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LGO Energy PLC adds extra rig to Goudron field, shares rally

Published: 05:04 06 Apr 2016 EDT

LGO_-_Goudron_wells
LGO Energy shares gained 7.84%

LGO Energy PLC (LON:LGO) shares advanced on Wednesday as it revealed plans to put extra rigs back to work at the Goudron field.

The Trinidad based junior oil producer told investors it has mobilised a second work-over rig to accelerate a well maintenance and well recompletion programme to boost the field’s performance.

It is also said it was considering the possibility of adding a third rig to the programme over the next few months.

"As a response to the recently announced reduction in over-riding royalties on Goudron oil and to a firmer oil price, work has begun on accelerating the restoration of production levels at Goudron,” said Neil Ritson, LGO chief executive.

“This increased activity has seen us require additional rig capacity and I am delighted that we can now report that we have a second rig back in the field."

On AIM, LGO Energy shares gained 0.02p, 7.84%, to change hands at 0.27p each.

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