29 Oct 2014 09:46
For Immediate Release
29 October 2014
Leni Gas & Oil PLC
("LGO" or the "Company")
Goudron Drilling Update
LGO is today pleased to announce that well GY-670, the seventh of its planned 30 new development wells at the Goudron Field in Trinidad, and the second well from the third drill pad, was spudded yesterday and is drilling ahead in the Goudron Sandstones at a depth of approximately 220 feet.
Well GY-670 is planned to test the Goudron and Gros Morne Sandstone reservoirs to a total depth ("TD") of at least 3,100 feet TVDss (equivalent to 3,305 feet measured depth ("MD")) and will be deviated approximately 600 feet northwest from the surface location.
The sixth new Goudron well, GY-669, reached a TD of 3,505 feet MD and has been electric logged. The well was drilled to a depth slightly less than prognosed since it was considered that all sand-prone intervals had been penetrated at that location. The final section of the well, which was drilled in 8 ½-inch hole, has now been successfully cased to TD and the well is ready for completion as a production well.
A total of over 400 feet of net hydrocarbon pay have been identified in GY-669. Analysis of the electric logs is not yet complete however the presence of higher than previously identified reservoir pressure near the base of the well suggests a different fault block has been penetrated than in earlier wells. Age dating of the intervals penetrated by the well is also ongoing in order to ensure the correct identification of the boundary between the Gros Morne and underlying Lower Cruse reservoirs, and the attribution of the identified pay intervals to the appropriate formations.
The completion of GY-669 will be undertaken when Well Services Rig 20 is moved from the drill pad; which is currently anticipated to occur in late 2014.
Neil Ritson, LGO's Chief Executive, commented:
"Well seven is now underway and we are analyzing the results of well number six, GY-669, which is another successful well with considerable net pay. Reservoir pressures of up to 2,580 psi were measured near TD; the highest we have yet seen, and this may have major benefits for future production from this part of the field."
A summary of the drilling program results to date is given in the Appendix below.
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
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 Date | Total Depth (MD feet) | Date Total Depth Reached | Goudron Net Oil Pay (feet) | Gros Morne Net Oil Pay (feet) | Lower Cruse Net Oil Pay (feet) |
1 | GY-664 | 28 April | 4212 | 13 May | 192 | 300 | 79 |
2 | GY-665 | 27 May | 2750 | 8 June | 195 | 256 | np |
3 | GY-666 | 16 June | 3357 | 1 July | 185 | 209 | 28 |
4 | GY-667 | 10 July | 4006 | 30 July | 187 | 219 | 28 |
5 | GY-668 | 9 August | 3026 | 27 August | 191 | 254 | np |
6 | GY-669 | 5 October | 3505 | 24 October | 227 | na | na |
7 | GY-670 | 28 October |
All depths are quoted as measured depth in feet below Kelly bushing
na = not yet available
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
psi: pounds per square inch
TD: Total Depth
TVDss: True Vertical Depth sub sea