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LGO finds oil sands, still drilling for reservoir
Leni Gas & Oil plc (LGO) has found oil bearing sands onshore at Goudron, Guayaguare, but is still drilling in search of an oil reservoir, announcements made by the company on the London Stock Exchange (LSE) where it is listed, and trades for about one pence. Up until April, the stock had been trading for a fraction of a pence.
On positive news, including the finding what is known in the industry as "first oil pay," in a May 1 drilling report, the stock has climbed to a near 12-month high of 1.17 pence. It closed yesterday at 1.12 pence or £0.0112.
LGO chairman and founder David Lenigas tweeted earlier this week: "On a flight to Trinidad tomorrow morning. Will be on the Goudron Field Wednesday. Send pictures. Hopeful near to primary targets by then."
Giving the LSE an update on Tuesday, LGO said the first new development well in the Goudron Field, GY-664, successfully reached a depth of 1,680 feet at 7 am on May 3, 2014.
A full suite of conventional electric logs have been run to 1,680 feet and initial analysis of those logs confirms the presence of over 350 feet of hydrocarbon bearing Goudron Sands, the report said.
The first casing point was deepened from an anticipated depth of 1,540 feet to 1,680 feet due to the well encountering a thicker than expected section of oil bearing Goudron Sands. The first 1,680 feet of well has now been successfully cased and cemented with 9 5/8 inch steel casing.
Drilling is now continuing with an 8 1/2 inch hole section to a planned total depth of approximately 4,000 feet in order to test the primary objectives in the Gros Morne and the Lower Cruse Sands at depths below 2,800 feet.