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.
“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."