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4 Aug 2014 07:34
For Immediate Release
4 August 2014
Leni Gas & Oil PLC
("LGO" or the "Company")
Goudron Drilling Update, Trinidad
LGO is today pleased to announce the results of the evaluation of the electric logs in 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.
Evaluation of the electric logs has shown the presence of 219 feet of net oil pay in the Gros Morne Sandstone, including a thick massive sandstone interval of 130 foot at a depth of 2,596 feet MD. Pressure data indicates that the Gros Morne at this location is at primary pressure and is therefore expected to give excellent free flowing oil production.
Neil Ritson, LGO's Chief Executive, commented:
"Well GY-667 appears to be our best well so far in the drilling campaign and has a really excellent oil pay in the Gros Morne. The rig will now move to the final location from the current pad and spud the fifth well of the program, following which we will be able to put on production this well along with the others on the pad. We are very encouraged by the results we are obtaining at Goudron and look forward to the rest of this year's drilling there."
The Lower Cruse Sandstone are encountered cleaner and better developed than seen in nearby wells with a total of 28 feet of net oil pay encountered in two distinct layers. Further investigation of the Lower Cruse will continue during the current phase of drilling; during which the primary reservoir target will remain the Gros Morne Sandstone.
In addition to electric logs and downhole pressure data, sidewall cores were collected in the Gros Morne and Lower Cruse and these will be analysed for porosity and permeability to aid in ongoing development studies now underway with Senergy (GB) Limited.
In addition, as previously announced, GY-667 contains 187 feet of net oil pay in the Goudron sandstones.
The well will now be cased and the rig skidded to the final location on the current pad, which is expected to be designated GY-668. 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 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 |
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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