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Last 0.45 GBp
Change Today +0.075 / 20.00%
Volume 34.9M
LGO On Other Exchanges
As of 12:09 PM 11/24/15 All times are local (Market data is delayed by at least 15 minutes).

lgo energy plc (LGO) Snapshot

0.38 GBp
Previous Close
0.38 GBp
Day High
0.48 GBp
Day Low
0.38 GBp
52 Week High
12/18/14 - 4.95 GBp
52 Week Low
10/19/15 - 0.28 GBp
Market Cap
Average Volume 10 Days
-0.0022 GBp
Shares Outstanding
Dividend Yield
Current Stock Chart for LGO ENERGY PLC (LGO)

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lgo energy plc (LGO) Details

LGO Energy plc engages in the exploration, development, and production of oil and gas in Spain and Trinidad. It holds a 100% interest in the Goudron Oilfield with proven and probable reserves of 11.37 million barrels located in the in south-eastern Trinidad; and a 50% interest in the Icacos Oilfield, which consists of 1,960 acres in southwest Trinidad. The company was formerly known as Leni Gas & Oil Plc and changed its name to LGO Energy plc in November 2014. LGO Energy plc was incorporated in 2006 and is headquartered in London, the United Kingdom.

31 Employees
Last Reported Date: 06/2/15
Founded in 2006

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lgo energy plc (LGO) Key Developments

LGO Energy plc Reports Group Production Results for the Third Quarter of 2015 and Provides an Operating Update of its Well GY-678 at the Goudron Field in Trinidad; Provides Production Guidance for the Fourth Quarter of 2015

LGO Energy plc reported group production results for the third quarter of 2015. The group production in the third-quarter is reported as 896 bopd, 6% lower than second-quarter. The company has also provided an update on its operations concerning the loss of well GY-678 at the Goudron Field in Trinidad. The loss of well GY-678, the downhole equipment it contained and the anticipated production from that well, has significant cost implications for the company. Delays are occurring in settlement of the remaining capital costs of the recent drilling program, in particular well GY-678, amounting to approximately USD 4 million, for which the company requires BNP Paribas approval to release specific funds previously drawn-down. Nevertheless, in line with the terms of the banking facility, payments under the pre-paid swap arrangements with the Bank continue to be made as initially planned. The company has now reviewed a wide range of options to bridge the funding gap that this loss has created with regards existing drilling creditors as well as future capex and LGO has decided to appoint Wellford Capital Markets, LLC ("Wellford") and Height Securities, LLC ("Height") to jointly advise on strategic investments in the business. Wellford and Height will be retained for an initial 3 month period, commencing immediately, and will work with LGO's management to define options for longer term sustainability, including sourcing strategic investors and the possible refinancing of the existing Bank loan. While the work commissioned by LGO with Wellford and Height is progressing, operations at the Company's Goudron Field will continue with operating costs continuing to be met from production revenue, funds held by LGO and those being released by the Bank. The net oil pay observed in GY-678 was exceptionally thick. No decision has yet been made on the optimum way to access the pay interval, whether that is re-entering and sidetracking or re-drilling the GY-678 well to reach the C-sand net oil pay zone previously drilled and logged in the well. The Group is continuing with the planning work required for a program of activity in the shallow Goudron Sandstone where ubiquitous oil pay has been observed in all 15 wells drilled in the last two years. This work will be conducted using the funds recently raised for that purpose, though the Company anticipates that, until the strategic funding exercise is complete, this work will concentrate on lower cost work-overs and recompletions in the Goudron Sandstone rather than the drilling of new wells. Recent performance from the Company's Spanish subsidiary, CPS, has been encouraging with September average production of 186 barrels of oil per day ("bopd"). Additional well cleanout work conducted over the summer months has resulted in a substantial increase in production from a number of wells, notably well Ayo-37. Revenues from Spain have also been strengthened through the implementation, in September, of a new sales contract with Saint-Gobain which has sliding scale discounts that bring the realized price closer to Brent marker prices at lower oil prices. Production from the company's interests in the South West Peninsula of Trinidad remain stable at previously announced levels. The company announced that the 2015 fourth quarter production will be lower than previously forecast due to the loss of GY-678 production, continuing depletion in the field and the slowing of work on the Goudron Sandstone program.

LGO Energy plc Provides Update on its Recently Drilled Well GY-678

LGO Energy plc provided an update on its recently drilled well GY-678. In the interim statement released on 18 September 2015, the company reported a mechanical problem had been encountered with well GY-678, the last of its seven planned wells in 2015 to the C-Sand formation.  The company attempted to recover the downhole equipment which was causing an obstruction below the 9 5/8-inch casing, however, without success.  Consequently a cement plug has now been set in the surface casing of the well and the rig has been released, pending a decision on possible re-entry and sidetracking, or re-drilling, to reach the extensive C-sand net oil pay zone previously drilled and logged in the well. This mechanical loss has significant cost implications for the company, as in addition to the cost of the well and the unsuccessful recovery attempts totaling approximately USD 1.9 million, the company is potentially liable for the cost of the lost downhole equipment of approximately USD 1.5 million. As previously reported, the net oil pay observed in GY-678 was exceptionally thick.  The loss of anticipated production from this well has had a negative impact on the group's cash flow forecasts to the extent that the liquidity ratios as specified in the group's banking arrangements with BNP Paribas have dropped below those originally envisaged in the covenants associated with the loan.

LGO Energy plc Announces Production Results of New Well GY-672

LGO Energy plc announced its first significant production results from the recompletion of a new well, GY-672, in the shallow oil bearing sandstones of the Goudron formation. The company announced well is flowing naturally to surface at rates up to 60 barrels of oil per day and has exceeding management expectations.  Well GY-672, in company’s 100% operated Goudron Field IPSC, was perforated on 12 August 2015 over a 272-foot interval between 1,104 and 1,697 feet MD and has been naturally flowing oil for 40 days. The company announced shallow Goudron Sandstone reservoir holds an estimated 343 million barrels of gross oil in place and represents over 40% of the overall current Goudron Field's estimated gross 805 mmbbls oil in place.


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