(MENAFN- ProactiveInvestors)LGO Energy (LON:LGO) has now completed the penultimate well of the current drill programme at the Goudron field in Trinidad. The well GY-677 was drilled to a depth of 3135 feet and it encountered both the Goudron sands and the targeted C-Sand which had 130 feet of net pay in the well. "The drilling at Goudron has continued to successfully discover productive C-sand reservoir and also confirm the ubiquitous presence of Goudron Sandstone oil pay' said chief executive Neil Ritson. 'Drilling times have been shortened significantly which is important as we look to managing our capital efficiently in the presence of sustained low commodity prices. 'A low operating cost combined with careful deployment of capital allows Goudron to be developed profitably despite the low oil price." GY-677 was the third well at the current drill pad Pad-5 and the well has now been cased for future production. It is anticipated that production will begin in late August after the drill rig has moved from the location. The next well GY-678 is designed to gather core and pressure data as the group prepares for a water-flood enhanced oil recovery pilot which is planned for next year.
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