LGO.L Share News (LGO)

Leni Gas & Oil on Thursday announced the successful drilling on the GY-666 well at Trinidad's Goudron, which has an indicated 394 feet of net oil pay. This consists of the previously announced 185 feet in the Goudron sandstone and a further 209 feet in Gros Morne sandstone.Chief Executive Neil Ritson said: "The log characteristics and pressures encountered while drilling indicate that well GY-666 should be another excellent Gros Morne producer and we look forward to completing it, and existing well GY-665, when the rig concludes the four well drilling campaign on this pad."An additional 38 feet of net gas sand was encountered in this well, the group said, but was of no immediate commercial significance - although the presence of gas "provides additional value for future exploitation".It now intends to continue with the planned programme of 30 new development wells, including at least five further wells with Well Services Rig 20. The mobilisation of a second rig is still planned when a suitable unit has been identified and contracts negotiated.The group also said that the net pay announced for the Goudron Sandstone interval in GY-665 has been revised upwards from 159 feet to 195 feet following a review of the electric logs. Shares had dropped 4.39% to 3.92p by 12:14. NR