Leni's Record Oil Production and Well Update

Leni's Record Oil Production and Well Update

Leni Gas & Oil PLC (LGO) announced that the Group’s oil production yesterday was 1,080 barrels of oil per day (“bopd”) with further increases expected in due course as new wells are drilled, completed and brought on line as part of the Company’s development plans in Trinidad.
Yesterday, the Company recorded the highest ever daily oil production for the Group with Trinidad producing 927 bopd and Spain producing 153 bopd, both net to LGO’s interest.
Neil Ritson, LGO’s Chief Executive, commented:
“Production continues to come on-stream from our new wells at the Goudron Field in Trinidad and we expect to exceed our end of 2014 milestone target of 1,000 bopd for that field shortly. Performance from the first two wells drilled and completed there have far exceeded our original expectations. The commissioning of the additional 2,000 barrel sales tank at Goudron in the next few days will allow the Company to move to higher levels of production and allow the optimization of the last three wells drilled at Pad 2.”
Well GY-666, 667 and 668 Update:
In related news, LGO confirms that wells GY-666 and GY-668 have now been completed in the primary Gros Morne reservoir and both of these wells are currently flowing under natural pressure to surface and are presently in the process of cleaning up. Once stable rates have been established from these wells, production rates will be reported.
The Altech-2 rig is currently installed on well GY-667, the last of the four wells drilled from Pad 2, and is preparing to complete the Lower Cruse reservoir for test production. The Company expects to perforate this well over the next few days.
Update spud GY-669:
The Company expects to spud GY-669, the sixth well of the approved 30 well development programme at Goudron in the next week. GY-669 will be the first of 4 wells to be drilled from drill Pad 3, located approximately 1,600 feet to the southeast of Pad 2.
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.
Source: Leni Gas & Oil PLC
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