LGO today confirmed its first development well in the Gourdron field struck oil.
The Gourdron field is located onshore Trinidad.
Chief executive Neil Ritson said: “I am delighted that, having sorted out the balance sheet issues in 2016, we are back to development drilling at Goudron.
“The first well has been a success, having drilled to TD in under a week and is showing the expected net oil pay. Production will start shortly, adding to our production base and the rig will move to the next well site. After months of restructuring, we now have momentum back in the business.”
Electric log interpretation of the Mayaro Sandstone target interval confirms the presence of oil over an estimated net reservoir thickness of 408 feet. It has been decided to perforate and initially place on production 273 feet of the best net oil pay within the Mayaro reservoir.
Well GY-682 will shortly be put on production with a downhole pump and a stabilised production rate will be established, at which point the company expects to announce the average initial flow rate.
GY-682 is one of a programme of planned Mayaro infill wells, each of which is forecast to have average initial production rates of 45 barrels of oil per day of light sweet crude, with low decline rates. The well was drilled on time, in five days, without incident and is expected to be on budget, costing $500,000.
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