LGO has announced that production has started from a new interval in well GY-671 on the Goudron Field in Trinidad. A total of 208 ft of perforations were added to the Upper C-sand reservoir after setting a packer to isolate this zone. This particular sandstone interval has previously not been completed in any of the surrounding wells.
After initial clean up at rates up to 240 bpd, the well has now been choked back and is producing a natural stabilised flow rate of 80 bpd through a 6/32 in. choke with a well head flowing pressure of 260 psi. The measured oil gravity is approximately 39 degree API.
The well was completed using tubing conveyed perforating guns and will now remain on production complementing the base level of production on the field which has averaged 403 bpd, month to date prior to GY-671 being recompleted, and after a prolonged period of limited operations at the field. Group production figures for the first quarter are expected to be published in early May.
Neil Ritson, LGO's Chief Executive, commented:
"We are delighted to have located a number of low cost recompletions at a time when the company remains capital constrained, but when oil prices have stabilised and we can take advantage of reduced overriding royalty rates granted recently.
Well GY-671 is the first of at least six candidate wells to be targeted to boost production and we are hopeful we will be able to report further significant improvements as a result of these operations. The next well is GY-50 which is expected to be completed next week over a 164 ft interval of previously unexploited net oil pay in the Goudron Sandstones."
Overall financial position
The company is continuing to work on financing solutions to resolve its current banking and creditor issues, as previously announced, and is intending to make a further update announcement shortly.
Adapted from a press release by Louise Mulhall
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