(Alliance News) - Columbus Energy Resources PLC on Thursday said that Saffron well in Trinidad has encountered hydrocarbon bearing zones within the tertiary target.
The oil & gas explorer with operations in Trinidad and Suriname said it decided to widen the Saffron well drill hole size following detection of hydrocarbons and, as a result, encountered further oil bearing intervals.
Columbus Energy plans to perform production testing on achievement of total depth at Saffron well
Leo Koot, executive chair, said: "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. 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."
Columbus Energy shares in London were up 9.8% at 3.13 pence each on Thursday afternoon.
By Tapan Panchal; tapanpanchal@alliancenews.com
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