Leni Gas & Oil PLC Targets Completion Of Latest Drill Site For Production

Leni Gas & Oil (LSE: LGO), the Trinidad-focused oil explorer, declared that the fifth of its planned development wells at the Goudron field has been successfully drilled to a depth of 1,946 feet. Well GY-668, which was successfully spudded earlier this month, intersected 191 feet of net oil play in the Goudron Sandstones.

oilIt is the fourth and final well at the drill site. Neil Ritson, LGO’s chief executive, said: “We are continuing to deliver a successful drilling programme at Goudron and are now looking forward to completing these four wells for production.”

The well is preparing to drill to the primary Gros Morne sandstone oil target — expected at approximately 2,150 feet TVD (true vertical depth). The bottom hole location is approximately 680 feet west of the drill’s surface location.

In separate news, Leni Gas also confirmed that construction of a new 2,000 barrell sales tank has been completed, which will be installed adjacent to two sales tanks at the Goudron Field, increasing the total daily export capacity to approximately 2,750 barrels of oil per day.

Shares of Leni Gas and Oil remained flat (at 3.5p) in early trade. The shares have soared 375% year to date.

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Mark Stones has no position in any shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.