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LGO Energy announces recompletion of Well GY-50

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Oilfield Technology,

LGO has announced that production has now started from a new interval in well GY-50 at the Goudron Field in Trinidad. A total of 197 ft of perforations were added to the Goudron Sandstone, also known as the Mayaro ?Sandstone, at a depth between 1134 and 1616 ft, in an interval that has previously not been completed for production in this well that was originally drilled in 1930.

Recompletion programme

Well GY-50 was logged through casing with modern electric logs and intervals of clean oil sand in the Mayaro section were selected for perforating. The well was completed using tubing conveyed perforating ("TCP") guns on 11 May 2016 and will now remain on test production to establish initial conditions before being equipped with a downhole pump. Pumped oil rate is expected to be in the order of 50-100 bpd) and will support the ongoing effort to bring on low cost new production. Historic initial oil rates from wells in similar Mayaro Sandstone intervals have averaged approximately 65 bpd, however, no modern completion using TCP guns of a Mayaro interval has been undertaken in recent years.

Well GY-671, which was recompleted in the Upper C-sand in late April, continues to produce dry 39 API oil. The well has recently been converted to pumped production to determine if lower pressure drawdown will lead to better long term production characteristics in some C-sand wells. Current production rate is being built up gradually and once stable rates are established those will be reported in a later operational update.

A further five target wells have been selected including legacy wells GY-240, GY-282 and GY-288 and wells GY-673 and GY-675 from the 2014 drilling program which are considered to have additional production intervals that have so far not been completed.

Group 1Q 2016 production

The LGO Group production in first quarter 2016 averaged 574 bpd. A total of 52 250 bbls were produced, 39 383 bbls in Trinidad and the balance in Spain. Oil stocks at the Company's Ayoluengo Field in Spain have been built up over the recent low oil price period and an estimated 6000- 7000 bbls will now be marketed as a bulk cargo since Brent prices have now recovered and have stabilised at approximately US$45/bbl.

Neil Ritson, LGO's Chief Executive, commented:

"A programme of low cost well interventions is being pursued at Goudron Field to raise production levels gradually after a period of enforced low activity whilst the Company's finances were put in order following the loss of well GY-678 in late 2015. Once capital becomes available the Company anticipates the drilling of infill wells in the shallow Mayaro Sandstone where there are a large number of low cost new wells that can be added to the field using the company-owned heavy work-over rig."

Adapted from a press release by Louise Mulhall

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