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24 Mar 2014 07:00
24 March 2014
LENI GAS AND OIL PLC
("LGO" or the "Company")
Goudron Drilling Update
LGO today announces that Well Services Petroleum Company Limited rig No 20 is now scheduled to mobilise to the Goudron Field on or about 15 April 2014.
The first well of a 30 well development programme, H-18E J-7, will be drilled to a total depth of 4,000 feet and is targeted to intersect productive sandstones on both the Gros Morne and Lower Cruse Formations. All essential in-field facilities are now completed in order to receive the rig and the Company will provide an update once the well has spudded.
The 30 well re-development programme is designed to access the existing 7 million barrels of proven and probable reserves and to provide data to assist in the design of a secondary recovery scheme (water flood) to access some of the estimated 60 million barrels of contingent resources attributed to the field.
Enquiries:
Leni Gas & Oil plc
David Lenigas Neil Ritson | +44 (0)20 7440 0645 |
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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 |
Bell Pottinger
Financial PR Mark Antelme | +44 (0) 20 7861 3232 |
Henry Lerwill |
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Glossary
Contingent Resources
| those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations, but the applied project(s) are not yet considered mature enough for commercial development due to one or more contingencies. Contingent Resources may include, for example, projects for which there are currently no viable markets, or where commercial recovery is dependent on technology under development, or where evaluation of the accumulation is insufficient to clearly assess commerciality |
Probable Reserves
| those additional reserves which analysis of geoscience and engineering data indicate are less likely to be recovered than Proved Reserves but more certain to be recovered than Possible Reserves. It is equally likely that actual remaining quantities recovered will be greater than or less than the sum of the estimated Proved plus Probable Reserves |
Proven Reserves | those quantities of petroleum, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be commercially recoverable, from a given date forward, from known reservoirs and under defined economic conditions, operating methods, and government regulations |
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