LGO Energy’s fourth quarter production was an average of 540 barrels of oil per day, with production from Trinidad averaging 459 bopd.
Production was impacted by the decision to commence temporary suspension of production activities at the Ayoluengo field in Spain pending agreement on a new concessions at the end of this month.
The group said that as announced on 13 January the decision to temporarily suspend production in Spain has minimal impact on operating finances.
LGO Group production for full year 2016 averaged 548 bopd.
Chairman and chief executive Neil Ritson said: “Regaining momentum in our Trinidad production and business development activities is a key objective for the company in early 2017.
“Recommencing development drilling at Goudron, progressing the Goudron waterflood for which we hold over 60 million barrels of independently certified contingent resources and continuing with the high value South West Peninsula exploration programme are all key to building shareholder value from the excellent underlying assets in the company.”
The company said its local operating subsidiary, Goudron E&P Limited, had now received approval from the Petroleum Company of Trinidad and Tobago and the Ministry of Energy and Energy Industries for the first two of its planned Mayaro Sandstone infill wells, currently designated H18E G11(5) and H18E N4.
It added: “All relevant rig and services contracts have been agreed and mobilisation of equipment and crews for the site preparation work will commence as soon as Petrotrin receives approval from the forestry authorities for the cutting of trees necessary to clear the drilling sites.
“GEPL is looking at ways to expedite this approval process for the current and future wells, and will provide a further update once final approval has been granted.”
At 4:06pm: (LON:LGO) LGO Energy PLC share price was -0.01p at 0.12p
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