LGO Energy rebounds after agreement with bank
26th Nov 2015 12:31
(ShareCast News) - Trinidad oil developer LGO Energy has agreed to reduced repayment terms with its bank that will allow it to maintain its oil production operations after an unusual drilling accident. The AIM-listed company and BNP Paribas have agreed to an early termination of old pre-paid swap ag
Read moreLGO Energy cash runs dry after drilling misshap
19th Oct 2015 09:11
(ShareCast News) - After a costly drilling accident, oil explorer LGO Energy has been prevented from accessing more cash from its bank facility as it has breached its covenants. The AIM-listed company last month reported that well GY-678 in the Goudron Field offshore Trinidad, the last of seven deve
Read moreLGO Energy raises 1m pounds for Trinidad businesses
5th Oct 2015 09:19
(ShareCast News) - LGO Energy has raised £1m before expenses through the placing of 111.1m shares at 0.9p per share. The company said the funds will largely be deployed as additional working capital in LGO's Trinidad businesses including initiating work on the recently announced Goudron Sandstone pr
Read moreSubstantial gross profit increase for LGO Energy
18th Sep 2015 07:54
(ShareCast News) - LGO Energy doubled their revenue for the first half of 2015 The AIM-listed oil and gas company announced revenue for the six months to 30 June is at £6.61m, up from £3.23m the previous year. Gross profit was also up over 150%, from £0.797m to £2.062m. That brought the group's pr
Read moreLGO Energy's Goudron well reaches target depth
7th Sep 2015 12:17
(ShareCast News) - LGO Energy said the last of its currently-planned 2015 development wells, GY-678, at its Goudron Field development in Trinidad reached target depth on Saturday at 4,219 feet. The company said electric log interpretation from both the Goudron Sandstone and C-sand reservoir interval
Read moreLGO Energy slumps amid dispute with Trinity Exploration
21st Aug 2015 11:18
(ShareCast News) - Shares in LGO slumped on Friday, after the oil and gas assets developer disputed allegations made by Trinity Exploration & Production earlier this week. In its second quarter update, Trinity claimed the Tabaquite Block was currently classified as "held for sale" on its books, addi
Read moreLGO Energy begins drilling at seventh well in Goudron field
17th Aug 2015 15:44
(ShareCast News) - LGO Energy said on Monday that drilling operations at the GY-678 development well at the Goudron field in Trinidad are now underway. GY-678 is the seventh of this year's planned development wells and is being drilled to an anticipated total depth of 4,200 feet. LGO Energy is an oi
Read moreLGO Energy begins drilling new well development
15th Jun 2015 11:50
Oil and gas group LGO Energy has begun drilling its flagship Goudron field's 12th development well, the first on its pad 5 site. The GY-675 well will be drilled 3,700 feet deep and will target the C-sand reservoir, as well as Gros Morne sandstone's upper C-sand, which are expected to be hit at rough
Read moreLGO Energy predicts recoverable oil from Trinidad well
11th Jun 2015 11:15
Oil and gas company LGO Energy has said that initial drilling of its GY-674 development well in Trinidad has confirmed the presence of "recoverable hydrocarbons". The AIM group said the well was spudded a few weeks ago and electric log interpretation from both the Goudron and C-sand intervals was po
Read moreLondon close: Oil price slide fuels fall in equities as rouble tumbles
15th Dec 2014 16:45
Oil prices embarked on fresh falls on Monday, dragging the London market down with them. The price of a barrel of US light crude had dropped about 3.7% to $57.8 towards the end of the trading session while a barrel of Brent crude fell just under 3% to $61.85. The falls fueled a 117.91-point fall in
Read moreLondon midday: Stocks steady ahead of US data
15th Dec 2014 11:15
UK stocks were holding higher ahead of a week full of potential risk events. Significantly, on Sunday Bloomberg reported that Libya was forced to declare "force majeure" at two of its ports, Es Sider and Ras Lanuf, which have a combined capacity to export 560,000 barrels of oil per day. Somewhat ir
Read moreLondon open: Stocks bounce back with oil after Libyan port closures
15th Dec 2014 08:19
After an initial drop the FTSE 100 Index recovered to trade slightly in the black, led by oil companies' shares. Over the weekend the United Arab Emirates' energy minister, Suhail Al-Mazrouei, said the Organisation for Petroleum Exporting Countries (OPEC) would be willing to withstand a drop in the
Read moreLeni Gas & Oil reports progress with latest wells at Goudron
29th Oct 2014 11:34
Drilling has begun at Leni Gas & Oil's seventh planned development wells at the Goudron Field in Trinidad, it announced on Wednesday. Well GY-670 is planned to test the Goudron and Gros Morne Sandstone reservoirs to a total depth (TD) of at least 3,100 feet and will be deviated approximately 600 fee
Read moreLeni Gas & Oil sees "excellent production rates" at drilling field
1st Sep 2014 13:03
Leni Gas & Oil (LGO) said on Monday its fifth well at the Goudron Field in Trinidad reached its total depth, giving confidence the company will have "excellent" production rates. Well GY-668 was drilled to a depth of 3,026 feet and has been logged and cased. Once approved, wells GY-665 to GY-668 w
Read moreLeni Gas & Oil reports further success at Goudron
3rd Jul 2014 12:15
Leni Gas & Oil on Thursday announced the successful drilling on the GY-666 well at Trinidad's Goudron, which has an indicated 394 feet of net oil pay. This consists of the previously announced 185 feet in the Goudron sandstone and a further 209 feet in Gros Morne sandstone. Chief Executive Neil R
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