Leni Gas & Oil (LON:LGO) has passed a major landmark by achieving net production of 500 barrels a day from its operations in Trinidad and Spain.
In its results statement last month Leni revealed it was averaging a daily 400 barrels.
The majority of the growth in output has come from Trinidad where the ongoing work-over and well reactivation programme is proving successful. It means Leni is now generating US$300,000 a month, which the group describes as a “sustainable” financial position.
Chief executive Neil Ritson said: "Reaching this operational milestone is very encouraging and is a further demonstration of the potential in the Goudron field in Trinidad.
“It is also very significant that this production increase, when combined with the recently implemented reduced overriding royalty rates in Trinidad, have seen the company's overall cash flow strengthen significantly in the last few months."