LGO said it has now started production from a new interval in well GY-50 at the Goudron field in Trinidad.
The company said a total of 197 feet of perforations were added to the Goudron Sandstone in an interval which has not been completed for production in the well originally drilled in 1930.
Well GY-671, which was recompleted in the Upper C-sand in late April, continues to produce dry 39 API oil.
LGO said the well has recently been converted to pumped production to determine if lower pressure drawdown will lead to better long term production characteristics in some C-sand wells.
Current production rate is being built up gradually and once stable rates are established those will be reported in a later operational update.
Neil Ritson, LGO’s chief executive,said:”A program of low cost well interventions is being pursued at Goudron Field to raise production levels gradually after a period of enforced low activity whilst the company’s finances were put in order following the loss of well GY-678 in late 2015.
“Once capital becomes available the company anticipates the drilling of infill wells in the shallow Mayaro Sandstone where there are a large number of low cost new wells that can be added to the field using the company-owned heavy work-over rig.”
A further five target wells have been selected including legacy wells GY-240, GY-282 and GY-288 and wells GY-673 and GY-675 from the 2014 drilling program which are considered to have additional production intervals that have so far not been completed.
The LGO Group production in first quarter 2016 averaged 574 bopd.
A total of 52,250 barrels were produced, 39,383 barrels in Trinidad and the balance in Spain.