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24 Jun 2014 07:11
For Immediate Release
24 June 2014
Leni Gas & Oil PLC
("LGO" or the "Company")
Goudron Drilling Update
LGO is today pleased to announce that well GY-666, the third of its planned 30 new development wells at the Goudron Field in Trinidad, has intersected 185 feet of net oil pay in the Goudron sandstones based on independent petrophysical analysis of the electric logging.
The well has reached an intermediate depth of 1,667 feet measured depth ("MD") and has been logged, and is now in the process of being cased before drilling ahead to the primary Gros Morne sandstone target; now expected at approximately 2,050 feet MD.
A summary of the drilling program results to date is given in the Appendix below. Further information will be provided once the primary target in GY-666 has been logged.
Neil Ritson, LGO's Chief Executive, commented:
"The drilling campaign remains on course and continues to give encouraging results. Below the Goudron sands in GY-666 we have encountered gas shows and pressures similar to those seen in the recent GY-665 well at Gros Morne level and are therefore expecting to drill a productive primary reservoir in the next week."
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 | Total Depth (MD feet) | Total Depth | Goudron Net Pay (feet) | Gros Morne Net Pay (feet) | Lower Cruse Net Pay (feet) | Compl-etion
| 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 | 159 | 256 | np | ||||
3 | GY-666 | 16 June | 185 |
All depths are quoted as measured depth in feet below Kelly bushing
np = not penetrated
Glossary:
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
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