Home' Trinidad and Tobago Guardian : November 25th 2014 Contents A15
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At an emergency meeting on Sunday,
leaders of the Co-operative Credit Union
Movement (CCUM) unanimously agreed
to "vehemently oppose" the Credit Unions
Bill, 2014 and the Co-operative Societies
(Amendment) Bill, 2014, which were laid
in the Senate on November 18.
In a statement yesterday, the CCUM
accused Government of attempting to
impose the proposed legislation "on an
unsuspecting population by hastily and
surreptitiously tabling" it last week.
"This was done, notwithstanding a
commitment given by the Minister of
Finance and the Economy, for the CCUM
to complete an in-depth impact analysis of
the proposed legislation on the movement
before the legislation is introduced in
Parliament," the group said.
"For the avoidance of doubt, the CCUM
wishes to reassure the population that it
is in support of enhanced legislation to
govern the operations of credit unions.
However, the content and context of these
bills are inimical to the best interest of
people of modest means.
"The CCUM views this approach as a
continuation of this Government's
deception as in like manner to the public's
perception of the notorious Section 34."
Credit union group says it will oppose bills
Panamanian carrier Copa
Airlines, which entered the
T&T market six years ago,
has experienced steady
growth on the route, the air-
line s local manager, Camille
Hackett said yesterday. She
said this is because of the
quality product the airline
"We have demonstrated
that we are a reliable airline.
We have free onboard meals
and an open bar in the econ-
omy class. Our baggage
allowance is also very good,"
she told guests at a breakfast
meeting hosted by the airline
at the Hyatt Regency, Port-
Hackett said while the air-
line started off in T&T serving
mainly business travellers, the
carrier is now attracting more
"It is a mix of people who
travel on Copa. When Copa
initially started operations in
T&T the majority of people
were from the corporate world
but more and more, the
mindset of Trinidadians are
expanding and now there are
a lot more leisure travel into
Latin America. That accounts
for the growth of the airline
here," she said.
Hackett said she wants
Copa to expand even further
into the local market.
"I want there to be more
frequencies in the future.
Copa s prices vary to different
destination. We try to main-
tain a very competitive price
structure with other carriers.
I will not say we are the
cheapest airline on the market
but the quality of the product
we offer also accounts for
pricing," she said.
She added that T&T is a
key market in the region for
"The Dominican Republic,
Puerto Rico and Cuba are the
large markets in the region.
T&T is in the medium group-
ing. Other than Aruba, only
T&T has two daily flights. The
others have less. When we
first came into the T&T mar-
ket we were looked as a Latin
American airline and that was
a huge challenge and we have
done well since then. We have
moved beyond the uncertain-
ty period and we have settled
in," she said.
Commenting on the carri-
er s recent achievements,
Hackett said: "Our on time
performance is over 90 per
cent which is similar to the
best airlines in the world. Our
completion factor is also good
so this is major for us.
"In 2013 we were awarded
by Skytrax as best airline in
Central America and the
Caribbean. We were also
awarded as the best cabin
crew for Central America and
the Caribbean. We are proud
of these things."
growth in T&T route
Camille Hackett, manager of Copa Airlines in T&T.
Around the same time the price
of crude oil started its descent,
LGO Energy plc started an oil out-
put ascent, numbers released on
the London Stock Exchange yes-
LGO announced it has crossed
the 1,000 barrels of oil per day
(bopd) mark, and from one recom-
pleted well alone it found it could
double that if it completely opened
the hole. Well GY-667, the fourth
well of the current 30 well devel-
opment programme, is boasting a
"calculated open-hole initial pro-
duction rate" of 1,030 bopd.
LGO CEO Neil Ritson said in a
statement: "Our decision to recom-
plete the 667 well at the more
extensive upper C-sand level has
shown very positive results with
our Trinidad production now over
the 1,000 bopd target we had set
for end 2014. A number of wells
can still be further optimised and
three new wells are expected to be
put on production before year end."
He added: "Oil production rates
from the Goudron wells are not at
their maximum potential in order
to preserve the oil bearing forma-
tions from being over produced.
"If oil is extracted too rapidly this
can lead to potential formation
damage and reduced longer term
production. The Goudron Field has
never had wells that have produced
at these levels and we are mindful
to protecting the long term pro-
duction potential of the field."
On stock price alone, LGO is
turning out to be a turnaround
story. The stock had been trading
for a fraction of a pence on the
London exchange for most of the
first half of the year, but as positive
T&T production news started to
break in July, the stock climbed as
much as 600 per cent by late Sep-
tember. Now stable down at around
4 pence per share, the markets have
been rewarding LGO for finding
high quality crude in seven con-
secutive drills in a little known
region in south Trinidad called
Goudron, near Guayaguayare.
LGO said well GY-667 is cur-
rently "flowing under its own pres-
sure at a stabilised rate of 350 bopd
of 42 degree API oil, without water
or sand." With a scale from approx-
imately 10 to 70 degrees, API gravity
tells how light or heavy a crude is.
Lighter crudes fetch higher prices.
42 degree API is the same gravity
of the crude BP produces in T&T,
With only 17 hours of flow testing
on the recompleted GY-667 and
with two wells still not fully opti-
mized (GY-666 and GY-668), LGO
said the combined production of
the wells GY-665 to 668 (Pad-2)
has increased to 580 bopd based
on the last day for which data is
As at July 11, LGO had an initial
production rate from Goudron of
"All new wells continue on
restricted flow rates to manage long
term reservoir potential. The total
Trinidad production has now
exceeded 1,000 barrels of oil for
the first time with further signif-
icant increases expected at year end
with further well optimization work
on Pad-2 and the completions of
wells GY-669 to 671 on Pad-3,"
Well GY-671, the eighth well of
the ongoing development pro-
gramme, is currently drilling ahead
in 12 1/4-inch hole at 726 feet in
the Goudron Sandstone having set
13 3/8-inch casing at 293 feet.
That well, and wells GY-669 and
GY-670, on Pad-3, are expected to
be completed as C-sand producers
during December, LGO said.
The company said: "In addition,
LGO is in the process of a making
an application for a new 5,000 bar-
rel sales tank at Goudron, to further
increase sales capacity in line with
ongoing well results and the
planned installation of a custody
transfer meter in the first quarter
"Existing sales capacity, including
the recent 2,000 barrel tank, is suf-
ficient for all anticipated production
until third quarter 2015."
LGO breaks past 1000 barrels
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