logo-loader
RNS
viewColumbus Energy Resources PLC

Columbus Energy Res - Saffron 2 - drilling application to Ministry

RNS Number : 1306O
Columbus Energy Resources PLC
28 May 2020
 

28 May 2020

COLUMBUS ENERGY RESOURCES PLC

("Columbus", "CERP" or the "Company")

Saffron 2 - submission of drilling application to Ministry

Columbus, the oil and gas producer and explorer with operations in Trinidad and Suriname, is pleased to announce that it has submitted to the Ministry of Energy and Energy Industries (Trinidad & Tobago) a drilling application ("Drilling Application") for the Saffron 2 well in the South West Peninsula.

Summary

·    Saffron 2 to be drilled as a twin to Saffron 1, from the same drill pad

·    Saffron 2 to target the Lower Cruse intervals encountered in drilling Saffron 1, with a targeted Total Depth of 4557 feet

·    The key objective of Saffron 2 is an extended production test and subsequent conversion to a production well aimed to produce the circa 40° API oil encountered in Saffron 1

·    Drilling Application consistent with commercial arrangement for a full carry of Saffron 2, as announced 27 April 2020

·    Approval of the Drilling Application by the Ministry would allow drilling in Q3 2020

 

Leo Koot, Executive Chairman, commented:

"We are delighted to have submitted a DRL2 application to the Ministry of Energy and Energy Industries to drill the Saffron 2 well, a follow up to the Saffron 1 well drilled earlier this year.   Saffron 2 will be a twin to Saffron 1 and target the same Lower Cruse intervals where we discovered light, high quality oil (circa 40° API) from two test intervals.  The logging of Saffron 1 showed over 300 feet of high-quality sands so we are very excited to test and appraise these sands with Saffron 2.

As previously announced, we are pleased to have signed a Term Sheet with a third party drilling contractor to drill Saffron 2 subject to a stabilised oil price (above US$35 for a sustained period) and operating environment.  I am pleased to note that the oil price has, in general, recovered from its recent lows in April 2020 and we are hopeful of a stabilised oil price in Q3 2020."

 

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 Stewart Ahmed, Chief Technical Officer (Trinidad), for Columbus Energy Resources plc. Mr Ahmed has a BSc in Mining and Petroleum Engineering and is a member of the Society of Petroleum Engineers. Mr Ahmed has over 33 years of relevant experience in the oil industry.

 

Enquiries:

Columbus Energy Resources Plc

+44 (0) 207 203 2039

Leo Koot / Tony Hawkins

 

 

 

Beaumont Cornish Limited

+44 (0) 20 7628 3396

Nomad

 

Roland Cornish / Rosalind Hill Abrahams

 

 

 

VSA Capital

+44 (0) 20 3005 5000

Broker

 

Andrew Monk / Andrew Raca

 

 

 

 

 

 

 

Notes to Editors:

Columbus Energy Resources Plc is an oil and gas producer and explorer focused on onshore Trinidad and Suriname. In Trinidad, the Columbus Energy group has five producing fields, two appraisal/development projects and a highly prospective exploration portfolio in the South West Peninsula ("SWP"), which lies in the extreme southwest of Trinidad and consists of stacked shallow and deep prospects. In Suriname, the Company has recently secured an onshore appraisal/development project. Columbus and aims to create transformational growth by developing its portfolio in a capital efficient and disciplined manner.    

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 South America in order to build an oil production led South American exploration business.

To find out more, visit www.columbus-erp.com or follow us on Twitter @Columbus_ERP.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
UPDSELFIWESSEII

Quick facts: Columbus Energy Resources PLC

Price: 1.7

Market: AIM
Market Cap: £15.9 m
Follow

Create your account: sign up and get ahead on news and events

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