17th Jun 2015 08:50
LONDON (Alliance News) - LGO Energy PLC Wednesday said it plans to test three recently drilled wells on the company's flagship Goudron field in Trinidad and also to make significant improvements to the infrastructure which will increase oil sales capacity.
The oil company said it will test the GY-672, 673 and 674 wells on drilling Pad 4, which was recently completed by the company. The equipment needed to test the three wells is now being mobilised to the site. A flow test will be carried out on all the wells, and any oil produced during the tests will be sold.
LGO has also received the necessary approvals to construct two 5,000 barrels sales tanks to supplement the existing 2,000 barrel main sales tank and two smaller tanks on site. The company is commencing construction of the first of these new 5,000 barrel tanks, and the second tank will be added as and when it is required, it said.
That will increase the company's overall sales capacity to over 12,000 barrels from the existing 2,750 barrel capacity.
LGO shares were down 4.0% to 3.29 pence per share on Wednesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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