165ft Oil!24 Jun 2021 08:28
"Our last update on Saffron-2 highlighted to shareholders that we had encountered hydrocarbons and identified a very encouraging net pay of approximately 165ft of oil-bearing sands in secondary well targets. I am pleased to update that drilling has now reached a depth of 4,126ft, intersecting both a mobile shale zone and the first of the primary Lower Cruse target reservoirs, and at which depth based on drilling conditions we decided to set intermediate casing. This is so as to stabilise the mobile shale and protect the upper Lower Cruse reservoir sands, thus best assuring our ability to deliver Saffron-2's core objective: production. As with the first sections of the well, we have again encountered hydrocarbons in the most recently drilled section, and logging the balance of the Middle Cruse has indicated a further 42ft of net pay - meaning that we have now identified a total of over 200ft of oil-bearing sands in secondary reservoirs of interest. Drilling continues, to an anticipated TD of 4,557ft, at which point the primary reservoirs of interest will be logged. We will provide a further update once drilling is complete."