Leni's Onshore Trinidad Well Finds Oil

Leni Gas and Oil reported Thursday that the first new development well, GY-664, on its Goudron field, onshore Trinidad, has encountered oil at between 571 feet and the current well depth of 1,110 feet. Combined pay intervals, so far, measure approximately 193 feet in the upper Goudron Sands.

Leni said that drilling is continuing in the remaining Goudron Sands, estimated to be 400 feet thick, to the first casing point at approximately 1,540 feet – where electric logs will be run. Drilling will then continue in order to test the primary objectives in the Gros Morne and Lower Cruse Sands at depths below 2,800 feet.

Leni Chief Executive Neil Ritson commented in a company statement:

"The presence of oil bearing Goudron Sands, whilst expected at this location, is very encouraging and the production potential of an interval of this thickness is already well established. GY-664 will now continue to test the full extent of the Goudron Sands and then be deepened to the Gros Morne and Lower Cruse in order to confirm significant additional reservoir potential. This is an excellent start as we begin to unlock the 122 million barrels of proven and probable oil still in the field."

GY-664 is the first well of an approved 30-well development program on Leni’s 100 percent-owned Goudron field, which is estimated to contained proved and probable oil in place of 126 million barrels – of which only four million barrels has been recovered to date.



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