LGO Energy plc announced that it has completed the acquisition of a 25 percent stake in Beach Oilfield Limited (BOLT), for a total cost of $250,000.
Through this acquisition, the company, which already holds an agreement to acquire the deep petroleum rights to all of BOLT's South West Peninsula interests in Trinidad, now has access to an interest in the shallow petroleum rights held by BOLT, including the producing Bonasse Oilfield. Present production levels at Bonasse have dropped to below ten barrels of oil per day from just three active wells. BOLT and LGO are in agreement that significantly greater potential exists for additional production through the application of proven technologies.
Neil Ritson, LGO's chief executive, commented in a company statement:
"We consider the South West Peninsular of Trinidad to be a major medium term investment opportunity, especially the deep targets which have so far not been adequately explored, however, the acquisition of an interest in BOLT also gives rise to immediate access to shallower objectives including within the producing Bonasse Oilfield. We expect to be in a position to report on our plans to reinvigorate that asset in the next few months."
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