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LGO

Oil & Gas

LGO hits oil pay

LGO today confirmed its latest well hit an oil pay, which surpassed expectations.

Oil & Gas

Positive results for LGO from Goudron field

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.

Oil & Gas

LGO makes further gains on Cedros Peninsula interests

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.

Oil & Gas

LGO spuds 12th Trinidad well

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.

Oil & Gas

LGO adds further well in Trinidad

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.

Markets

LGO rises £1million for Goudron investment

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.

Other News

LGO appoints new board member

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.

Oil & Gas

LGO hits success with Goudron field well

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.