Leni Signs Deal to Acquire Trinidad Field

Junior energy firm Leni Gas & Oil announced Wednesday that it has signed a deal to acquire a 100-percent interest in the producing Trinity-Inniss field in southeastern Trinidad.

The Trinity-Inniss field is located approximately 13 miles west of Leni's existing Goudron field operations, onshore Trinidad, and covers an area of 810 acres. It also has operational sales tanks and export facilities.

Current production from the Trinity-Inniss field averages between 140 and 150 barrels of oil per day from approximately 25 active wells. This production is derived from the Herrera Sandstone at depths of between 1,500 and 5,000 feet. Oil quality ranges from 28 to 38-degree API and is sold by means of a Petrotrin-owned pipeline to the Petrotrin refinery at Pointe-a-Pierre.

Leni said that it has identified approximately 20 well reactivation targets and that there is "considerable" infill drilling potential within the field area. The firm added that there is an existing certificate of compliance that was granted in 2012 for the drilling of 12 new wells and 50 sidetracks and replacement wells.

Oil original in place has been estimated at 68 million barrels (with the potential of up to 200 million barrels) while historic production has totalled 23 million barrels.

Leni Chief Executive Neil Ritson commented in a company statement:

"We are delighted to have the opportunity of adding a further producing [incremental production service contract] in the Eastern Fields area of Trinidad to our portfolio.  This transaction will, subject to the conditions being satisfied, add approximately 150 bopd to LGO Trinidad's current production and we see many similarities between Goudron and Trinity-Inniss, and the scope for rapid production improvements. This acquisition is a natural extension of our Trinidad-focused oil field redevelopment strategy and is ideally timed to take advantage of our growing capability.
 
"Although our current focus is the drilling of new well developments at Goudron, we would be able to quickly transfer Goudron's work-over expertise and some of the work-over equipment to Trinity-Inniss to significantly increase the Field's oil production from 150 bopd.  In the medium term, we would be able to extend drilling work to new production wells and the Trinity-Inniss field also has longer term water-flood potential."



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