LGO.L Share News (LGO)

AIM-listed Leni Gas & Oil (LGO) has announced the final transfer of 100 per cent ownership of the Goudron Field incremental production service contract (IPSC) onshore south-eastern Trinidad from the current contract owner to LGO's subsidiary, Goudron E&P.The IPSC, along with the Petroleum Company of Trinidad, remains in full force and all approvals were already in place to assign the contract and operatorship to Goudron. The field was transferred from Cameron Oil and Gas. Goudron commenced full-time operations with a formal handover of the field taking place at site on October 20th. Production revenues from the field will begin immediately.LGO recently announced a workover programme of five wells in collaboration with Cameron Oil and Gas and that work will now continue uninterrupted and will be extended to at least 30 additional wells.Neil Ritson, LGO's Chief Executive, said: "Completion of the acquisition represents the culmination of a year's preparation and we are delighted to now take operatorship of the field. LGO has recently completed an independent reserves report and we see enormous potential for production enhancements and additional future development of Goudron. An LGO operated rig is already active on the field and the results from that programme will be available shortly."NR