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Successful Recompletion of GY-677 at Goudron Field

Source: www.gulfoilandgas.com 8/22/2016, Location: South America

LGO is pleased to announce that production has commenced from a new oil pay interval in well GY-677, the fourth of its planned heavy work-overs at the Goudron Field in Trinidad. A total of 45 feet of perforations were added to the Mayaro Sandstone, at depths between 500 and 631 feet, in a reservoir interval that has previously not been completed for production.

As with well GY-673 in July, well GY-677 was recompleted using wireline perforating guns and as anticipated this interval in the shallow Mayaro Sandstone formation did not flow naturally to surface and the well has been placed on pump production. The well is still cleaning up and is currently producing at a rate of 34 barrels of oil per day ("bopd").

Goudron E&P Limited ("GEPL"), LGO's operating subsidiary, has received agreement from BNP Paribas as announced on 14 June to deploy available local currency in operations such as GY-277 to maintain production. A further five target wells have been approved by LGO management for recompletion over the next few months; GY-668, 288, 193, 240 and 282, at an average cost of approximately US$50,000 per well. Those funds are currently available to GEPL following a TT$5.2 million VAT rebate associated with the Company's 2015 drilling activities.

The Group's second quarter 2016 production was an average of 562 bopd. A total of 51,121 barrels were produced, 39,903 barrels in Trinidad and the balance in Spain. Stocks in Spain remain at a high level, approximately 10,000 barrels, as price negotiations continue with potential purchasers. Sales of Ayoluengo oil to the former Saint Gobain glass factory continue on a month by month basis with volumes for September now contracted.

Neil Ritson, LGO's Chief Executive, commented:

"We are continuing with the workover activity previously planned and announced. In parallel locations are being prepared for infill drilling in the Mayaro Sandstone reservoir which holds approximately 65,000 barrels of very low risk and low cost oil production potential per infill well according to the recent Competent Persons Report prepared by Deloitte. It is now hoped to get infill drilling underway by the end of 2016."

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