14th May 2014 10:40
LONDON (Alliance News) - Leni Gas & Oil PLC Wednesday said drilling at its GY-664 well in Trinidad, which has already found a large region of hydrocarbons in its first target, has now intersected part of its second primary target.
The oil and gas exploration and development company said the well, which is the first development well on the Goudron Field in Trinidad, has now been drilled to a total depth of 4,212 feet and has met a space of roughly 100 feet of the Lower Cruse Sandstone.
The company said it has now found a total gross sand region roughly 1,300 feet in size in the Goudron, Gros Morne and Lower Cruse formations at the well and electric log tests will now be run to total depth before casing is set and a production design plan is drawn up.
"Once logging is complete we will be able to determine the oil production potential of all the reservoir intervals and the well will be completed for production," Chief Executive Neil Ritson said in a statement.
The company said its drill rig will now move a short distance to the next drilling location as part of the 30-well programme and the second redevelopment well should go into test drilling within about a week.
Leni Gas & Oil shares were trading flat at 1.12 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
LGO.L