Leni gas and oil Plc announce update on GY-664, Goudron, Trinidad
LGO is pleased to announce that the first new development well in the Goudron Field, GY-664, successfully reached a depth of 1,680 feet at 7 am (Trinidad) on 3 May 2014, and after logging and casing was reported to be drilling ahead midnight (Trinidad) on 5 May 2014.
A full suite of conventional electric logs have been run to 1,680 feet and initial analysis of those logs confirms the presence of over 350 feet of hydrocarbon bearing Goudron Sands.
The first casing point was deepened from an anticipated depth of 1,540 feet to 1,680 feet due to the well encountering a thicker than expected section of oil bearing Goudron Sands. The first 1,680 feet of well has now been successful cased and cemented with 9 5/8 inch steel casing.
Drilling is now continuing with an 8 1/2 inch hole section to a planned total depth of approximately 4,000 feet in order to test the primary objectives in the Gros Morne and the Lower Cruse Sands at depths below 2,800 feet.
The Company will provide additional information as it becomes available.
Neil Ritson, LGO Chief Executive, commented:
“Excellent progress is being made with the first of our 30 well development campaign. Extensive oil bearing Goudron Sands have been encountered and the well has been successfully logged and cased and we are now drilling ahead to the main objectives.”
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.