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Recompletion of Well GY-673 at Goudron Field

Source: www.gulfoilandgas.com 7/28/2016, Location: South America

LGO is pleased to announce that production has commenced from a new oil pay interval in well GY-673, the third of its planned heavy work-overs at the Goudron Field in Trinidad. A total of 106 feet of perforations were added to the Mayaro Sandstone, at depths between 1,567 and 1,706 feet, in a reservoir interval that has previously not been completed for production.

Well GY-673 was recompleted using wireline perforating guns on 22 July 2016. As anticipated this interval in the shallow Mayaro Sandstone formation did not flow naturally and the well has been placed on pump production. The well is still cleaning up and is currently producing oil with an API gravity of 36 degree at rate of 30 barrels per day. Two earlier wells in the program; GY-671, recompleted in the Upper C-sand in late April, and GY-50 recompleted in May, continue to produce dry oil with 39 and 36 degree API gravity respectively. The wells both have been on stable pumped production for the last month and are contributing approximately 10 percent of the field's current production output.

LGO operating subsidiary, Goudron E&P Limited, continues to review available options for low cost recompletions and a further six target wells have now been selected, including legacy wells GY-193, GY-240, GY-277, GY-282 and GY-288 and well GY-668 from the 2014 drilling program. These wells are considered to have additional productive intervals that have so far not been produced. The next of the planned interventions is expected to be in well GY-277, a legacy well which is expected to involve the recompletion of approximately 50 feet of Mayaro Sandstone reservoir not previously opened for production.

The Group's second quarter production remains broadly unchanged compared to first quarter 2016 and will be the subject of a subsequent announcement once all the relevant data is verified.

Neil Ritson, LGO's Chief Executive, commented:

"The previously announced program of low cost well interventions is being pursued at the Goudron Field to maintain production levels during a period of lower activity. As previously announced LGO is well advanced with planning for drilling of a series of infill wells in the shallow Mayaro Sandstone, which is seen as a logical step in the ongoing development of the 975 million barrels of oil in place recently audited by Deloitte in their 2016 reserves report."

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