Columbus Provides Update in the South West Peninsula, Trinidad

Source: www.gulfoilandgas.com 9/25/2019, Location: South America

Columbus, the oil and gas producer and explorer focused on onshore Trinidad with the ambition to grow in South America, is pleased to provide further information on its planned drilling campaign in the South West Peninsula, Trinidad.

Civil works and contracting for the spudding of the Saffron prospect continues, on track for having the rig on site by the end of September 2019.

In conjunction with the planning for the Saffron well, the Company has updated the prospectivity for the Saffron well. The Pmean STOIIP for the Lower Cruse has increased from 66mmbbl to 77mmbbl, with a corresponding increase in the recoverable volumes from a development from 10mmbbl to 11.5mmbbl. This increases the base case NPV10 from circa US$79m to circa US$88m. This prospectivity has been validated by EPI Group, the independent geological and geophysical consultancy company.

Leo Koot, Executive Chairman of Columbus, commented:
"The Company is continuing with the preparation for the drilling of the Saffron prospect in the South West Peninsula, Trinidad. 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 increases the base case NPV10 for the Saffron development from circa US$79m to circa US$88m. 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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