12th May 2014 08:49
LONDON (Alliance News) - Leni Gas & Oil PLC Monday said it has further increased the size of its GY-664 well find in Trinidad and the company has now sold a total of over 100,000 barrels of Goudron oil since taking over operations at the region in October 2012.
The oil and gas exploration and development company said the GY-664 well drilling has now found over 1,000 feet of gross oil bearing sands after drilling a further 720 feet in its Gros Morne formation at the Goudron Field site.
The GY-664 site had earlier been drilled to a depth of 1,680 feet and found a 350-foot region of oil bearing sands, which has now been expanded significantly.
The company said drilling is now continuing at the site and has reached the third reservoir target for the well, heading towards its planned total depth of 2,800 feet.
"The current well GY-664 is exceeding our original prognosis and has now discovered commercially producible oil zones in the both the Goudron and Gros Morne sandstones. The well is now in the Lower Cruse and is expected to reach total depth shortly," Chief Executive Neil Ritson said in a statement.
Leni Gas and Oil also announced that it has now reached a significant milestone, after selling over 100,000 barrels of oil to a refinery in the past 18 months.
The company took control of the Goudron Field in October 2012 and has since reactivated over 70 pre-existing wells and has started a new 30-well development programme in the hopes of accessing its estimated 122 million barrels of proven and probable oil in place.
Leni Gas & Oil shares were up 6.5% to 1.16 pence, putting it in the top-ten AIM ALL-Share risers during early trading Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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