Leni Gas and Oil is to go ahead with drilling at its Goudron field in Trinidad after securing more than £2million of new funding for the project.
The company is to drill 30 new development wells on the field, with work to start in February next year, after securing the new funding package.
The deal means LGO can avoid entering a debt arrangement previously announced to fund the work on the field, which is thought to contain up to 30million barrels of oil.
The field, on the south-eastern edge of the island, already produces 300barrels per day, which the new wells expected to at least treble that number.
“We are encouraged that the approvals process is now reaching its conclusion and that the drilling of the critically important new wells at the Goudron Field will shortly be able to start,” said Leni chief executive Neil Ritson.
“The additional funding arrangements ensure that the drilling programme can be carried out and that 2014 will be very exciting year as these new wells start to unlock the true potential of Goudron.”
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