LGO Energy says that its wholly owned subsidiary, Goudron E&P Limited, has now drawn an initial US$11.78 million from the US$25 million pre-paid oil swap facility agreement with BNP Paribas to fully fund the planned 2015 development drilling program in the Company's Goudron Field in Trinidad.

This funding will be targeted at significantly increasing oil production this year with the drilling of at least seven new development wells at Goudron, as a follow on from last year's successful eight well drilling program, and also to upgrade the field's oil handling infrastructure which is needed to meet anticipated sales capacity through the second half of 2015.

Tags: LGO Energy