For Immediate Release
17 September 2014
Leni Gas & Oil PLC
("LGO" or the "Company")
Initial Flow Rate GY-665, Goudron Field
LGO is pleased to announce that well GY-665 at the Goudron Field in Trinidad has undergone a series of initial production tests from the Gros Morne Sandstones resulting in a calculated open-hole flow rate of 700 barrels of oil per day ("bopd") and is presently producing 41 degree API water-free oil at a rate of 415 bopd through a 12/32" choke with a well-head flowing pressure of 475 psi.
Neil Ritson, LGO's Chief Executive, commented:
"The second of our new wells is now on stream at a very encouraging initial production rate and flowing pressures. The remaining three wells drilled from this pad will be placed on production shortly. Well Services Rig 20 is being moved to the next pad to drill four further wells in the development program."
GY-665 is the second well put on production in the Company's approved 30 well redevelopment at the Goudron field. An interval of 256 feet of Gros Morne sandstone was perforated between 2,073 and 2,630 feet measured depth and is flowing under natural pressure. After a series of tests over a period of 30 hours with varying choke sizes the current stabilised flow rate is 415 bopd on a 12/32" choke with a well-head flowing pressure of 475 psi, without sand or water production. Flow tests are continuing in order to collect the required data needed to optimize the long-term reservoir management of the well.
Fiscalisation of the oil from these tests is immediate with the well flowing directly to the field's oil sales system, and by pipeline to the Petrotrin Point-a-Pierre refinery.
The Altech-2 work-over rig is now being moved to the second of four wells drilled on this pad, GY-666, to commence completion activities and we also expect to produce that well from the Gros Morne sandstones in the next week. Logging results obtained at GY-666 suggest that similar production characteristics could be expected as seen in GY-665.
The Well Services Rig 20 drilling rig is currently being moved to Drilling Pad 3 where it will drill four more development wells; GY-669 to 672.
A summary of the drilling program results to date is given in the Appendix below.
Competent Person's Statement:
The information contained in this announcement has been reviewed and approved by Neil Ritson, Chief Executive Officer and Director for Leni Gas & Oil Plc, who has over 35 years of relevant experience in the oil industry. Mr. Ritson is a member of the Society of Petroleum Engineers (SPE), an Active Member of the American Association of Petroleum Geologists (AAPG) and is a Fellow of the Geological Society of London.
Enquiries:
Leni Gas & Oil plc
Steve Horton Neil Ritson |
+44 (0)20 7440 0645 |
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Beaumont Cornish Limited
Nomad and Joint Broker Rosalind Hill Abrahams Roland Cornish |
+44(0) 20 7628 3396 |
Old Park Lane Capital Plc
Joint Broker Michael Parnes |
+44(0) 20 7493 8188 |
Pelham Bell Pottinger
Financial PR Mark Antelme |
+44 (0) 20 7861 3232 |
Henry Lerwill |
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Appendix:
Well |
Name |
Spud Date |
Total Depth (MD feet) |
Date Total Depth Reach-ed |
Goudron Net Oil Pay (feet) |
Gros Morne Net Oil Pay (feet) |
Lower Cruse Net Oil Pay (feet) |
Compl-etion Date |
Completion Formation |
Completed Interval (feet) |
Calculated Open-hole Initial Production Rate (bopd) |
1 |
GY-664 |
28 April |
4212 |
13 May |
192 |
300 |
79 |
30 May |
Gros Morne |
278 |
490 |
2 |
GY-665 |
27 May |
2750 |
8 June |
195 |
256 |
np |
15 Sept |
Gros Morne |
256 |
700 |
3 |
GY-666 |
16 June |
3357 |
1 July |
185 |
209 |
28 |
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|
|
|
4 |
GY-667 |
10 July |
4006 |
30 July |
187 |
219 |
28 |
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|
5 |
GY-668 |
9 Aug |
3026 |
27 Aug |
191 |
254 |
np |
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All depths are quoted as measured depth in feet below Rotary Table
np = not penetrated
Glossary:
Calculated
open-hole flow rate: A mathematically derived theoretical maximum flow rate that a well could deliver with zero back-pressure at the middle of the perforated interval
pay: A reservoir or portion of a reservoir formation that contains economically producible hydrocarbons. The overall interval in which pay sections occur is the gross pay; the portion of the gross pay that meets specific criteria such as minimum porosity, permeability and hydrocarbon saturation are termed net pay
psi: pounds per square inch
MD: Measured Depth
TD: Total Depth
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