28th May 2014 10:00
LONDON (Alliance News) - Leni Gas & Oil PLC Wednesday said the second of its Goudron development wells, GY-665, has been successfully started and drilling is progressing.
In a statement, the oil and gas exploration and development company said the well is planned to test Goudron, Gros Morne and Lower Cruse sandstones that are known to be productive for oil in offset wells.
The well is being drilled vertically from a newly constructed well pad from which three later wells will be deviated. The expected total depth of the well is 3,500 feet.
On Tuesday, Leni Gas & Oil said it expected to bring its GY-664 well in the Goudron Field, Trinidad, into production by the end of the week, and added that it expected its next deep well GY-665 to start shortly.
Leni Gas & Oil shares were Wednesday quoted at 1.27 pence, up 4.7%.
By Samuel Agini; [email protected]; @samuelagini
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