Columbus Energy Res - Update on Saffron Well
("Columbus" or the "Company")
Update on Saffron well -
Columbus, the oil and gas producer and explorer with operations in
The drilling of the Saffron well is continuing as planned with encouraging results to date. The 8 ½" pilot hole was successfully drilled to the planned depth and encountered hydrocarbon bearing zones within the tertiary target. This provided the Company with the knowledge and confidence to widen to the 17 ½" hole size and set 13 5/8" casing, which would allow future testing of encountered oil zones on a successful completion of the well.
Whilst drilling the 12 ¼" section, further shows of oil bearing intervals have been encountered within the secondary target as well as high formation pressures. This has required careful measures to ensure the wellbore is in a stable condition whilst continuing to drill. The Company is currently drilling ahead the main 8 ½" hole section with which it is planned to reach our prognosed
The Company will update, when appropriate, as drilling continues.
"The drilling of the Saffron well is progressing towards our total depth target and we have been encouraged by various oil and gas shows throughout the drilling campaign. I have been at the rig-site during the critical phases of the well campaign and continue to supervise day to day operations. The knowledge of the formations and rig systems gained so far from drilling the Saffron well is being applied to the final stages as we reach the primary target and will also prove valuable information for the future wells within the
This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
Qualified Person's statement:
The information contained in this document has been reviewed and approved by
| || |
+44 (0)20 7203 2039
Financial Adviser and Broker
+44 (0)20 3005 5000
+44 (0)20 7628 3396
Public and Investor Relations
Mark Antelme /
+44 (0) 20 8434 2643
Notes to Editors:
Columbus is guided by the following core values; safe and sustainable, stronger together, creative excellence, positive energy, totally trusted and personally responsible.
The Company is led by an experienced Board and senior management team with supportive shareholders and intends on leveraging its expertise and experience to build an attractive and diversified portfolio of assets across
This information is provided by RNS, the news service of the
Quick facts: Columbus Energy Resources PLC
Market Cap: £16.39 m
NO INVESTMENT ADVICE
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...FOR OUR FULL DISCLAIMER CLICK HERE