22nd Jan 2014 09:00
LONDON (Alliance News) - Leni Gas & Oil PLC Wednesday said it has now started mobilisation for the construction of the first drilling sites of its newly approved 30 development well programme at its 100%-owned Goudron Field in Trinidad.
The exploration and development oil and gas company, with operations in Spain and Trinidad, said the first new well at the site will be drilled to roughly 4,000 feet and is targeting two regions of net oil sands in spaces equalling 250 feet and 100 feet.
The news comes after the company's application for a Certificate of Environmental Compliance for its planned drilling campaign of 30 new wells at the Goudron Field was approved by authorities in Trinidad and Tobago last week.
The company said infrastructure improvements to handle the expected increase in oil production at Goudron are nearing completion and an additional 2,000 barrels of oil sales capacity has also been approved by the authorities in the country.
The Goudron Field has proven oil reserves of 7.2 million barrels and further contingent oil reserves of 63 million barrels with an oil-in-place of 127 million barrels.
Leni Gas & Oil shares were up 9.0% to 1.07 pence, putting it in the top-ten AIM gainers in early trading Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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