22nd Jul 2014 08:12
LONDON (Alliance News) - Leni Gas & Oil PLC Tuesday said the GY-667 well at its Goudron Field in Trinidad has found a 187 feet region of net oil pay in the Goudron sandstone formation following drilling.
The oil and gas exploration and development company said the well, which is the fourth in a 30-well programme, has been cased at 1,905 feet in depth and is now drilling ahead towards its primary Gros Morne sandstone oil target, which is expected at roughly 2,180 feet in depth.
The well has a total planned depth of 3,600 feet and also will check for the presence of reservoir potential at the Lower Cruse region of the well.
The company said that once total depth is reached, the well will be logged and cased ready for completion as a production well, with the next well, GY-668 being drilled immediately after.
"The drilling campaign remains on track and continues to give very encouraging results. Below the oil pay in the Goudron sands we have again encountered a gas zone with pressures similar to those seen in the recent GY-666 well. We expect to drill the productive primary oil reservoir in the next week," Chief Executive Neil Ritson said in a statement.
The news comes after a string of positive developments at the Goudron field, with oil finds in its first three development wells and its first well reaching a stabilised production rate of 240 barrels of oil per day in early June.
Leni Gas & Oil shares were down 0.9% to 3.52 pence on Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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