data will also allow us to better understand the Cedros Peninsula and other areas of onshore Trinidad where we believe there to be considerable further untapped oil production potential."
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Qualified Person's Statement:
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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.
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Enquiries:
LGO Energy plc | +44 (0) 20 7440 0645 |
Neil Ritson Fergus Jenkins | |
Beaumont Cornish Limited | +44(0) 20 7628 3396 |
Nomad | |
Rosalind Hill Abrahams Roland Cornish | |
Old Park Lane Capital Plc | +44(0) 20 7493 8188 |
Joint Broker Michael Parnes | |
Zoe Louise Alexander | |
FirstEnergy Capital LLP | +44(0) 20 7448 0200 |
Joint Broker Jonathan Wright David van Erp Β | |
Bell Pottinger | +44 (0) 20 3772 2500 |
Financial PR Henry Lerwill | |
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Glossary:
FTG | Full Tensor Gravity Gradiometry. Full tensor gradiometers measure the rate of change of the gravity vector in all three perpendicular directions |
gravity gradiometry | is the measurement of variations in the acceleration due to gravity. The gravity gradient is the spatial rate of change of gravitational acceleration |
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