LGO Energy's revenue nearly halved last year while it went through a "transitional" period due to restrictions on growth.
LGO today confirmed its latest well hit an oil pay, which surpassed expectations.
LGO today confirmed it had mobilised its rig for the its drilling campaign on the Goudron field.
LGO is aiming to hits its production stride in Trinidad once again, according to its latest operational update.
LGO today today said it was nearing the kick-off of its 2017 drilling campaign in Trinidad.
LGO said estimated oil reserves in its Goudron field are higher than previous estimate after a review was carried out by Deloitte.
LGO Energy said it has reached a further agreement on the terms of the loan understanding with its subsidiary Goudron E&P.
LGO Energy today said it would execute plans to ramp up work levels at its Goudron field after Brent swung near $40 a barrel.
LGO Energy said it has reached an agreement with BNP Paribas on a revision to its schedule of repayments.
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.
West Indies oil exploration company LGO has hit back at what it calls "misleading allegations" made by Trinity Exploration over a $2million slice of oil territory 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.
LGO has made further progress on its Cedros Peninsula interests in Trinidad after striking a further deal with Beach Oilfield Limited. The company had previously agreed to acquire all of BOLT’s interests in oil and gas leases, with rights to deep targets below 7,000 feet. LGO said its title to 100% owned Cedros leases have now been accepted by the Ministry of Energy and Energy Affairs.
Leni Gas & Oil (LGO has confirmed the spudding of the 12 well in its Goudron field development. The company acquired the prospect on the south-eastern edge of Trinidad in 2011 and has so far drilled 12 out of 30 planned wells.
LGO has spudded its first well of the year at its Goudron field in Trinidad. The company said drilling operations have now begun on well GY-672. In February, approval for construction of drillpads was grated, in what is now the second venture in the field.
LGO Energy has completed perforation of the GY-669 well at the Goudron field in Trinidad. The well is not flowing at a stabilised, but highly restricted rate, of 365 barrels of oil per day (bopd). The company said over the last 48 hours the well has flowed at an average rate of 445 bopd.
LGO Energy has raised £1.5 million though company arranged placing of new ordinary shares. The total funds, before shares, will be used to ensure the firm's work in Trinidad is not hindered by the plummeting oil prices. The flagship Goudron operation is low cost and it is thought the venture will stand strong against the current climate, with its most recent well producing 2,000 barrels of oil per day.
A new joint corporate broker has been appointed by LGO Energy as it gears up for 2015. FirstEnergy Capital LLP will take on the role with immediate effect with Old Park Lane Capital plc will continuing as joint broker.
A new appointment has been made to the board of LGO. Fergus Jenkins will join the board after two years as the company’s chief operating officer. Mr Jenkins is a chartered engineer with more than 20 years’ experience working initially in mining before moving into petroleum.
LGO Energy said it has now recompleted work on the GY-667 well at its Goudron Field in Trinidad. The company said the well is currently flowing under its own pressure at a stabilized rate of 350 barrels of oil per day (bopd). An interval of 186 feet of net pay was perforated using tubing conveyed guns and an initial open-hole flow rate of 1,030bopd was observed.