Leni Oil & Gas set to boost Trinidad activity

Leni Oil & Gas (LGO) said the completion of a farm-in agreement meant it could ramp up activity in Trinidad.

Leni Oil & Gas (LGO) said the completion of a farm-in agreement meant it could ramp up activity in Trinidad.

LGO has taken over leases in the North Moruga area from the Advance Oil Company meaning it will be assigned a 49% interest in the private petroleum leases and Petrotrin sub-leases.

It will also operate all the advance leases, in return gaining an immediate 33% interest in production revenues.

LGO now plans to work-over the existing wells as soon as practical and drill up to ten new wells on the leases over a 3 year period beginning in 2013.

Its interest revenues will increase to a maximum of 49% when the company completes the planned wells.

"Completion of the farm-in comes at an ideal time for LGO as we can now scale-up our operations in Trinidad from the existing resources focused on Goudron," said Chief Executive Neil Ritson.

"We have an excellent team in country and with production from Goudron now increasing they will be able to turn their attention to Moruga North in 2013."

The leases cover an area of approximately 1,220 acres and lie between the West Moruga Field which has produced 25m barrels of oil and the Innis, Antilles and Trinity Fields which have produced approximately 15m barrels.

Moruga North is approximately 35km west of existing LGO operations at Goudron.

Recommended

The top funds to invest in
Funds

The top funds to invest in

Investors continue to favour passive funds in April though figures reveal an actively managed money market fund also caught their eye. We look at wher…
3 May 2023
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
20 Apr 2023
Best junior stocks and shares ISA platforms
Isas

Best junior stocks and shares ISA platforms

A junior stocks and shares ISA is a great way to save for your child tax-efficiently. But it can be confusing deciding which investment platform to ch…
28 Mar 2023
The outlook for Shell shares is mixed, despite bumper profits
Energy stocks

The outlook for Shell shares is mixed, despite bumper profits

With profits surging, it looks as if Shell is on a roll, but the company’s growth from here is hard to see as Rupert Hargreaves explains.
6 Feb 2023

Most Popular

June’s NS&I Premium Bond prize draw - are you this month’s millionaire?
Savings

June’s NS&I Premium Bond prize draw - are you this month’s millionaire?

Two fortunate NS&I Premium Bond winners are now millionaires. Find out here if you’re one of them.
1 Jun 2023
Housing slowdown ‘deeper than anticipated’ as property sales slump
House prices

Housing slowdown ‘deeper than anticipated’ as property sales slump

New data from HMRC shows a fall in property sales - now experts predict a delay to the housing recovery
1 Jun 2023
The best one-year fixed savings accounts - June 2023
Savings

The best one-year fixed savings accounts - June 2023

You can now earn 5% on 1 year fixed savings accounts - the best rate seen in 14 years. We have all the latest rates available now.
2 Jun 2023