3rd Apr 2017 07:00
For Immediate Release, Embargoed until 7 am
3 April 2017
LGO ENERGY PLC
("LGO" or the "Company")
Spud Well of GY-683, Goudron Field, Trinidad
LGO is today pleased to confirm that well GY-683 was spudded on Friday 31 March 2017 with Rig#18 at the Goudron Field in eastern Trinidad. The well is currently drilling ahead at a depth in excess of 350 feet.
Well GY-683, previously designated H18E G11(5), is targeting a net 200-foot thick Mayaro Sandstone pay interval at between 650 and 1,050 feet depth and the well is anticipated to be completed for production in approximately 14 days, immediately after drilling operations are concluded.
GY-683 is the second of the programme of up to ten planned Mayaro infill wells during 2017 targeting light 38 API gravity sweet crude.
Neil Ritson, LGO's Executive Chairman, commented:
"The Goudron Field is the key focus of the Company's activities during 2017 as we continue to regain momentum in the business. We plan to double production through the infill drilling programme and progressing towards drilling in the South West Peninsula assets. The recent fundraising will allow these two activities' to proceed and as a result additional production and low risk wells can now be expected over the next few months."
Qualified Person's Statement:
The information contained in this announcement has been reviewed and approved by Neil Ritson, Chief Executive Officer and Director for LGO Energy plc, who has over 38 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 (BGS).
Enquiries:
LGO Energy plc | +44 (0) 203 794 9230 |
Neil Ritson/ Fergus Jenkins | |
Beaumont Cornish Limited | +44 (0) 20 7628 3396 |
Nomad | |
Roland Cornish/Rosalind Hill Abrahams | |
FirstEnergy Capital LLP | +44 (0) 20 7448 0200 |
Joint Broker | |
Jonathan Wright/ David van Erp | |
VSA Capital | +44 (0) 20 3005 5000 |
Financial Advisers | |
Andrew Monk/Andrew Raca | |
Glossary:
API gravity | a measure of oil density. API gravity is the inverse measure of a petroleum liquid's density relative to that of water, which is designated with a value 10. If one petroleum liquid is less dense than another, it has a greater API gravity |
pay and net 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 |
Mayaro Sandstone | alternative name for the Goudron Sandstones occurring at stratigraphic intervals above the pre-Mayaro unconformity |
spud or spudding in | spudding is the process of beginning to drill a well in the oil and gas industry. Initially a surface hole is created before the main drill bit is inserted and starts drilling the main well-bore; this is referred to as spudding or as spudding in |
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