Challenger Energy Group PLC started drilling the Saffron-2 onshore appraisal well in Trinidad and Tobago. The well is expected to take 25-30 days to complete with a budget, inclusive of completion, of about $3 million.
Challenger Energy Group PLC started drilling the Saffron-2 onshore appraisal well in Trinidad and Tobago. The well is expected to take 25-30 days to complete with a budget, inclusive of completion, of about $3 million.
The well is a follow up to the Saffron-1 exploration well drilled in March 2020 that resulted in discoveries in both the Middle Cruse and Lower Cruse reservoirs.
Saffron-2 is expected to provide immediate production with a P50 projected production rate of 200-300 b/d and immediate cash flow.
If successful, Saffron field is estimated to produce 1,000-1,500 b/d by end-2021, providing cash flow of $8-12 million/year. Full field development could achieve peak production rates up to 4,000 b/d and yield over $25 million/year in cash flow.
