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Columbus Energy Resources upgrades Saffron estimates as it prepares well site

"The company is continuing with the preparation for the drilling of the Saffron prospect,” said Leo Koot, Columbus chairman.

Columbus Energy Resources PLC - Columbus Energy Resources upgrades Saffron estimates as it prepares well site

Columbus Energy Resources PLC (LON:CERP) updated on its exploration programme on Trinidad’s South West Peninsula where it is preparing to drill the Saffron well.

Civil works are currently underway at the Saffron well site and the drill rig is expected in the coming days, before the end of September.

Ahead of drilling, the company has now updated its estimates for the Saffron prospect with oil-in-place numbers for the Lower Cruse target upgraded to 77mln barrels, from 66mln, and, in-step the estimate for potentially recoverable resources rises to 11.5mln barrels from 10mln.

READ: Columbus Energy Resources set up for busy second half

Columbus noted that the update sees the pre-drill valuation of the well increase to US$88mln, from US$79mln.

It also noted that the upgraded view of the well’s prospectivity was validated by independent consultancy EPI Group.

"The company is continuing with the preparation for the drilling of the Saffron prospect,” said Leo Koot, Columbus chairman.

“We will update the market as the drilling of the well progresses. Consolidated information on the Saffron and Clove prospects can be found in a new presentation available on our website,” Koot added.

Quick facts: Columbus Energy Resources PLC

Price: 4.1 GBX

AIM:CERP
Market: AIM
Market Cap: £34.15 m
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