LGO.L Share News (LGO)

Leni Gas & Oil saw its shares charge higher on Monday morning after announcing its GY-664 well at the Goudron site has been successfully brought on production and was free flowing at a rate of 240 barrels of oil per day under its own pressure. The second development well, GY-665, which has an anticipated total depth of 3,500 feet, was at the intermediate casing point at 1,606 feet and has intersected approximately 310 feet of gross oil sand in the Goudron sandstones.Leni's Chief Executive Neil Ritson said: "This is a very significant outcome and I am sure it will be completely transformational for the field and the company. As the first new production well on the field for over 30 years, GY-664 was drilled with an on-balance mud system and completed with modern tubing conveyed guns. "The initial flow rate demonstrates the value of this approach; exceeding the historic averages four-fold. We fully expect many more similar results as the drilling campaign progresses and indeed well GY-665 is already showing considerable potential."Well GY-665 is approximately 800 feet south-west of the GY-664 and is the first of four planned wells from the same drill pad.The share price had climbed 30.96% to 1.94p by 09:15.NR