Exploration company LGO Energy confirmed production has started from a new interval in well GY-671 on the Goudron Field in Trinidad.
The company said 208 feet of perforations were added to the Upper C-sand reservoir after setting a packer to isolate this zone.
This particular sandstone interval has previously not been completed in any of the surrounding wells.
LGO said the well is producing a natural stabilised flow rate of 80 bopd through a 6/32-inch choke with a well head flowing pressure of 260 psi. Measured oil gravity is approximately 39 degree API.
The well will complement the base level of production on the field which has averaged 403 bopd after a prolonged period of limited operations at the field.
Group production figures for the first quarter are expected to be published in early May.
Chief executive Neil Ritson said: “We are delighted to have located a number of low cost recompletions at a time when the company remains capital constrained, but when oil prices have stabilised and we can take advantage of reduced overriding royalty rates granted recently.
“Well GY-671 is the first of at least six candidate wells to be targeted to boost production and we are hopeful we will be able to report further significant improvements as a result of these operations.”
The next well scheduled is GY-50 which is expected to be completed next week over a 164-foot interval of previously unexploited net oil pay in the Goudron Sandstones.
LGO said it continues to work on financing solutions to resolve its current banking and creditor issues, as previously announced.
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