Information  X 
Enter a valid email address

LGO Energy PLC (CERP)

  Print      Mail a friend

Wednesday 18 February, 2015

LGO Energy PLC

Goudron Operational Update

RNS Number : 2247F
LGO Energy PLC
18 February 2015
 



For Immediate Release

18 February 2015

 

LGO ENERGY PLC

("LGO" or the "Company")

 

Goudron Operational Update

 

LGO is pleased to provide an update on its Goudron Field operations. Final approvals have been granted for the construction of the 2015 drilling pads with work starting immediately and expected to take several weeks.  The Company has also been notified by the Petroleum Company of Trinidad and Tobago Limited ("Petrotrin") that they intend to upgrade the existing 2 7/8-inch export pipeline from the Goudron Field with a new 4 1/2-inch pipeline which will increase export capacity.

 

The new drill pads, designated Pad 4 and Pad 5, will be used for the next seven development wells, GY-672 to GY-680, as part of the Company's initial 30 well program which commenced in 2014 with the drilling of eight successful wells.  The Company has a rig under contract from Well Services Exploration Limited, Rig-70, and expects to mobilise the rig as soon as the first pad is ready for use.  Three wells will be drilled to the C-sand reservoir from Pad 4 before the rig is moved to Pad 5 where it is expected that four C-sand wells will be drilled.

 

The line-pipe for the new Petrotrin 4 1/2-inch export line is currently being delivered to the field and when installed will further reduce the time necessary to make oil sales from the Goudron Field.  The increase in export capacity, when linked to the planned lease area custody transfer (LACT) meter, will greatly increase the production handling capacity of the field infrastructure.  The upgrade of the export pipeline infrastructure is being carried out by Petrotrin at no cost to the Company. The installation of the LACT meter and the new export pipeline will be timed to ensure that no export bottle-necks occur as field production ramps up once additional wells are drilled from Pads 4 and 5 and brought on stream later in 2015.

 

Neil Ritson, LGO's Chief Executive, commented:

"Now that all the approvals have been granted for the 2015 Goudron drilling program to start, we can look forward to commencing the new season's drilling, which should see significant increases in the field's oil production."

 

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 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.

 

Enquiries:

LGO Energy plc

+44 (0) 20 7440 0645

Neil Ritson

Fergus Jenkins




Beaumont Cornish Limited

+44(0) 20 7628 3396

Nomad


Rosalind Hill Abrahams

Roland Cornish




Old Park Lane Capital Plc

+44(0) 20 7493 8188

Joint Broker

Michael Parnes


Zoe Louise Alexander




FirstEnergy Capital LLP

+44(0) 20 7448 0200

Joint Broker

Jonathan Wright

David van Erp

 


Bell Pottinger

+44 (0) 20 3772 2500

Financial PR

Henry Lerwill




 

Glossary:

C-sand

sandstone reservoirs below the pre-Mayaro unconformity and above the pre-Lower Cruse unconformity encompassing sandstones of equivalent age to both the Gros Morne and the Lower Cruse formations.

FTG

Full Tensor Gravity Gradiometry. Full tensor gradiometers measure the rate of change of the gravity vector in all three perpendicular directions

gravity gradiometry

is the measurement of variations in the acceleration due to gravity. The gravity gradient is the spatial rate of change of gravitational acceleration

 

                                                 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCTPMLTMBIBMTA

a d v e r t i s e m e n t