LGO Cites Major Increase in Company Production Schedule, Up 150%
Leni Gas & Oil has provided its monthly production update for January 2009.
During January monthly production totaled 20,020 boe. 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 7,125 bbls and 0.995 mmscf of gas during the month. Net LGO production in barrels of oil equivalent totalled 7291 boe. Production was almost 10% higher than the previous month and over 120% higher than historical plateau production. Oil sales attained a record of 6935 bbls representing an increase of over 100% on historical monthly oil sales.
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 900 bbls during the month. The Oilfield produces no gas. Net LGO production in barrels of oil equivalent totalled 450 boe.
The Peneszlek Gasfield (7.27% LGO) in eastern Hungary, through LGO's 7.27% ownership of PetroHungaria Kft produced net to LGO 1.672 mmscf of gas and no condensate during the month. The Gasfield produces no oil. Net LGO production in barrels of oil equivalent totalled 279 boe. As announced on January 21, the Gasfield is currently shut-in due to the failure of a compressor at the downstream gas processing facility. 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 currently produce approximately 5000 boepd gross from the Eugene Island field. LGO's interest in the Eugene Island field approximates to an effective net working interest of 8% equating to a net LGO monthly production in barrels of oil equivalent totalling 12,000 boe.
David Lenigas, Executive Chairman, commented, "January reported a major increase in the Company production schedule of 150% above December as a result of the inclusion of the Gulf of Mexico production and steadily increasing production from Spain. Trinidad delivered similar volumes to last month while Hungary was reduced with the third party processing facilities temporarily shutdown.
"The production schedule step change continues the very positive start to 2009 for LGO as the full benefit of our Gulf of Mexico interest is reported and with our Spain enhancement program delivering month on month significant production increases and record oil sales."
- Leni Sees Goudron Well Flow at 700 Barrels per Day (Sep 17)
- Leni Drills 5th Well in Trinidad Development Campaign (Aug 21)
- Leni Appoints New Finance Director (Aug 07)