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“We have set ourselves up well for the final stage of drilling, which will tell us what the extent of the resource in the primary Lower Cruse target is and pave the way for putting the well on production” E Uliel
Compare with communications when S1 was being drilled ...
Thu, 12th Dec 2019 09:30
RNS Number : 6633W
Columbus Energy Resources PLC
12 December 2019
12 December 2019
COLUMBUS ENERGY RESOURCES PLC
("Columbus" or the "Company")
Update on Saffron well - South West Peninsula, Trinidad
Columbus, the oil and gas producer and explorer with operations in Trinidad and Suriname, is pleased to provide an update on the progress of the Saffron well, currently being drilling in the South West Peninsula, Trinidad.
The drilling of the Saffron well is continuing as planned with encouraging results to date. The 8 ½" pilot hole was successfully drilled to the planned depth and encountered hydrocarbon bearing zones within the tertiary target. This provided the Company with the knowledge and confidence to widen to the 17 ½" hole size and set 13 5/8" casing, which would allow future testing of encountered oil zones on a successful completion of the well.
Whilst drilling the 12 ¼" section, further shows of oil bearing intervals have been encountered within the secondary target as well as high formation pressures. This has required careful measures to ensure the wellbore is in a stable condition whilst continuing to drill. The Company is currently drilling ahead the main 8 ½" hole section with which it is planned to reach our prognosed Lower Cruse primary target. On achievement of the TD (Total Depth) criteria the Company intends to log and perform production testing of the well, as appropriate.
The Company will update, when appropriate, as drilling continues.
Leo Koot, Executive Chairman of Columbus, commented:
"The drilling of the Saffron well is progressing towards our total depth target and we have been encouraged by various oil and gas shows throughout the drilling campaign. I have been at the rig-site during the critical phases of the well campaign and continue to supervise day to day operations. The knowledge of the formations and rig systems gained so far from drilling the Saffron well is being applied to the final stages as we reach the primary target and will also prove valuable information for the future wells within the Southwest Peninsula including any development drilling. The Company looks forward to updating the market as appropriate."
Surprised this has not moved more based on
"· Drilling has advanced through the lower section of the Middle Cruse to a depth of 2,804ft; formations encountered in line with pre-drill expectation
· Logging has been completed for this section of the Saffron-2 well; hydrocarbon zones defined"
COS was always very high as an appraisal, so no great surprise at this stage I guess.
arrrgh........!
damn it........!
All the best (capitulation now, good start mind........ :)
I don't think those things should be held back for auditor sign-off. We already have production and financial highlights for TRIN for Q1-2021 - crazy that we don't have similar updates from CEG, but in fact we don't even have T&T data for any part of 2020 yet.
I agree with Chesh the Lower will be much more important that the deeper Middle, but CEG have always said that both Lower and deeper Middle are the primaries for S2. All we've been told is they found the deeper Middle as prognosed: it would be nice to be told of the prognosis.
Bo that information is evidently due in September. As for the middle cruise numbers, another few weeks isn't long to wait.
Hypothecial discussions about a CEG reverse takeover of Stena or selling the WPS to the Germans for 150M dollars could entertain this bb till then lol :)
Fink the lower is/was always the primary target Boh.........!
that's the gusher shot............BTW......... :)
Off to watch "The Tartan Army" win, so we can play with pride 'n whoop ass on Fri...........! :)
All the best (you Ross............? :)
An actual production number for 2020 and or H1-2021 would be nice, rather than a vague range.
Current cash at bank, outstanding P1 liabilities, status of the Bahamas renegotiation (unlikely), update on the £2m CCN funding (due no later than today), other liabilities (eg Spain).
Maybe some actual data as to what they found in the deeper Middle Cruse primary S2 target.
Copy that.......!
What he said.
Financial commitment settlement news.
SvS .......... RNS https://www.lse.co.uk/rns/CEG/extension-to-publication-of-final-results-for-2020-7fzbxoagu5l231e.html
"........ up to three months to publish its annual audited accounts for the year ended 31 December 2020."
"The Company will provide a trading update to the market later this month, which is expected to include results of the Saffron #2 well currently being drilled in Trinidad."
All the best (what financial news was you expecting..........? )
Eytan has a clumsy style of writing these RNS where he says everything twice. Like a preliminary section of paragraphs, followed by an indepth section.
I was expecting financial news not just S2 news. Any way its good to hear that drilling is going as planned.
V good update
key was overcoming the technical challenges experienced in S1 - use of synthetic based mud now proven here, that technique can be applied for full field development, key derisk worthy of note. The HC zones are as expected, all going to plan.
"The well penetrated various Middle Cruse zones including hydrocarbons zones as prognosed pre-drill, and with drilling rates and impact on surrounding clays and mobile shales improved significantly from Saffron-1 owing to the use of synthetic-based muds, thus providing a robust technical validation for the use of these muds, and a solid foundation for drilling design in any future field development."
Antra it doesn’t matter if S.Potter retires or not, it’s still the same old BPC, BOD.
I would be tempted to buy in at that price although still a big risk until they get their finances in order, be a lot happier if Potter retired as wasn't heard of again.
Buys moving in now, should start to move up shortly.
Buy and hold
Every day getting closer to my 2.50 entry price
All positive so far, I expected more restrictions relating to CV-19 to date, so i’m pleased so far..
This is going better than I thought, we're at day 22 out of a drill time of 25-30days. I'm very confident of an excellent result, Bargain price here.
well i never expected anything until drilling was done.
slowly winning me back eytan