LGO Energy discovers more oil in Trinidad

LGO Energy has discovered additional oil bearing sands from the seventh well in the Goudron sandstone formation in Trinidad.

Earlier in November 2014, the company discovered a 206 foot net oil pay at the GY-670 well.

Following additional drilling, LGO has now found an additional 242 foot net oil pay from the formation.

LGO chief executive Neil Ritson said: "Good quality sands were encountered with significant net oil pay below the Goudron interval previously reported and it is expected that well GY-670 will be completed as a C-sand producer in December."

The rig used on the well is now being moved to drill the last well on Pad 3, the GY-671, which is the eighth well in LGO’s 30-well development programme at the site.

The company expects all three wells drilled on Pad 3 to become producing wells.

The GY-671 well, which is planned to spud shortly, will be drilled to a minimum depth of 3,198 feet.

LGO’s Trinidad operation features four main assets, the Goudron Field IPSC, the Icacos Oilfield, the Moruga North leases and the Cedros Peninsular leases.

The Goudron oilfield lies between the East Moruga and Beach Marcelle fields in south-eastern Trinidad, with direct access to the Petrotrin oil export pipeline to the Pointe-a-Pierre refinery.

The company has signed a binding heads of agreement to acquire 100% interest of the producing Trinity-Inniss Field in south-eastern Trinidad.