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20 Oct 2014 10:47
For Immediate Release
20 October 2014
Leni Gas & Oil PLC
("LGO" or the "Company")
Goudron Drilling Update, GY-669
LGO is today pleased to announce that well GY-669, the sixth of its planned 30 new development wells at the Goudron Field in Trinidad, and the first well from the third drill pad, has been successfully drilled to a depth 2,390 feet measured depth ("MD"). Based on independent petrophysical analysis of the electric logging the well intersected 227 feet of net oil pay in the Goudron Sandstones. The well is currently drilling ahead in the Gros Morne formation.
Neil Ritson, LGO's Chief Executive, commented:
"The Goudron Sand has come in on prognosis and is oil bearing as in all previous wells. The new well design, with three casings, is proving valuable in isolating the thin gas stringers in the formation above the Gros Morne Sandstone reservoir and allowing us to drill with optimum mud properties in the main reservoir section, further reducing the risk of formation damage and increasing likely production rates."
The well has been cased to a depth 2,294 feet MD in order to isolate the Goudron Sandstone and a number of thin high pressure gas intervals in the Upper Gros Morne. The well is now drilling ahead to the primary Gros Morne Sandstone oil target which is expected at approximately 2,500 feet MD.
Well GY-669 has a planned total depth ("TD") of 3,926 feet measure depth ("MD") (equivalent to 3,800 feet TVD) in the Lower Cruse at a bottom-hole location that is approximately 360 feet north of the surface location.
Once TD is reached the well will be logged and cased ready for completion as a production well.
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 | 227 |
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
TVD: True Vertical Depth
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