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Columbus Energy Resources “very pleased” as Saffron well sees multiple oil shows

The coming weeks will see the completion of logging work, further evaluation and well testing.

Columbus Energy Resources PLC - Columbus Energy Resources “very pleased” as Saffron well sees multiple oil shows

Columbus Energy Resources PLC (LON:CERP) executive chairman Leo Koot described himself “very pleased” as drilling operations for the Saffron exploration well, on Trinidad’s south west peninsular, completed successfully.

The AIM-quoted oiler, in a statement, said that the well was drilled down to a depth of 4,634 feet as planned, and, logging work is presently ongoing. Interpretation results are anticipated in the coming weeks.

Columbus noted that it drilled multiple targets and it has observed multiple oil shows.

READ: Columbus Energy draws US$1.5mln to speed up Saffron well

It plans to evaluate the full potential of the well, following the completion of logging operations.

The schedule anticipates that Saffron will have been completed and tested during the first quarter of 2020.

“Our drilling team has done a fantastic job in reaching target depth in a very complex geological area,” Koot said.

“I am excited that we have encountered multiple sand packages and multiple oil shows to TD, as we had hoped, including in the Lower Cruse which was our primary target.

“I believe this confirms the potential of the South West Peninsula.”

The Columbus chair added: “The company has gained an enormous amount of knowledge about how to successfully drill wells in the South West Peninsula and we look forward to seeing the interpreted logging data and completing and testing the Saffron well in Q1 2020. 

“In our view, the economics for the South West Peninsula are very robust and depending on the test results from Saffron, we look forward to further appraisal drilling as is appropriate."

Quick facts: Columbus Energy Resources PLC

Price: 1.2 GBX

AIM:CERP
Market: AIM
Market Cap: £10.48 m
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