3rd Jul 2014 07:52
LONDON (Alliance News) - Leni Gas & Oil PLC Thursday said its third new development well at the Goudron Field in Trinidad has hit oil in the Gros Morne sandstones, adding to another oil find in the well, which was announced last week.
The oil and gas exploration and development company said the GY- 666 well has now been drilled to a total depth of 3,357 feet depth and analysis has shown a 209 feet region of net oil pay in the Gros Morne Sandstone, bringing the total amount of oil pay to 394 feet after a previous find in the Goudron Sandstone.
The Gros Morne formation was the wells primary target, and the company said that log characteristics and pressures imply that the GY-666 well should be another excellent Gros Morne producer.
The company added that it sees possible future value in a net gas sand region of 38 feet, which was found between the two targets on the GY-666 well at a similar depth to another gas find at its GY-665 well.
Leni Gas & Oil added that, following further electric logs from its recent oil find at the GY-665 well, the net pay from the find in its Goudron sands has been revised upwards to a 195 feet region rather than its previous 159 feet announced in June.
The first well, GY-664, was completed last month and stabilised production at a strong rate of 240 barrels of oil per day in early June, after an initial flow rate of 326 barrels of oil per day.
The company said it now plans to continue with the 30 new development well programme at the Goudron Field including at least five further wells with its current drilling rig.
Leni Gas & Oil shares were down 2.0% to 4.02 pence during early trading on Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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