LGO has reported its monthly production update for December 2008.
During December monthly production totalled 8,069 boe excluding the interests in the US Gulf of Mexico and Lower 48. The monthly production update from all countries of operation is summarized as follows:
The Ayoluengo Oilfield (100% LGO) in northern Spain, through LGO's 100% ownership of Compania Petrolifera de Sedano, S.L. produced net to LGO 6,700 bbls and 1.105 mmscf of gas during the month. Net LGO production in barrels of oil equivalent totalled 6885 boe. Production was over 130% higher on the previous month and 110% higher on historical plateau production as most of the wells intervened for the first phase stimulation program were returned to production.
The Icacos Oilfield (50% LGO rights) located on the Cedros Peninsula of Trinidad, through LGO's 100% ownership of Eastern Petroleum (Australia) P/L produced gross 800 bbls during the month. The oil field produces no gas. Net LGO production in barrels of oil equivalent totalled 400 boe.
The Peneszlek Gasfield (7.27% LGO) in eastern Hungary, through LGO's 7.27% ownership of PetroHungaria Kft produced net to LGO 4.698 mmscf of gas and 1 bbl of condensate during the month. The Gasfield produces no oil. Net LGO production in barrels of oil equivalent totalled 784 boe. The interests in ZalaGasCo Kft (14.74%) LGO) in western Hungary will be announced in due course.
US Gulf of Mexico & Lower 48
The interests held by Byron Energy (28.94% LGO) in the US Gulf of Mexico and Lower 48 will be officially announced in due course Further to the announcement on Jan. 6 of the successful completion and testing of the A-8 well on Eugene Island, production through the production facilities now totals volumes from wells A-6, A-7 and A-8. Well A-8 was successfully tested at 2,557 boepd and well A-7 was previously tested at 4,012 boepd as reported on 06 October 2008. LGO’s interest in Eugene Island approximates to an effective net working interest of 8%.
David Lenigas, Executive Chairman, commented, "December reported a major increase in the Company production schedule of 65% above November with production from Spain more than doubling as most of the wells intervened for the successful stimulation program in October and November were returned to production. Trinidad delivered similar volumes as last month while Hungary observed a reduction to choke water production.
"The production schedule step change is a very positive start to 2009 for LGO as the initial results of our Spain enhanced recovery program are steadily realised. Together with the estimated net production from the US Gulf of Mexico, the Company now has effective net daily production of over 700 boe and over 21,000 boe per month."
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