19th May 2014 11:25
LONDON (Alliance News) - Leni Gas & Oil PLC Monday said it expects to start spudding the second well at its Goudron Field Site In Trinidad shortly after Well GY-664, the first of 30 planned development wells, was logged and cased to total depth.
Leni Gas said after provisional analysis of the full electronic logs, GY-664 has penetrated over 1,500 feet of gross sand in three formations - the Goudron, Gros Morne and Lower Cruse - with a calculated total net oil pay of 571 feet.
The oil and gas exploration and development company said after analysis of the logs it has been decided to complete the well as a Gros Morne production well.
"It is now intended to perforate a total of between 270 to 300 feet of Gros Morne oil pay in GY-664 in order to optimise production from the overall gross sandstone interval," Leni Gas said.
Simultaneous production of the Lower Cruse and Gros Morne is not possible due to the different pressures encountered and the possibility of cross-flow between the higher and lower pressured formations. Perforation will be by means of tubing-conveyed guns at a rate of six shots per foot, the firm added.
"Completion of the extensive oil pay in the Gros Morne in GY-664 presents the best production potential in the first well," Chief Executive Neil Ritson said in a statement. "The next well, GY-665, will be drilled to at least 3,500 feet and will investigate the Lower Cruse in a different structural setting. Production from GY-664 is expected to commence shortly."
Leni Gas & Oil shares were quoted up 5.2% at 1.12 pence Monday afternoon.
By Anthony Tshibangu; [email protected];
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