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LGO Energy's oil in Goudron field increased more than five-fold

Staff writer |
LGO Energy plc said the estimated oil in place at the Goudron field in Trinidad has increased by over five-fold after a new independent review was carried out.

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The company said the best estimate oil in place in the Goudron field now stands at 805 million barrels of oil. Proven 1P oil reserves in the producing Goudron sandstone and C-Sand reservoirs more than doubled to 1.5 million barrels, and the proved and probable 2P reserves increased 60% to 11.4 million barrels.

The 805 million barrel figure is the P50 average estimate. The high P10 estimate stands at 1.33 billion barrels of oil, whilst the low P90 estimate stands at 420 million barrels.

"We are delighted with the steady progress being made in developing the very significant potential of the Goudron Field, including the higher reserves now estimated by LR Senergy," said Chief Executive Neil Ritson.

"We are especially excited about the far larger oil in place that is now recognized in the field.

As a result we are accelerating our plans to drill further C-sand and Goudron Sandstone wells beyond the 30 wells already approved and complete studies in order to access this oil, for example through an EOR scheme, and we anticipate seeing the proved and probable oil reserves continue to rise over the next few years," he added..

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