LONDON – LGO Energy (LSE AIM: LGO) has plugged the GY-678 well offshore Trinidad following a mechanical problem. This was the last of seven wells LGO planned to reach the C-Sand strata.
An attempt to recover downhole equipment that obstructed the 9⅝-in. casing was not successful. A decision is pending on whether to re-enter and side track, or re-drill.
“Stuck pipe incidents are not common and despite taking extensive precautions during the drilling of the 15 new wells, this incident, which occurred at the very end of the program, is a setback for LGO,” said Neil Ritson, CEO.
“Whilst there is no long-term impact to the company’s assets and indeed the GY-678 well has shown that there is more and better C-sand reservoir than previously known, the short-term financial impact has to be managed. The company is still planning for additional Goudron Sandstone production and will report further on its plans in the coming months.”
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