LGO has successfully secured an additional US$4 million of funding prior to commencing the programme of 30 new wells at its 100% owned Goudron Field in Trinidad where current 2P oil reserves total 7.2 million barrels.
The completion of these new funding arrangements means that the previously announced debt package which was arranged with Meridian SEZC is no longer required for the next drilling phase of the Goudron Field development; however, it may be reactivated for funding further acquisitions in Trinidad.
Goudron Drilling Update
The Environmental Management Agency ("EMA") of Trinidad and Tobago has confirmed in writing that it has now received all the data required for the final issue of the Certificate of Environmental Compliance ("CEC") for the planned drilling campaign at the Goudron Field. It is now anticipated that the CEC will be issued by 16 January 2014.