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Columbus Energy Resources says it will provide Saffron well results “as testing progresses”

“We are pleased to report that there is no material change to our core strategy of testing," said chief executive Leo Koot

Columbus Energy Resources PLC - Columbus Energy Resources says it will provide Saffron well results “as testing progresses”

Columbus Energy Resources PLC (LON:CERP) has told investors it will update on the Saffron well’s results “as testing progresses”.

Well testing began in early February, assessing the Lower Cruse reservoir, and previous logging confirmed the Middle Cruse reservoir as a valid secondary target for testing.

Responding to investor queries, Columbus today published a corporate update via a stock market statement.

“Given the time it has taken to drill and test the Saffron well, a number of investors have asked for a corporate update,” said Leo Koot, Columbus executive chairman.

READ: Gas injection starts at Trinity Inniss field

“We are pleased to report that there is no material change to our core strategy of testing and, subject to test results, appraising and developing the Saffron well and its surrounding acreage.”

He added: “In the event of negative or inconclusive testing of the Lower Cruse, the Company intends to immediately test the Middle Cruse. 

“The company expects to be able to produce from the Middle Cruse at commercial rates.”

Base production in Trinidad

Columbus boss Koot said the company continues to operate the base production assets in “the most efficient manner possible”.

“In the Trinity Inniss field, we continue to work with Predator (our joint venture partner), the Ministry of Energy and Energy Industries and Heritage to move to continuous injection of CO2.

“In Suriname, we move steadily towards being ready for an Extended Well Test in H2 2020.”

Quick facts: Columbus Energy Resources PLC

Price: 1.94 GBX

AIM:CERP
Market: AIM
Market Cap: £18.14 m
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