LGO’s (LON:LGO) production in Trinidad has now risen above its 1,000 barrels per day target after the latest well flowed at the best initial rate seen so far.
Well GY-667, the fourth of the current 30 well development programme, was recompleted in the upper C-sand reservoir.
An interval of 186 feet of net pay was perforated with an initial open-hole flow rate of 1,030 bopd.
“This rate represents the best well drilled and completed to date from the current development programme,” LGO said. The upper C-sand, called the Gros Morne previously, was expected to provide the best production potential.
It is currently flowing under its own pressure at 350 barrels of oil per day and producing 42 degree API oil, without water or sand.
LGO added that total production from Trinidad has now exceeded 1,000 barrels of oil for the first time with further significant increases expected at year end from well optimisation work on Pad-2 and the completions of wells GY-669 to 671 on Pad-3.
Well GY-671, the eighth in the current development programme, and wells GY-669 and GY-670, on Pad-3, are expected to be completed as C-sand producers during December.
Neil Ritson, LGO’s chief executive, added that oil production rates from the Goudron wells are not at their maximum potential in order to preserve the oil bearing formations from being over produced.
If oil is extracted too rapidly this can lead to potential formation damage and reduced longer term production, he said.
“The Goudron Field has never had wells that have produced at these levels and we are mindful to protecting the long term production potential of the field."
LGO has also applied for a new 5,000 barrel sales tank at Goudron to increase sales capacity.
Existing capacity, including the recent 2,000 barrel tank, is sufficient for all anticipated production until third quarter 2015.
Ritson added: "Our decision to recomplete the 667 well at the more extensive upper C-sand level has shown very positive results with our Trinidad production now over the 1,000 bopd target we had set for end 2014.
“A number of wells can still be further optimised and three new wells are expected to be put on production before year end."