11th Feb 2014 09:31
LONDON (Alliance News) - Leni Gas & Oil PLC Tuesday said it has signed a contract with Well Services Petroleum Company Ltd for the drilling of the first seven wells of the company's development drilling programme at the Goudron Field in Trinidad.
The exploration and development oil and gas company, with operations in Spain and Trinidad, said the contract envisages the use of Well Services' Rig 20, which is expected to be mobilised to the field as soon as practical.
The company said drilling site preparation is underway for the 30-well programme, with the first two wells drilling to primary targets and deepened to ensure potential productive horizons are met.
Leni Gas & Oil said additional services for the upcoming wells will be contracted locally in Trinidad, and the first well should take 11 to 12 days to complete before the rig is moved to the next location.
The company said the initial drilling results will be used to develop a new Competent Persons Report later in 2014, which is expected to see the transfer of oil from the probable to proven reserves categories.
?By the middle of the year we expect to significantly improve our proved, probable and possible reserves at the Goudron field,? Executive Chairman David Lenigas told Alliance News. ?Once we've completed the 30 well programme we will likely apply for another 30 wells.?
Leni Gas & Oil shares were up 2.8% to 0.987 pence in early trading Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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