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Leni' s onshore Trinidad well finds oil

LONDON -- LGO reported that the first new Goudron development well, GY-664, has already encountered oil between 571 ft and current well depth of 1,100 ft with combined pay intervals so far of approximately 193 ft in the upper Goudron Sands.

Drilling is continuing in the remaining Goudron Sands, estimated to be 400 ft thick, to the first casing point at approximately 1,540 ft, where electric logs will be run. Drilling will then continue in order to test the primary objectives in the Gros Morne and the Lower Cruse Sands at depths below 2,800 ft.

Neil Ritson, LGO CEO, commented: "The presence of oil bearing Goudron Sands, whilst expected at this location, is very encouraging and the production potential of an interval of this thickness is already well established. GY-664 will now continue to test the full extent of the Goudron Sands and then be deepened to the Gros Morne and Lower Cruse in order to confirm significant additional reservoir potential.  This is an excellent start as we begin to unlock the 122 MMbbl of proven and probable oil still in the field."

GY-664 is the first well of an approved 30 well development program on the company' s 100% Goudron field in Trinidad, which has independently verified proven and probable (2P) original oil in place of 126 MMbbl of which only approximately 4 MMbbl have been recovered to date. In place 2P oil resources assigned by Challenge Energy in their 2012 independent report totalled 72 MMbbl in the Goudron Sands and a further 54 MMbbl in the Lower Cruse.

To date, the Goudron field has been developed through a total of 154 wells drilled between 1927 and 1982 of which about 128 have given material production at either the Goudron or Lower Cruse levels, or both. Only 11 wells have previously been completed at the Lower Cruse reservoir and these have achieved an average production of 63,200 barrels per well. A total of 1.64 MMbbl have been recovered from the Lower Cruse, representing a recovery factor of just 3%.

No wells have been drilled at Goudron since 1982 and wells drilled prior to that date did not benefit from modern instrumentation and mud conditioning techniques and this invariably, in the past, led to significant formation damage and resulting reduced production potential. It is expected that the drilling practices and perforating guns, being employed during the present campaign, will provide far better production performance.

The GY-664 well is scheduled to be drilled to a total depth of approximately 4,000 ft.

05/05/2014

 

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