20th Apr 2016 06:59
LONDON (Alliance News) - LGO Energy PLC Wednesday said it has stepped up its efforts to increase production from the Goudron field in Trinidad after securing approvals to drill a new oil zone well, with operations expected to commence as soon as the necessary equipment has arrived on site.
LGO said work on the field has "begun in earnest" in an attempt to boost production from the field after it was given the green light to perforate a new oil zone well, GY-671, in the Upper C-sands over a net pay interval of 208.0 feet.
In addition, the GY-50 well has been successfully re-entered and logged to a depth of 2,428.0 feet. LGO will now analyse the logs and then submit an application to perforate and complete 223.0 feet of new net oil pay in the Goudron Sandstone section in two intervals.
LGO said it will start with a 164.0 foot zone lying between 1,192.0 and 1,615.0 feet depth. That well will be drileld once the GY-671 well has been completed, and the second zone to be tested through the GY-50 well will be tested at "a later date," the company said.
In addition, technical work has identified an additional six existing wells that represent further low-cost opportunities to increase production by accessing previously uncompleted productive intervals in existing wells. Applications are being prepared to have these wells also approved for completion.
"We are really pleased to be moving towards again adding new untapped oil production at the Goudron field with these low cost, high impact recompletions and we would expect to see production starting to increase after a lengthy hiatus following the issues experienced with the loss of GY-678 in October last year," said Chief Executive Neil Ritson.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
LGO.L