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Columbus Energy mobilises rig for Saffron exploration well

“We will update the market as drilling activities progress," said executive chair Leo Koot.

Columbus Energy Resources PLC - Columbus Energy mobilises rig for Saffron exploration well
Saffron was recently estimated to have 77mln barrels of oil-in-place

Columbus Energy Resources PLC (LON:CERP) told investors that its plan to drill the Saffron prospect has been approved by Trinidad’s Ministry of Energy and Energy Industries.

The drill rig and associated equipment for the project has now been mobilised, the company said.

It will mark the start of exploration in the high potential South West Peninsular’ project area.

READ: Columbus Energy upgrades Saffron estimates

“We will update the market as drilling activities progress," said executive chair Leo Koot.

Last week, Columbus upgraded its estimates for Saffron with oil-in-place numbers for the Lower Cruse target upgraded to 77mln barrels, from 66mln, and, the estimate for potentially recoverable resources rises to 11.5mln barrels from 10mln.

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.

Quick facts: Columbus Energy Resources PLC

Price: 4.1 GBX

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