Columbus, the oil and gas producer and explorer with operations in Trinidad and Suriname, is pleased to announce that it has submitted to the Ministry of Energy and Energy Industries ( Trinidad & Tobago ) a drilling application ("Drilling Application") for the Saffron 2 well in the South West Peninsula .
Summary
- Saffron 2 to be drilled as a twin to Saffron 1, from the same drill pad
- Saffron 2 to target the Lower Cruse intervals encountered in drilling Saffron 1, with a targeted Total Depth of 4557 feet
- The key objective of Saffron 2 is an extended production test and subsequent conversion to a production well aimed to produce the circa 40° API oil encountered in Saffron 1
- Drilling Application consistent with commercial arrangement for a full carry of Saffron 2, as announced 27 April 2020
- Approval of the Drilling Application by the Ministry would allow drilling in Q3 2020
Leo Koot , Executive Chairman, commented:
"We are delighted to have submitted a DRL2 application to the Ministry of Energy and Energy Industries to drill the Saffron 2 well, a follow up to the Saffron 1 well drilled earlier this year. Saffron 2 will be a twin to Saffron 1 and target the same Lower Cruse intervals where we discovered light, high quality oil (circa 40° API) from two test intervals. The logging of Saffron 1 showed over 300 feet of high-quality sands so we are very excited to test and appraise these sands with Saffron 2.
As previously announced, we are pleased to have signed a Term Sheet with a third party drilling contractor to drill Saffron 2 subject to a stabilised oil price (above US$35 for a sustained period) and operating environment. I am pleased to note that the oil price has, in general, recovered from its recent lows in April 2020 and we are hopeful of a stabilised oil price in Q3 2020."
This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
Qualified Person's statement:
The information contained in this document has been reviewed and approved by Stewart Ahmed , Chief Technical Officer ( Trinidad ), for Columbus Energy Resources plc . Mr Ahmed has a BSc in Mining and Petroleum Engineering and is a member of the Society of Petroleum Engineers . Mr Ahmed has over 33 years of relevant experience in the oil industry.
