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1 Sep 2014 07:00
For Immediate Release
1 September 2014
Leni Gas & Oil PLC
("LGO" or the "Company")
Goudron Drilling Update, GY-668
LGO is today pleased to announce that well GY-668, the fifth of its planned 30 new development wells at the Goudron Field in Trinidad, and the fourth well from the current drill pad, has successfully reached total depth ("TD") at 3,026 feet measured depth ("MD"). The well has now been successfully logged and cased to TD.
Based on analysis of the electric logging it is interpreted that the well contains 254 feet of net oil pay in the Gros Morne Sandstones, the primary target of the well, in addition to the 191 feet of net oil pay in the Goudron Sandstones which was previously announced.
Once all necessary approvals have been obtained the wells GY-665 to GY-668 will be placed on production one by one. The rig will be moved to the next drilling pad to commence the drilling of the next four development wells (GY-669 to GY-672).
Neil Ritson, LGO's Chief Executive, commented:
"The fifth well has been successful in meeting its objectives and the rig will shortly be moved off GY-668 and we will start the process of preparing the site for the production. The pressures we have experienced during the drilling of these wells gives us considerable confidence that we will have excellent production rates."
A summary of the drilling program results to date is given in the Appendix below. Additional information will be released after each of the wells, GY-665 to GY-668, is placed on production.
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
Steve Horton 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 Reach-ed | Goudron Net Oil Pay (feet) | Gros Morne Net Oil Pay (feet) | Lower Cruse Net Oil Pay (feet) | Compl-etion Date | Completion 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 | 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 Aug | 3026 | 27 Aug | 191 | 254 | np |
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
TD: Total Depth
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