Three years ago Columbus Energy took over LGO and now has four oil fields on the South West Trinidad peninsula and interests in onshore Suriname in South America. The latest and largest oil find to date is the Saffron Field.
In an in-depth interview with London South East, Executive Chairman Leo Koot tells us the Saffron find is 'transformational' - despite the operational difficulties posed by Covid-19 and the oil price crash.
"We have identified multiple prospects and Saffron is the first prospect to be drilled" explained Leo, "and I'm really happy to report its a discovery in both horizons, both the Lower and the Middle Cruse geology's".
"Our field development plan is still being matured, but the Lower Cruse reservoir has a value of 90M dollars NPV (Net Present Value). (Columbus has a ) market cap of 15M so this is material. We drilled to 4,500 feet and found reservoirs with very beautiful crude at 40 API in them" said Leo.
Columbus remain hopeful of drilling Saffron 2 in Q3 2020, subject to a minimum oil price of $35.
16: 08 Leo talks about Suriname. "We have entered into Suriname by signing a production sharing agreement or PSC with Staatsolie Maattschappik Suriname N.V. WE. We are extremely excited by Suriname. We are going to try and re-enter two wells and bring them into production by the end of this year. If we can't re-enter, we may drill one well this and another next year. "
