An LGO oiljack operates on the Groudon oilfield.

LGO strikes oil in Goudron

PORT OF SPAIN, September 8, 2015 – The London producer LGO Energy announced on Tuesday that it had struck oil in the GY-678 well in its Groudon field holding in Trinidad in Tobago.

“Well GY-678, the seventh C-sand well this year, was targeting an area of anticipated thicker sandstone development and has successfully located a similar section to GY-670, which was drilled and completed late in 2014 and has subsequently produced over 105,000 barrels oil to date,” LGO Energy CEO Neil Ritson wrote in a Tuesday press release. “This new well has found that same thick sand package and will now be completed for production.”

As of June 2015, an independent estimation put recoverable reserves in the Groudon field at 805 million barrels of oil. Potential production has been estimated at 1,000-4,000 barrels of oil per day. The GY-678 well is the seventh and final well the company is planning to drill in Groudon.

LGO energy acquired a 100-percent stake in the field in October 2012.

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