Leni Gas and Oil announces handover of Goudron Field

AIM-listed Leni Gas & Oil (LGO) has announced the final transfer of 100 per cent ownership of the Goudron Field incremental production service contract (IPSC) onshore south-eastern Trinidad from the current contract owner to LGO's subsidiary, Goudron E&P.

AIM-listed Leni Gas & Oil (LGO) has announced the final transfer of 100 per cent ownership of the Goudron Field incremental production service contract (IPSC) onshore south-eastern Trinidad from the current contract owner to LGO's subsidiary, Goudron E&P.

The IPSC, along with the Petroleum Company of Trinidad, remains in full force and all approvals were already in place to assign the contract and operatorship to Goudron. The field was transferred from Cameron Oil and Gas.

Goudron commenced full-time operations with a formal handover of the field taking place at site on October 20th. Production revenues from the field will begin immediately.

LGO recently announced a workover programme of five wells in collaboration with Cameron Oil and Gas and that work will now continue uninterrupted and will be extended to at least 30 additional wells.

Neil Ritson, LGO's Chief Executive, said: "Completion of the acquisition represents the culmination of a year's preparation and we are delighted to now take operatorship of the field. LGO has recently completed an independent reserves report and we see enormous potential for production enhancements and additional future development of Goudron. An LGO operated rig is already active on the field and the results from that programme will be available shortly."

NR

Recommended

Britain’s ten most-hated shares – w/e 9 August
Stocks and shares

Britain’s ten most-hated shares – w/e 9 August

Rupert Hargreaves looks at Britain's ten most-hated shares, and what short-sellers are looking at now.
10 Aug 2022
Aviva: One for income investors to tuck away
Share tips

Aviva: One for income investors to tuck away

Insurance giant Aviva is one of the highest yielding stocks in the FTSE 100 – and it’s cheap, too, making it a tempting target for income investors. R…
10 Aug 2022
Director dealings w/e 5 August: what company insiders are buying and selling
Stocks and shares

Director dealings w/e 5 August: what company insiders are buying and selling

Directors’ share dealings can often give investors an insight into the sentiment of company insiders. Here are some of the biggest deals by company di…
9 Aug 2022
Britain’s most-bought shares w/e 5 August
Stocks and shares

Britain’s most-bought shares w/e 5 August

A look at Britain’s most-bought shares as of 5 August, providing an insight into how investors are thinking and where opportunities may lie.
9 Aug 2022

Most Popular

Are UK house prices finally heading for a crash?
House prices

Are UK house prices finally heading for a crash?

The latest house price figures show a fall of 0.1% in July. With interest rates rising, inflation hitting double figures and a recession on the cards,…
5 Aug 2022
Brace yourself for the return of rationing
Economy

Brace yourself for the return of rationing

Russia is turning off the cheap energy. That is already leading to belt-tightening, says Matthew Lynn. Who will suffer most, and which sectors will th…
5 Aug 2022
Fear of missing out – what should investors do now?
Investment strategy

Fear of missing out – what should investors do now?

Markets have rallied from their mid-June lows. But if you missed out, as most investors did, what should you do now? Max King explains.
8 Aug 2022