Become a Member
  • Track your favourite stocks
  • Create & monitor portfolios
  • Daily portfolio value
Sign Up
Quickpicks
Add shares to your
quickpicks to
display them here!

Gulf of Mexico Production

9th Jun 2011 07:00

RNS Number : 1222I
Leni Gas & Oil PLC
09 June 2011
 



For Immediate Release (7 am)

9 June 2011

LENI GAS AND OIL PLC

("LGO" or the "Company")

Gulf of Mexico Production

Leni Gas & Oil plc today announces resumption of production from the Eugene Island-184 ("EI-184") platform in the Gulf of Mexico.

 

Production operations were resumed safely on 3 June 2011 at the EI-184 facilities following the transfer of operatorship to Marlin Energy LLP ("Marlin") as previously announced in late May. All previously active wells (A1, A3, A4, A5 and A8) were returned to production and operational reporting to the Joint Venture partners has now been resumed.

 

During the initial five day ramp up period; gross physical production has averaged 1,199 mcfpd and 402 bopd (609 boepd). Once downtime is accounted for, this equates to an average daily rate of approximately 922 boepd. LGO holds a 7.25% working interest in the EI-184 field..

 

Early indications are that production has been re-established at higher than pre-shut down levels, however, stabilised rates are not yet available and some flush production after a 60 day shut-in period would be expected.

 

Neil Ritson, LGO's Chief Executive, commented: "We are pleased that production and revenue has been restored so quickly and that all the wells have come back on-line after the shut-down. We now look forward to working with the new operator to plan for sidetracking and recompleting wells in the field to increase production."

 

 

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 35 years of relevant experience in the oil industry. Mr. Ritson is a member of the Society of Petroleum Engineers, an Active Member of the American Association of Petroleum Geologists and is a Fellow of the Geological Society of London.

 

Enquiries:

Leni Gas & Oil plc

David Lenigas, Executive Chairman

Neil Ritson, Chief Executive Officer

Tel +44 (0) 20 7016 5103

 

Panmure Gordon plc

Katherine Roe / Hannah Woodley

Tel +44 (0)20 7459 5744

 

 

Beaumont Cornish Limited

Roland Cornish / Rosalind Hill Abrahams

Tel +44 (0) 20 7628 3396

 

Pelham Bell Pottinger

Mark Antelme / Henry Lerwill

Tel + 44 (0)20 7861 3232

 

Glossary

mcfpd - million cubic feet per day

bopd - barrels oil per day

boepd - barrels oil equivalent per day

 

 

NOTES TO EDITORS

 

Leni Gas & Oil Plc is an international oil and gas exploration, development and production company headquartered in London, trading on the London Stock Exchange's AIM index. LGO's strategy is to acquire projects and businesses within the oil and gas sector that contain a development premium which can be unlocked through a combination of financial, commercial, and technical expertise.

 

LGO operates a low risk portfolio of production expansion assets in the US Gulf of Mexico, Spain and Trinidad, and holds non-operated exploration acreage Malta. LGO's assets have significant play upside using strategies which leverage novel extraction technologies and proven production enhancement techniques. LGO specifically targets near term production with upside exploitation potential and manages its portfolio to ensure all assets have accelerated incremental reserves and production enhancement programmes.

 

 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCSSFFAAFFSEDM

Related Shares:

CERP.L
FTSE 100 Latest
Value8,596.35
Change99.55