Bayfield, an oil and gas explorer with interests in the Caribbean, appears to have made a decent find off the south east coast of Trinidad.
The EG8 well dug in the Galeota Licence area has "showed" oil and gas. Tests indicate that the vertical thickness of the hydrocarbon-bearing sands are 107 metres gas and 21 metres oil.
Samples from the dig indicate production potential of "over 1,000 barrels of oil per day" according to Bayfield.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
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
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
A drilling unit called Rowan Gorilla III will shortly move to a new location to drill the second of Bayfield's seven exploration wells allowed under the Galeota Licence.
Hywel John, Chief Executive, said: "the results from EG8 add to our confidence in the prospectivity of the Galeota licence and we will continue to focus on the potential for accelerated development and commercialisation of hydrocarbons in the East Galeota area."
Shares in the firm had risen 4.2% by 10:41. Since July of 2011 the stock has gained 23%.
BS
