News

September 29, 2009

Leni Gas & Oil Continues With Ayoluengo Re-Development Work To Deliver “Step Change” In Production

Last month Leni Gas & Oil reported production of 534 barrels of oil equivalent per day, far short of the 2,000 boepd target the AIM firm has set itself for year-end 2009. But August’s production number doesn’t tell the full story: at present 32 per cent of the company’s output is deferred as it readies for the next step change in production from its asset base, which should take it much nearer to that 2,000 boepd target.

The bulk of the 2009 increase is expected to come from Spain, where the company holds 100 per cent of the Ayoluengo oilfield in Spain, the largest onshore field in the country with an oil-in-place number of 110 million barrels. The field has long suffered from under-investment with only 17 million barrels produced to date.  Leni plans to drain more of the resource by cleaning up existing wells, perforating new zones and undertaking infill drilling and water injection.  Plans to...