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16 Jul 2015 10:17
For Immediate Release, 7am
16 July 2015
LGO ENERGY PLC
("LGO" or the "Company")
Goudron Pad 4 Testing Update, Trinidad
LGO today announces an update on its testing operations at Drilling Pad 4 in the Goudron Field in Trinidad. A total of 506 feet of C-sand pay was perforated across the three wells and all three wells have produced oil to surface. Wells GY-672, 673 and 674 were tested in reverse order. The tests on GY-672 are continuing whilst the preliminary results of tests on GY-673 are being used to determine how best to balance production and reservoir management. The tests on GY-674 have been completed, and production will commence once surface facilities are in place.
The production testing carried out on well GY-674 has provided the anticipated engineering information. The well delivered a natural flow rate of approximately 240 barrels oil per day ("bopd") when flowed with a 8/32-inch choke. An absolute open-hole flow rate of approximately 500 bopd has been estimated from the test results.
Once the GY-673 data analysis has been completed, we expect that production from that well will be optimized by means of downhole pumping. Initial results from the tests at GY-672 suggest that a downhole pump may also be the most appropriate production approach on that well.
Well testing is an integral part of longer term development planning providing vital data on factors such as flow capacity, reservoir deliverability, permeability and completion efficiency. The data obtained will also be valuable in planning for the expected enhanced oil recovery project.
Neil Ritson, LGO's Chief Executive, commented:
"This is the first time that such extensive testing has been undertaken on C-sand wells in the Goudron Field and the process has yielded a great deal of very valuable information for the future development of the field."
In other news the Company today announces that the currently drilling C-sand well, GY-676, is drilling ahead in the 8 ½" section of the well at a depth of 2775ft. Formations that have been encountered in the well so far have come in on prognosis.
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:
API | American Petroleum Institute |
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 |
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