LONDON (Alliance News) - Leni Gas & Oil PLC Tuesday said it has successfully cased and logged to the first casing point on its GY-665 well in the Goudron Field, Trinidad, and reports have shown a net oil region in the Goudron sands formation.
The oil and gas exploration and development company said the well has been successfully cased, cemented and electronically logged to its first casing point at a measured depth of 1,606 feet and is currently being deepened to its primary target in the Gros Morne sandstone region, which is expected to start at around 2,100 feet.
The company said it has received a report from its petrophysical consultants at the well who have found that the GY-665 site has found a net oil pay region in the Goudron sands formation of 270 feet between 590 and 1,440 feet in measured depth.
The GY-665 well is the second of 30 new development wells at the site and the first well, GY-664 was brought into production on Friday, stabilising at a production rate of 240 barrels of oil per day recently.
Leni Gas & Oil shares were up 7.9% to 2.19 pence on Tuesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
Copyright 2014 Alliance News Limited. All Rights Reserved.