LGO today announced that the third well of Pad 4, GY674 encountered 769 feet of net oil pay, of which 492 ft of net oil pay was encountered on the Goudron Sands and another 277 ft of net oil pay in the deeper C-Sands.
A poster by the name of Phil, put it on the LGO board, This is the best net pay to be discovered in the C-Sands. The combined net pay from the 3 wells on Pad 4 EXCEEDS the total net pay of all the 8 wells drilled in 2014 (2,062 ft vs 1,866 ft)
This is very good news indeed. It goes to show that the Goudron oilfield is not only getting larger but deeper as well.
All the wells on Pad 4 have been cased and production will start in the next few weeks.
Lest we forget, the long awaited CPR will be announced in the next two weeks.
My disclosure: I am long LGO.
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