logo-loader
viewColumbus Energy Resources PLC

Columbus Energy set to test Saffron well in February

“The best way to evaluate Saffron is to complete and test the well, which we are in the course of doing," said chief executive Leo Koot

Columbus Energy Resources PLC - Columbus Energy set to test Saffron well in February

Columbus Energy Resources PLC (LON:CERP) told investors it is now preparing to test the Saffron well in February.

The Trinidad oiler, in a statement, told investors that it has now completed the Saffron well logging and initial results support the decision to proceed with the remainder of the well programme.

It has now submitted a well test application to Trinidad’s ministry of energy and energy industries.

Chief executive Leo Koot noted that the company’s decision was taken based on the logs for the Lower Cruse formation, and further log interpretation – for the Upper Cruse and Middle Cruse – are expected shortly.

READ: Columbus “very pleased” as Saffron sees multiple oil shows

“The interpretation of the logging gives the company comfort that it should proceed with the completion and testing of the well,” Koot said.

“Indeed, the only way to be certain and to evaluate the geological and economic potential of the prospective oil sands is to conduct a flow test - which can be done in relatively short order.”

Koot added: “I am conscious that we would have liked more concrete results from the logging but the geology of the South West Peninsula and its effect on the tools available to us to log the Saffron well do not provide that level of certainty.  

“The best way to evaluate Saffron is to complete and test the well, which we are in the course of doing."

Quick facts: Columbus Energy Resources PLC

Price: 2.349 GBX

AIM:CERP
Market: AIM
Market Cap: £19.93 m
Follow

Add related topics to MyProactive

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...

In exchange for publishing services rendered by the Company on behalf of Columbus Energy Resources PLC named herein, including the promotion by the Company of Columbus Energy Resources PLC in any Content on the Site,...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Investor Update: Zoetic reports 'significant' first half as CBD shift continues

Headlines from the Proactive UK newsroom. Zoetic International plc (LON:ZOE) reported higher revenues in its first half as the company continued its pivot towards the cannabidiol (CBD) markets. In a trading update the firm posted revenues of £1.15mln in the six months to the end of September,...

on 4/10/19

2 min read