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6 Jul 2015 07:00
For Immediate Release, 7am
6 July 2015
LGO ENERGY PLC
("LGO" or the "Company")
Goudron Drilling Update, Trinidad
LGO is today pleased to announce that its latest development well, GY-675, at its flagship Goudron Field development in Trinidad, reached total depth at 3,660 feet measured depth ("MD") on 30 June 2014. Electric log interpretation from both the Goudron Sandstone and C-sand intervals confirm the presence of recoverable hydrocarbons with the net hydrocarbon pay in the C-sand main target estimated as 260 feet. The next well, GY-676, in the 2015 program has now been spudded.
Neil Ritson, LGO's Chief Executive, commented:
"Our C-sand drilling program at Goudron is progressing extremely well and we are now on our fifth well in 2015. In parallel, the production testing of the first three wells drilled this year is providing some encouraging results and we hope to have final flow rates from that work shortly. Additionally the recently published reserves assessment shows we have significant upside to pursue after the current seven well drilling campaign."
Well GY-675 is the fourth of seven wells currently planned for 2015 and the first well from drilling Pad 5 in the north-east of the field. Net oil pay in the Goudron Sandstone was encountered between 630 and 1,560 feet with an estimated 330 feet of total net pay. The oil bearing C-sand interval was encountered between 2,015 and 3,020 feet MD. Net hydrocarbon bearing pay in the C-sand interval is estimated as 260 feet. These observed net pay zones are in line with expectations for this well.
Well GY-675 has now been successfully cased for future production and the rig has been moved to the second location on Pad 5 where it has spudded the fifth well of the 2015 program, GY-676, which is planned to be drilled to a total depth of 3,640 feet MD (3,400 feet TVDss) at a location 325 feet north-west of the surface location. Well GY-676 is once again targeting a C-sand reservoir interval and the top Gros Morne sandstone reservoir (upper C-sand) is anticipated at 1,935 feet MD (1,700 feet TVDss).
Qualified Person's Statement:
The information contained in this announcement has been reviewed and approved by Neil Ritson, Chief Executive Officer and Director for LGO Energy 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:
LGO Energy plc | +44 (0) 203 794 9230 |
Neil Ritson Fergus Jenkins | |
Beaumont Cornish Limited | +44(0) 20 7628 3396 |
Nomad | |
Rosalind Hill Abrahams Roland Cornish | |
FirstEnergy Capital LLP | +44(0) 20 7448 0200 |
Joint Broker Jonathan Wright David van Erp
| |
Bell Pottinger | +44 (0) 20 3772 2500 |
Financial PR Henry Lerwill | |
Glossary:
C-sand | sandstone reservoirs below the pre-Mayaro unconformity and above the pre-Lower Cruse unconformity encompassing sandstones of equivalent age to both the Gros Morne and the Lower Cruse formations |
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; the depth of a well measured along the length of the borehole |
TD | total depth |
TVDss | true vertical depth; the depth of a well projected on to a vertical line below the surface location and corrected to a sea level datum |
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