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Work to improve production in Spain going well, says Leni Gas & Oil


AIM-listed Leni Gas & Oil (LON:LGO) said its well work-over operations in Spain to improve production were going well with nearly half the programme completed.

Two wells have been returned to production and another is expected to be completed in a week, the firm said.

CEO Neil Ritson said: "It is too early to predict the production impact of the work, however, the amount of previously untested net pay we have been able to access is slightly more than was estimated in the initial plan."

The work is being carried out the company's 100 percent owned Ayoluengo and Hontomin Oilfields in northern Spain.

Ayoluengo in northern spain is the largest Spanish onshore oilfield with mean stock tank oil initially in place (STOIIP) of 104 million barrels. Its current production is 130 barrels of oil per day but rising through these improving programmes.

Société de Maintenance Pétrolière and Services Pétrolièrs Schlumberger arrived at the field last month.

The programme is focused on six high productivity wells in the Ayoluengo Field (Ayo-4, 5, 32, 36, 37and 46) and includes the perforation of around 40 metres of previously untapped reservoir in the Hontomin-2 well on the nearby Hontomin Field.

So far the wells Ayo-4 and 5 have been perforated and both have been returned to production and the completion of Ayo-32 is expected to be concluded within a week.

"Well Ayo-5 continues to clean up, stable flow rates have not yet been measured, however, based on the electric logs run in the well it is believed that additional production capacity will be achieved over the next few weeks," said the company in a statement.

"Well Ayo-4 was went back on production yesterday (May 25) and production data is not yet available."

The company added that the SMP-2 rig has now been moved to well Ayo-37 and operations are underway with 5 metres of new perforations and at least 28 metres of re-perforating planned.

Additionally, an electric down-hole submersible pump will be installed in well Ayo-37 when logging and perforation operations have been completed. A rig will shortly be moved to Hontomin-2 to prepare the well for perforating, said Leni Gas & Oil.

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Price: 2.35 GBX

Market: AIM
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