LONDON (Alliance News) - Leni Gas & Oil PLC Wednesday said that analysis of the electric logs run to total depth in its GY-665 well at Trinidad's Goudron Field have shown the presence of 526 feet of net oil pay.
The oil and gas exploration and development company said the analysis showed 270 feet in the Goudron sandstone and 256 feet in its primary target, the Gros Morne sandstone.
On Monday, the company said that it had found 687 feet of gross oil bearing sands in the Gros Morne formation at the GY-665 well, the second of 30 new development wells on the prospective site. It had already intersected a 310 feet region of gross oil sand in the separate Goudron sandstone formation.
Leni Gas & Oil said the well has been cased to a total depth of 2,736 feet and the company will now seek the necessary approvals to complete the GY-665 well as a Gros Morne producer, with the possibility of production from the Goudron sands at a later date.
The company expects production at the well to be similar to its nearby GY-664 well, which was completed last month and stabilised production at a strong rate of 240 barrels of oil per day in early June, after an initial flow rate of 326 barrels of oil per day.
It added that the third well at the site is likely to start test drilling within the next few days.
Leni Gas & Oil shares were down 1.4% to 3.50 pence on Wednesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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