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LGO confirms pay and completes drilling at GY-672 onshore Trinidad

30th April 2015

LGO has announced that well GY-672, spudded on 15 April 2014, has reached total depth and that Well Services Petroleum Company Limited's Rig-70 is in the process of being moved to the next of the current planned wells

LGO has announced that well GY-672, spudded on 15 April 2014, has reached total depth and that Well Services Petroleum Company Limited's Rig-70 is in the process of being moved to the next of the current planned wells
The Goudron Sandstone was encountered between 1,100 and 1,700 feet measured depth ("MD") with an estimated net oil pay totalling 336 feet

"Our first well for 2015 has been drilled in record time and on prognosis geologically, discovering oil in the Goudron and C-sand sections as expected,” said Neil Ritson, LGO's chief executive. “We anticipate completing the well as a C-sand producer in June along with the two other wells yet to be drilled from this surface location.  The next well, GY-673, will be spudded imminently."

Log interpretation from both the Goudron and C-sand intervals confirms the presence of recoverable hydrocarbons; the net pay in the Goudron Sandstone is estimated to be 336 feet and in the C-sand main target is estimated at 160 feet.

Well GY-672 is the first of the seven-well programme in 2015 being drilled from Pads 4 and 5.  The Goudron Sandstone was encountered between 1,100 and 1,700 feet measured depth ("MD") with an estimated net oil pay totalling 336 feet.  The oil and gas bearing C-sand interval was encountered at a depth of 2,460 feet MD and the total depth of the well was 3,608 feet MD (3,570 feet TVD).

Net hydrocarbon bearing pay in the C-sand interval has been provisionally estimated as 160 feet.  The observed net pay is in line with the prognosis for this well.

The next well, GY-673, is planned to be drilled to a total depth of 3,550 feet MD and is targeting a C-sand reservoir interval approximately 500 feet to the south of the surface location.  The top Gros Morne sandstone reservoir (upper C-sand) is anticipated at 2,570 feet MD (2,350 feet TVD sub-sea).  Additional data will be gathered in well GY-673, including the cutting of a 30-foot core in the C-sand reservoir, to assist in longer-term field development planning, and enhanced oil recovery.

GY-672 was drilled, logged and cased for future production in under 15 days, some 10 days less than any well in the eight well drilling program carried out 2014.  The deployment of logging whilst drilling (LWD) has proved to be highly effective.  This improved performance is expected to have significant cost benefits in the program as a whole.   As previously announced ten additional wells are now being planned and additional drilling pads will be constructed so as to allow for an ongoing drilling sequence.

The first of the planned twelve recompletions announced on 15 April 2014 have now been completed and the well is on pump production and is currently cleaning up. Further wells will be recompleted during May and these recompletions are expected to provide additional production at low cost.

During the first quarter all the new naturally flowing C-sand wells remained on restricted chokes and oil production from the field was constrained so as to achieve the best long term production potential consistent with a conservative, low risk, reservoir management strategy in a low oil price environment.  Using these depletion practices the average daily production over the quarter was 1,550 barrels oil per day (bopd).  Field production rate is anticipated to rise to over 2,000 bopd once the wells currently being drilled are placed on production.

 

 

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