(Alliance News) - Columbus Energy Resources PLC said Friday it has completed the case hole logging for the Lower Cruse portion of its Saffron well at the South West Peninsula project, onshore Trinidad.
Shares in the oil & gas explorer were down 9.2% in London Friday at 2.68 pence each.
Columbus said the interpretation of the well logging supports the completion of the well, which is scheduled for February.
The interpretation for the Upper Cruse and Middle Cruse - the tertiary and secondary targets - are expected shortly, Columbus said.
Executive Chair Leo Koot said: "The logging does not materially alter the company's previous announcement that the company has drilled multiple sand packages with high sandstone content and multiple oil shows to total depth."
Columbus is focussing on its primary target, the Lower Cruse, and has submitted a well test application to the Trinidad Ministry of Energy & Energy Industries.
The company also noted the authorities have stipulated Columbus must test and produce from the deepest possible stratigraphic level first.
Koot continued: "The interpretation of the logging gives the company comfort that it should proceed with the completion and testing of the well. Indeed, the only way to be certain and to evaluate the geological and economic potential of the prospective oil sands is to conduct a flow test - which can be done in relatively short order."
Columbus expects to begin the test in February.
"I am conscious that we would have liked more concrete results from the logging but the geology of the South West Peninsula and its effect on the tools available to us to log the Saffron well do not provide that level of certainty. The best way to evaluate Saffron is to complete and test the well, which we are in the course of doing," Koot added.
By Paul McGowan; paulmcgowan@alliancenews.com
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