24th Sep 2015 08:30
LONDON (Alliance News) - LGO Energy PLC on Thursday said it has received its first significant production results from the GY-672 well at the Goudron project in Trinidad.
The company said the well is naturally flowing to surface at a rate of 60 barrels of oil per day.
"We are delighted that well GY-672 has significantly exceeded our original expectations by flowing oil naturally to surface. The company is now looking to fast track new shallow wells in the Goudron Sandstones by year end," said LGO Chief Executive Neil Ritson.
Shares in LGO were up 3.2% to 1.14 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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