The Company is pleased to announce the results of the independent review of the LGO operated Goudron Field in southeast Trinidad conducted on its behalf by Senergy (GB) Limited. Best estimate oil in place within the field has increased since the previous independent review by Challenge Energy Limited in 2012 by over five-fold and is now estimated to be 805 million barrels. Proved (1P) gross oil reserves in the producing Goudron Sandstone and C-sand reservoirs has increased by over 110% to 1.54 mmbbls, and the gross proved and probable reserves (2P) have increased by nearly 60% to 11.37 mmbbls.
Proved (1P) net attributable oil reserves, calculated by the Company, total 1.47 mmbbls and total proved and probable reserves (2P) total 11.30 mmbbls.
Neil Ritson, LGO's Chief Executive, commented,'We are delighted with the steady progress being made in developing the very significant potential of the Goudron Field, including the higher reserves now estimated by LR Senergy. We are especially excited about the far larger oil in place that is now recognized in the field. As a result we are accelerating our plans to drill further C-sand and Goudron Sandstone wells beyond the 30 wells already approved and complete studies in order to access this oil, for example through an EOR scheme, and we anticipate seeing the proved and probable oil reserves continue to rise over the next few years.'