LGO opens new well at onshore Trinidad

PORT OF SPAIN, August 17, 2015 – LGO Energy has started drilling a new well at the onshore Goudron field in Trinidad, the company announced on Monday. The GY-678 well will be the seventh well the UK independent drills at Goudron in 2015, and is the final one in the company’s current campaign.

GY-678 will reach a total depth of 1,280 metres and target C-sand reservoirs. The well was chosen for its similarity to GY-670, which came on line in November 2014. In late July 2015, the company announced that production at Goudron averaged 951 barrels of oil per day, however this figure excluded the latest four wells that had been drilled.

LGO Energy was granted a 100-percent operating interest in the Goudron field in 2012. Following a study conducted by the UK’s asset consultant group Senergy, LGO Energy announced in June 2015 that estimated for Goudron’s best estimate oil in place had increased fivefold to 805 million barrels. The same study also saw proven, or 1P oil reserves, increase 110 percent to 1.54 million barrels, and proven and probable, or 2P reserves, increase 60 percent to 11.37 million barrels.

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