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Columbus Energy confirms spud of Saffron prospect in Trinidad following Ministry drilling approval

“This has been the culmination of many years of commercial structuring, technical work, planning, and, more recently, site preparation activities"

Oil rig crew
Columbus expects the well will take approximately 30-45 days to complete and evaluate and said it will update the market when appropriate

Columbus Energy Resources PLC (LON:CERP), the oil and gas producer and explorer with operations in Trinidad and Suriname, confirmed on Tuesday the spud of the Saffron prospect having received Ministry approval for the drilling of the prospect which is in the South West Peninsula, Trinidad. 

In a brief statement, the company said it expects to advance to drilling with the 8½ inch pilot hole in the next few days.

READ: Columbus Energy tees up rig for next round of drilling in Trinidad

The firm added that it expects the well will take approximately 30-45 days to complete and evaluate and said it will update the market when appropriate.

Leo Koot, Columbus Energy’s executive chairman commented: "The Company is pleased to receive Ministry consent for the Saffron well and, as mentioned at the AGM, I will be actively involved at the rig-site during the critical phases of the well campaign.

“This has been the culmination of many years of commercial structuring, technical work, planning, and, more recently, site preparation activities. We will update the market as drilling activities on Saffron progress."

Quick facts: Columbus Energy Resources PLC

Price: 3.35 GBX

AIM:CERP
Market: AIM
Market Cap: £28.11 m
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