lgo goudron field summary 11.11
DESCRIPTION
Summary Presenta.on to Shareholders 9 th November 2011 1 Basin complexity increases, but well understood Goudron Moruga North Moving progressively eastwards from Icacos Icacos Ideal area to exploit LGO’s experience and resources Staying largely onshore Ic 2 3TRANSCRIPT
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Trinidad – Goudron ISPC Summary Presenta.on to Shareholders
9th November 2011
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LGO’s Trinidad Footprint
Ic
Newly acquired leases
Under nego.a.on
Moving progressively eastwards from Icacos
Staying largely onshore
Basin complexity increases, but well understood
Number of commercial opportuniGes
Ideal area to exploit LGO’s experience and resources
Icacos
Moruga North
Goudron
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Goudron ‐ Overview
OpGon to acquire a Petrotrin Incremental ProducGon Service Contract (IPSC) to the Gourdon Field through Sorgenia InternaGonal BV
Field acGve since late 1920’s, 154 wells, >95 wells available, ~30 wells open
Comprehensive due diligence, studies and development plan done by Sorgenia
ExisGng producGon averages approximately 100 bopd
EsGmated P50 Oil in Place 166 mmbbls P1 = 1.9 mmbbls, P1+P2 = 8 mmbbls, P3 = 22 mmbbls, plus ConGngent Resources, plus ExploraGon (Source: Sorgenia)
Work‐overs, hydraulic fraccing and new infill wells over a period of 2‐3 years necessary to bring producGon to approximately 1800‐2000 bopd
UlGmate potenGal for approximately 20‐30 mmbbls of incremental reserves
OpportuniGes for deeper reservoirs, new exploraGon areas, water flood, EOR and gas development, and for improved terms
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Goudron Field – Brief History
1927 – Discovered by Trinidad Leaseholders Limited (BriGsh private company)
1956 – Acquired by Texaco Major development phase, 150 wells, hydraulic fraccing
1986 – Relinquished to PetroGn Ligle acGvity and field remains dormant, some studies work
2009 (December) – IPSC awarded to Cameron Oil and Gas Ltd Restarts field operaGons
2011 (February) – OpGon acquired by Sorgenia (in Goudron E&P Limited) Carried out extensive work incl. temporary installaGon of three PCP
pumps
2011 (September) – Gourdon E&P Limited acquired by LGO Including all studies, PCP pumps and range of other equipment
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ProducGon StaGon 134, Tanks
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Well GY‐188, 190 Pumping OperaGon
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Well GY‐288 – Natural flow
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• In Southern Basin three main reservoirs ( ):
– Goudron Sands – Gros Morne
Sands – Cruse Sands
• Seals are intra‐forma.onal
• Source rock ( ) is Cretaceous age, Naparima Hill and Gau.er forma.ons
Generalised StraGgraphy
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The seismic line D‐4 shows an extensional fault (yellow line). The hanging wall is deformed with a roll over. The depression created by the extensional movement was filled by the Goudron sands (yellow fill).
The Goudron Fm is deposited in a fluvial marine sejng.
100 m
Goudron Structural Sejng