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Willec - I think somebody has already responded to a similar post from you by correcting you and saying it’s another 6 drills by the end of 2021. We may not get the results from this well until the end of Feb so I think another 1 or 2 wells this year with be the height of their ambition. There is still Suriname and news on the CO2 project fo come and hopefully a promising update on the waterflood operations at Goudron amongst other progress planned for this year. Another wait for results is frustrating for all but another 4-6 weeks is not long to wait in the bigger scheme of things and these results will give us all the clarity of the situation at Saffron. IMO there was nothing in the RNS to dampen my enthusiasm for a very good outcome for this drill. Before a certain poster asks ‘ how many bopd equates to a good outcome’ I will answer now ‘wait for the results and it will be plain to see whether it is a good outcome or not!’
What ould a successful drill in this well mean to the sp as remember another 6 to drill in the region this year.
Updip wells are normally gas oil reservoirs and wells are drilled as deep as possible for re-injection of gas to allow the gas and oil to mix making the oil pressures greater.
I am hoping this is the case rather than solution driven,
ATB:))
The RNS does indicate that well conditions effected the logging tools?
‘The Company believes that each of these horizons are the tops of larger sand packages. The objective of these tests is to prove an oil filled reservoir. If this objective is met, the Company intends to perforate the larger sand packages to maximise water free production.’
Only testing will be conclusive. ???????
I'm not sure what the oil is being driven by.
Leo's remark of the drill being lively suggests gas, then in the Rns they mention water.
On the presentation map Saffron is right in the middle of the oil updip any water involved would be at the base presumably driving the oil upwards
ATB:))
Not a hope of it being water driven then? I was under the assumption that it’s not been possible to identify the difference between oil (depending on gas to oil ratio) and fresh water on the sigma logs but is possible to identify gas bearing sections with the probabilities being calculated inconclusive with the sand package identified.
Hi Garnheim
I've some knowledge of gas caps and solution drive reservoirs but not a lot. What I do know is gas caps can give a enhanced production of between 20-40% of gas in place and with a steep updip can be as high as 60% but there is always a but a thin oil column could produce under 10%.
I didn't mention it today as it's very technical but the thin horizons could be full of a gas cap but the remarks reported make it sound like a solution driven reservoir which would mean water at the base.
During the update Leo did say the well is very lively indicating gas oil presence
I'm hoping for a gas cap personally
ATB:))
Would this indicate this is not a gas cap reservoir or a solution driven reservoir?
If it’s an oil reservoir that is.
Thanks for that, very helpful...
Thanks for that, their update was more informative than the rns
https://vsacapital.com/research-papers/
VSA Morning Flow Test
This Morning’s News
Columbus Energy Resources (CERP LN)
#
Columbus Energy Resources (CERP LN) has announced that it has completed the interpretation of the Saffron cased hole logging for the Lower Cruse and the results justify progression to flow testing in February 2020, subject to Ministry approval.
As indicated by the company previously, multiple oil shows within sand packages were intercepted in the Lower Cruse along with a high sandstone content; while the cased hole logging confirmed that these shows were significant what cannot be determined without flow testing is the water:oil ratio within those sands. The logging has enabled the company to identify three horizons which the company will target as these are thought to be the tops of larger sand packages and therefore the most effective position from which to extract oil. These targets range from 4,236-4,244ft, 3,937-3,947ft and 3,760-3,768ft and the results will enable the company to prove a commercial reservoir.
Trinidad regulations require testing to commence at the deepest stratigraphic level and so the Lower Cruse was prioritised for interpretation as this will be the initial zone tested and CERP has submitted an application to do so. We expect the results from the interpretation of the cased hole logging from the Upper and Middle Cruse shortly.
We continue to believe that significant potential remains to be unlocked from Saffron and that with results sufficient to justify flow testing this is a significant and positive result.
We reiterate our Buy recommendation and target price of 21.6p/sh.