LGO Energy Acquires 25% Stake in BOLT

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."



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  What Kind of Salary Can You Get as an ... (Aug 18)
 -  Shell Divests Stake in Saudi JV (Aug 16)
 -  Saipem to Build Pipelines for Kuwait R... (Aug 16)
 -  The Trick to Nailing Your Electrical E... (Aug 10)
 -  Jacobs Expands MSA for Chevron's US Re... (Aug 9)


Most Popular Articles

From the Career Center
Jobs that may interest you
Facilities Engineering Manager
Expertise: Engineering Manager|Facilities Engineer|Refinery / Plant Operations Supervisor
Location: Lake Charles, LA
 
Digital Project Manager & Consultant
Expertise: Graphics Design|PR / Corporate Communications
Location: San Ramon, CA
 
Regional NACE Cathodic Protection Engineering Manager - oil and gas
Expertise: Engineering Manager
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $52.72/BBL 3.31%
Light Crude Oil : $48.51/BBL 3.01%
Natural Gas : $2.89/MMBtu 1.36%
Updated in last 24 hours