International oil and gas exploration firm, Columbus Energy Resources (CERP) , reported on Wednesday that development regarding the commencement of drilling at its Saffron prospect in Trinidad is progressing and remains on track.
The company explained how civil works and contracting for the spudding at the site, which is situated in the South West Peninsula of Trinidad, is progressing forward, with plans for having the rig on site by the end of the month.
Commenting on the group’s continued preparation for the drilling at the prospect, Leo Koot, Executive Chairman of Columbus commented:
“The Company has updated the prospectivity for the Saffron well, with the Pmean STOIIP for the Lower Cruse increased from 66mmbbl to 77mmbbl and the recoverable volumes from a development increasing from 10mmbbl to 11.5mmbbl.
“This has increased the base case NPV10 for the Saffron development from circa US$79m to circa US$88m.”
This prospectivity has been validated by EPI Group, the independent geological and geophysical consultancy company, the firm explained.
Mr Koot further added, “We will update the market as the drilling of the well progresses. Consolidated information on the Saffron and Clove prospects can be found in a new presentation available on our website."
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