28th Aug 2015 08:33
LONDON (Alliance News) - LGO Energy PLC on Friday said testing is now underway on the second and third wells drilled on Pad-5 at the Goudron field in Trinidad.
LGO said that, after the initial clean-up, well GY-677 delivered a maximum flow rate of 380 barrels of oil per day, while well GY-676 has flowed at rates up to 240 barrels per day.
The GY-675 well, which was placed on production by LGO last week, flowed at 240 barrels of oil per day in the initial flow tests.
"We are delighted that all the Pad-5 wells are being brought on stream successfully. Good initial flow rates and pressures, along with careful production management, are key to LGO remaining a successful low cost oil operator during the current period of prolonged low commodity prices," said Chief Executive Neil Ritson.
LGO shares were up 13% on the news to 1.53 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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