27th May 2014 10:47
LONDON (Alliance News) - Leni Gas & Oil PLC said Tuesday that it expects to bring its GY-664 well in the Goudron Field, Trinidad, into production by the end of the week, and it expects its next deep well GY-665 to spud shortly.
The well is the first of 30 planned wells under the company's new re-development programme.
The company took control of the Goudron Field in October 2012 and has since reactivated over 70 pre-existing wells and has launched the development programme in the hopes of accessing its estimated 122 million barrels of proven and probable oil in place.
A total of 278 feet of oil pay has been selected in the Gros Morne formation at the site for completion and production, Leni said. The GPY-664 well has been prepared, and a work-over rig is being moved into position for the completion operations.
It is now setting up its well services rig at the site of the GY-665 well, and expects the well to spud in the next 24 hours. The well will be drilled vertically to a depth of 3,5000 feet to test the same oil pay zones as those being completed in GY-664. The next four wells in the company's re-development programme will be drilled back-to-back from the same drill site, Leni said.
Shares in Leni Gas & Oil were trading up 3.4% at 1.21 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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