Leni Gas & Oil announces jump in production levels

published 29 January 2013

AIM-listed Leni Gas & Oil (LGO) said Tuesday that in the last week production at the Goudron and Icacos Fields in Trinidad has averaged over 170 barrels of oil per day (bopd), with production reaching 201 bopd on January 27th.

LGO, which is currently producing from a total of 22 wells, has a 100% interest in the Goudron field and 50% in the Icacos Fields.

Chief Executive, Neil Ritson, said: "Our production in Trinidad continues to grow rapidly in line with our expectations. The plans we have in place should ensure continuous growth for the immediate future.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

"Production in Trinidad has now surpassed Spain and we are delighted with our decision to focus more of our resources on Trinidad, and we look forward to issuing further updates as the year progresses."

The new production total means that the Goudron Field has now exceeded the second production target of 150 bopd set by the company when it acquired the operatorship of the field in October 2012.

Elsewhere, production is continuing at the company's non-operated Icacos Field (LGO 50%) in Trinidad, which recently averaged 32 bopd gross (16 bopd net to LGO).

The share price climbed 5.95% to 1.43p by 08:30.