LGO's drilling campaign in the Gourdron Field in Trinidad continues to pay-off for the firm.
LGO Energy is facing an expensive bill up to $4million after its latest drilling project in Trinidad was plugged and abandoned after a mechanical problem.
Trinidad-focused LGO Energy has raised a further £1million via a shares issue to pursue its flagship Goudron development in the Caribbean.
Trinidid focused oil producer LGO Energy has released its first significant production results from a new well in the Goudron oil field in the Caribbean.
LGO Energy, the Trinidad-focused oil producer, doubled its revenue in the first six months of 2015 compared with the same period last year.
The last of LGO Energy's planned 2015 development wells at its Goudron field site in Trinidad has reached its target depth at 4,219 feet.
Production testing has started on LGO's GY-675 well, the first drilled on Pad-5 in the Goudron Field in Trinidad.
LGO Energy said test results from the Goudron field in Trinidad have shown an oil flow of more than 200bopd (barrels of oil per day). Well GY-674 was the first to be tested by the company this year and shows a natural rate of 240bopd, with an estimated 500bopd with an open-hole flow rate. The company said tests on GY-672 and 673 were also continuing.