LGO Energy Commences Production Increase Operations at Goudron, Trinidad

LGO Energy plc announced Wednesday that work has begun to increase oil production at its Goudron Field in Trinidad, with Petroleum Company of Trinidad and Tobago Limited (Petrotrin) and the Ministry of Energy and Energy Industries granting approval to perforate well GY-671.

The well will be drilled “shortly”, according to a company statement, in the Upper C-sands over a net pay interval of 208 feet. In addition, LGO has revealed that well GY-50 has been successfully re-entered and logged to a depth of 2,428 feet. Following interpretation of these logs, an application will be submitted to Petrotrin to perforate and complete 223 feet of new net oil pay in the Goudron Sandstone section in two intervals, starting with a 164 foot zone between 1,192 and 1,615 feet.  This well is expected to be perforated immediately after the completion of GY-671. The second pay zone will be completed at a later date.

Technical work has identified an additional six existing wells that represent further low-cost opportunities to increase production by accessing previously uncompleted productive intervals. Applications are being prepared to approve these wells for completion.

LGO's Chief Executive, Neil Ritson, commented in a company statement:

"We are really pleased to be moving towards again adding new untapped oil production at the Goudron Field with these low cost, high impact recompletions and we would expect to see production starting to increase after a lengthy hiatus following the issues experienced with the loss of GY-678 in October last year. The recent reduction in overriding royalties by Petrotrin for the Goudron Field and the stabilizing oil price are both providing encouragement to increase investment and production."



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