6th May 2014 09:31
LONDON (Alliance News) - Leni Gas & Oil PLC Tuesday said initial tests at its GY-664 well, the first new development well at the Goudron Field in Trinidad, have shown a larger than expected region of oil and gas bearing sands at the site.
The oil and gas exploration and development company said drilling at the well successfully reached a depth of 1,680 feet on May 3 and a full set of conventional electric logs were run to its total depth encountering a thicker than expected section of oil bearing Goudron sands.
The company said initial analysis of the well showed the presence of over 350 feet of oil bearing sands and drilling is now continuing to a planned total depth of 4,000 feet in order to test its primary objectives in the Gros Morne and the Lower Cruse Sands at depths below 2,800 feet.
"Excellent progress is being made with the first of our 30 well development campaign," Chief Executive Neil Ritson said in a statement. "Extensive oil bearing Goudron Sands have been encountered and the well has been successfully logged and cased and we are now drilling ahead to the main objectives."
The company's shares rose last Thursday as it announced that the well had struck oil, having already found combined pay intervals of roughly 193 feet by that point.
Leni Gas & Oil shares were up 10.2% to 1.18 pence, putting it in the top AIM All-Share risers Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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