Leni Gas and Oil Energy has spudded a well at the onshore Goudron field in eastern Trinidad.
Well GY-683 is currently being drilled at a depth in excess of 350ft.
Drillers are targeting net 200-foot thick Mayaro Sandstone pay interval at between 650 and 1,050 feet depth.
The well is expected to be completed for production in approximately 14 days, immediately after drilling operations are concluded.
Neil Ritson, LGO’s Executive Chairman, said: “The Goudron Field is the key focus of the Company’s activities during 2017 as we continue to regain momentum in the business.
“We plan to double production through the infill drilling programme and progressing towards drilling in the South West Peninsula assets.”
LGO gas also raised £2.5million through a share offering with an issue price of 2.2p per New Ordinary Share.
The offer received a very strong response from investors and was fully subscribed. The offer was on a “first come, first serve” basis and was closed early at 4.25 p.m. on April 2, 2017.
As a result, the company will issue 113,636,374 new ordinary shares of 0.05p each (“New Ordinary Shares”). The New Ordinary Shares will rank on the same footing in all respects with the company’s existing Ordinary Shares and it is expected that admission will become effective and that dealings in the New Ordinary Shares will commence at 8am on April 6.
Neil Ritson, Chief Executive Officer of LGO, commented: “We are delighted to have received support from new and existing shareholders who participated in the fully subscribed offer.
“We undertook the Offer, which was fully underwritten, as part of the fundraising, to give our retail shareholders the opportunity to participate through the PrimaryBid platform. This successful fundraising will allow us to continue to drill Mayaro Sandstone infill wells in the Goudron Field, amongst other activities, continuing to build momentum in our operations in Trinidad.”
Following completion of the fundraising, the company’s Enlarged Share Capital will comprise 539,197,502 Ordinary Shares.