(Alliance News) - Columbus Energy Resources PLC has increased prospective resources in a well in Trinidad, it said on Wednesday, ahead of drilling later in the year.
At the Saffron prospect, Columbus believes the mean stock tank oil-initially-in-place for the Lower Cruse formation is now 77 million barrels of oil, not 66 million barrels before.
This has in turn increased the recoverable volumes at Saffron to 11.5 million barrels of oil from 10 million barrels, upping the base case value of the asset to USD88 million from USD79 million.
Shares in the company were 1.1% higher on Wednesday afternoon in London at 4.50 pence each.
By George Collard; georgecollard@alliancenews.com
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