LGO Energy announced on Tuesday that its second development well, GY-683, in the new drilling campaign on the company's Goudron Field, which was drilled to a total depth of 1,250 feet measured depth and perforated over a 269-foot interval of net oil pay within the Mayaro Sandstone reservoir, was now on production.
Production has begun at LGO Energy's second well in the Goudron Field in Trinidad at a rate that suggests the company will be able to substantially increase production over the coming year.
Trinidad-focussed oil and gas company LGO Energy announced on Thursday that its second new development well, GY-683 - part of the 2017 drilling campaign on the its Goudron Field - had successfully reached total depth at 1,250 feet, on 4 April.
Shares in LGO Energy are down more than 2% after confirming its first development well, GY-682, is now on production at a stable initial rate of 55 bopd of light sweet crude oil.
Oil and gas firm LGO Energy confirmed that it will start drilling at its Groudon onshore field in Trinidad after the mobilisation of a rig.
LGO Energy confirmed on Monday that final approval was granted by the Trinidadian Forestry Department on 10 February to cut trees in order to clear the well sites for the impending two shallow infill wells at the Goudron Field in the east of the country.
Oil and gas firm LGO Energy has reapplied to the Spanish government to extend its concession in the country, after it was denied an extension in January.
LGO Energy is "disappointed" on learning the Spanish government has not approved the extension of its concession in the country and the oil and gas firm is looking to reapply.
LGO Energy provided an operational update on Tuesday, including plans for production drilling and enhanced oil recovery at the Goudron Field in Trinidad, its Trinidad South West Peninsula interests and group production for the fourth quarter 2016.
LGO Energy updated the market on its corporate plans for the first quarter of 2017 on Wednesday, saying its recent loan refinancing and equity placement positioned the company for an early return to drilling in the Goudron Field.
AIM-listed oil and gas explorer LGO Energy has raised £1.18m in equity to accelerate the drilling of its sandstone wells in Trinidad.
LGO Energy updated the market on its plans to recommence production drilling at the Goudron Field in Trinidad on Monday, following its announcements on 7 and 9 December confirming the refinancing of the company's loan facility.
LGO Energy confirmed on Friday that, as announced on 7 December, its refinancing had now completed.
LGO Energy, AIM listed oil and gas exploration company, has announced that it has secured a new $8.6m convertible security funding agreement to pay back its debt and restart its development drilling program at its Goudron Field.
Oil and gas company LGO Energy has sold over 10,000 barrels of surplus crude oil in Spain.
LGO Energy excitedly announced the start of production from a new interval in well GY-671 on the Goudron Field in Trinidad on Wednesday.
LGO Energy was pressing ahead with the restoration of production at Goudron Field in Trinidad on Wednesday, moving a second rig to join current operations at the site..
AIM-listed LGO Energy has reached an agreement with BNP Paribas that will see its debt repayment reduced.
Shares in LGO Energy surged as investors excitement over a potential $20m new investment offset worries about defaulted debts.
LGO Energy has begun a formal strategic review of its business and assets to consider all options to maximise shareholder value, as it announced the cancellation of its sale and purchase deal with Trinity Exploration & Production.