LGO Energy PLC Operational Update, Trinidad (6681W)

TIDMLGO

RNS Number : 6681W

LGO Energy PLC

13 February 2017

For Immediate Release, Embargoed until 7 am

13 February 2017

LGO ENERGY PLC

("LGO" or the "Company")

Operational Update, Trinidad

LGO today confirms that final approval was granted by the Forestry Department on Friday, 10 February 2017, to cut trees in order to clear the well sites for the impending two shallow infill wells at the Goudron Field ("Field") in eastern Trinidad. Site clearance work will now start at H18E N4 and final preparations will be made to mobilise Rig#18 to the Field. Drilling operations will commence as soon as the site has been cleared and levelled, and the rig is in the Field.

Well H18E N4, which is expected to be designated GY-682, is targeting a net 200-foot thick Mayaro Sandstone pay interval at a depth between 300 and 1,000 feet depth and the well is anticipated to be completed for production immediately after drilling operations are concluded. Rig#18 will then be moved to the second planned location, H18E G11(5).

Neil Ritson, LGO's Executive Chairman, commented:

"A delay beyond our immediate control caused some minor slippage in the timing of the planned drilling programme, however, we are very pleased that work is now underway. These wells are the first two on a renewed campaign of production well drilling and we are pleased to be able to return to normal operations and to the multi-year development plan we have had in place at Goudron since its acquisition in 2012."

Qualified Person's Statement:

The information contained in this announcement has been reviewed and approved by Neil Ritson, Chief Executive Officer and Director for LGO Energy plc, who has over 38 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 (BGS).

Enquiries:

 
 LGO Energy plc              [phone] 
 Neil Ritson 
 Fergus Jenkins 
 
 Beaumont Cornish Limited    [phone] 
 Nomad 
 Roland Cornish 
 Rosalind Hill Abrahams 
 
 FirstEnergy Capital LLP     [phone] 
 Joint Broker 
 Jonathan Wright 
 David van Erp 
 
 Bell Pottinger              [phone] 
 Financial PR 
 Henry Lerwill 
 

Glossary:

 
 pay and net        a reservoir or portion of a reservoir 
  pay                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 
-----------------  --------------------------------------------- 
 Mayaro Sandstone   alternative name for the Goudron 
                     Sandstones occurring at stratigraphic 
                     intervals above the pre-Mayaro unconformity 
-----------------  --------------------------------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

DRLOKDDPFBKDABD

(END) Dow Jones Newswires

February 13, 2017 02:00 ET (07:00 GMT)