29th Oct 2014 10:07
LONDON (Alliance News) - Leni Gas & Oil PLC Wednesday said it has started drilling its seventh well in the Goudron field in Trinidad, as it confirmed it has found oil from well number six.
The GY-670 well is part of a 30 well drilling programme at the site and is drilling in the Goudron Sandstones at a depth of approximately 220 feet. It is aiming for a total depth of at least 3,100 feet, said Leni Gas in a statement.
The sixth well that was drilled in the programme, GY-669, has reached a total measured depth of 3,505 feet and is to be completed before the end of the year to become a production well. So far, a hydrocarbon reservoir of 400 feet has been identified at GY-669, and Leni Gas is awaiting to complete its analysis and electric logging of the well.
"Well seven is now under way and we are analysing the results of well number six, GY-669, which is another successful well with considerable net pay," said Chief Executive Neil Ritson.
Leni shares were up 1.8% to 5.32 pence per share Wednesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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