Sign In
22 Jul 2014 07:00
For Immediate Release
22 July 2014
Leni Gas & Oil PLC
("LGO" or the "Company")
Goudron Drilling Update
LGO is today pleased to announce that well GY-667, the fourth of its planned 30 new development wells at the Goudron Field in Trinidad, and the third well from this drill pad, has intersected 187 feet of net oil pay in the Goudron sandstones based on analysis of the electric logging.
The well has now been cased to a depth 1,905 feet in order to isolate the Goudron Sandstone and the high pressure Upper Gros Morne gas intervals and is now drilling ahead to the primary Gros Morne Sandstone oil target which is expected at approximately 2,180 feet true-vertical depth ("TVD").
Well GY-667 has a planned total depth ("TD") of 3,600 feet TVD which is equivalent to 3,840 feet measured depth ("MD") at a bottom-hole location that is approximately 590 feet south east of the surface location. The well will also investigate the presence of reservoir potential of the Lower Cruse at this location.
Once TD is reached the well will be logged and cased ready for completion as a production well. The fourth well from the current pad, GY-668, will be drilled immediately following the end of drilling operations on GY-667. Further information will be provided once the well has reached TD.
Neil Ritson, LGO's Chief Executive, commented:
"The drilling campaign remains on track and continues to give very encouraging results. Below the oil pay in the Goudron sands we have again encountered a gas zones with pressures similar to those seen in the recent GY-666 well. We expect to drill the productive primary oil reservoir in the next week."
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
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 Reach-ed | 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 | 195 | 256 | np | ||||
3 | GY-666 | 16 June | 3357 | 1 July | 185 | 209 | 28 | ||||
4 | GY-667 | 10 July | 187 |
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
Follow the stocks
