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LGO production steady as workovers in Trinidad resume

Published: 12:23 28 Jul 2016 BST

picture of drilling in Trinidad
Six workovers are planned for the second half

LGO Energy (LON:LGO) has completed a third workover this year at the Goudron Field in Trinidad. 

Well GY-673 is still cleaning up and is currently producing oil with an API gravity of 36 degree at rate of 30 barrels per day.

Two earlier wells in the program; GY-671, recompleted in the Upper C-sand in late April, and GY-50 recompleted in May, continue to produce dry oil with 39 and 36 degree API gravity respectively.

LGO’s workover program for the rest of the year includes legacy wells GY-193, GY-240, GY-277, GY-282 and GY-288 and well GY-668 from the 2014 drilling program.

These wells are considered to have additional productive intervals that have so far not tapped.

Second quarter production remains broadly unchanged from the first quarter’s 574 barrels per day average, LGO added.

Neil Ritson, chief executive, said: "The previously announced program of low cost well interventions is being pursued at the Goudron Field to maintain production levels during a period of lower activity.

“LGO is now well advanced with planning for drilling of a series of infill wells in the shallow Mayaro Sandstone, which is seen as a logical step in the ongoing development of the 975 million barrels of oil in place recently audited by Deloitte in their 2016 reserves report."

The oil group has been rejuvenated by a financing in May that saw debt reduced and £3.25mln raised through new equity.

Shares eased lower to 0.167p.

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