RE: Why the continuing pressure on SP?20 Jan 2020 13:05
Leo Koot, Executive Chairman of Columbus, commented:
"The Company is very pleased to have successfully completed the drilling of the Saffron well. Our drilling team has done a fantastic job in reaching target depth in a very complex geological area. I am excited that we have encountered multiple sand packages and multiple oil shows to TD, as we had hoped, including in the Lower Cruse which was our primary target. I believe this confirms the potential of the South West Peninsula. The Company has gained an enormous amount of knowledge about how to successfully drill wells in the South West Peninsula and we look forward to seeing the interpreted logging data and completing and testing the Saffron well in Q1 2020. In our view, the economics for the South West Peninsula are very robust and depending on the test results from Saffron, we look forward to further appraisal drilling as is appropriate."