As it prepares to acquire deep petroleum rights in the Cedros Peninsula for US$2.5 million from Beach Oilfield Ltd (Bolt), LGO Energy plc said it will be exploring depths below 7,000 feet.
To put in perspective, the BHP Billiton-BG Group consortium that was awarded two deep water blocks in August, have committed to drilling 7,218 feet (2.2 kilometres) at sea. On land, the only deep onshore well, FRM-1, was drilled in 2008 to a depth of 12,301 feet. It found oil at around 11,700 feet, and was later lost for mechanical reasons.
Read the full story in the Trinidad and Tobago Guardian Newspaper here.