31st Jul 2014 09:02
For Immediate Release
31 July 2014
Leni Gas & Oil PLC
("LGO" or the "Company")
Goudron Well GY-667 Reaches Total Depth
LGO is today pleased to announce that the fourth well of its 30 well development program on the Goudron Field in Trinidad, GY-667, has been successfully drilled to a total depth ("TD") of 4,006 feet measured depth ("MD").
In addition to oil pay in the Goudron Sandstones the well encountered significant gross oil pay in the Gros Morne. The Lower Cruse was also encountered with oil shows. GY-667 was deepened by 166 feet below the original intended TD at 3,840 feet MD in order to fully investigate the reservoir zones encountered in the Lower Cruse.
The Gros Morne interval has extensive sandstones with good oil shows whilst drilling and is expected to have comparable reservoir potential to other recently drilled wells. The well will now be electronically logged from 1,905 feet to TD prior to the running and cementing of a 7-inch casing to TD.
The Company announced on 23 July 2014 that GY-667 has already intersected 187 feet of net oil pay in the Goudron Sandstones in the interval from surface to 1,905 feet MD based on analysis of the electric logging.
A full report of the net pay intervals in GY-667 will be announced on completion of the analysis of the logging runs. GY-667 will be completed as a production well, most likely in the Gros Morne Sandstone, after the drilling of the fourth well from the current pad, GY-668, has been drilled.
Results from the 30 well programme to date are tabulated in the appendix below.
Neil Ritson, the Company's Chief Executive, commented:
"Well GY-667 not only continues the success of recent drilling, but also appears to have encountered a thinker reservoir interval in the Lower Cruse which adds further production potential and possible reserves to the field."
Competent Person's Statement:
The information contained in this announcement has been reviewed and approved by Neil Ritson, Chief Executive Officer and Director for Leni Gas & Oil Plc, who has over 35 years of relevant experience in the oil industry. Mr. Ritson is a member of the Society of Petroleum Engineers (SPE), an Active Member of the American Association of Petroleum Geologists (AAPG) and is a Fellow of the Geological Society of London.
Enquiries:
Leni Gas & Oil plc
David Lenigas Neil Ritson | +44 (0)20 7440 0645 |
Beaumont Cornish Limited
Nomad and Joint Broker Rosalind Hill Abrahams Roland Cornish | +44(0) 20 7628 3396 |
Old Park Lane Capital Plc
Joint Broker Michael Parnes | +44(0) 20 7493 8188 |
Pelham Bell Pottinger
Financial PR Mark Antelme | +44 (0) 20 7861 3232 |
Henry Lerwill |
Appendix:
Well | Name | Spud | Total Depth (MD feet) | Total Depth Reach-ed | Goudron Net Pay (feet) | Gros Morne Net Pay (feet) | Lower Cruse Net Pay (feet) | Compl-etion | Formation | Completed Interval (feet) | Initial Production Rate (bopd) |
1 | GY-664 | 28 April | 4212 | 13 May | 192 | 300 | 79 | 30 May | Gros Morne | 278 | 240 |
2 | GY-665 | 27 May | 2750 | 8 June | 195 | 256 | np | ||||
3 | GY-666 | 16 June | 3357 | 1 July | 185 | 209 | 28 | ||||
4 | GY-667 | 10 July | 4006 | 30 July | 187 | ||||||
5 | GY-668 |
All depths are quoted as measured depth in feet below Kelly bushing
np = not penetrated
Glossary:
Pay: A reservoir or portion of a reservoir formation that contains economically producible hydrocarbons. The overall interval in which pay sections occur is the gross pay; the portion of the gross pay that meets specific criteria such as minimum porosity, permeability and hydrocarbon saturation are termed net pay.
MD: Measured Depth
TD: Total Depth
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