Columbus plans fast track appraisal and development following Saffron discoveries

Columbus Energy Resources PLC plans to fast track appraisal and development of the Lower Cruse formation in the South West Peninsula, onshore Trinidad with a second well in this year’s third quarter following recent oil discoveries.

The Saffron well encountered 2,363 ft of gross sands with six reservoir intervals of interest with a 47% net/gross ratio. The well reached 4,634 ft TD. Of the six intervals identified for testing, 3 have been tested to date, two in the Lower Cruse and one in the Middle Cruse.  

In the Lower Cruse, high quality, light oil (40° API) was recovered to the surface. Results are in line with the pre-drill estimates for recovery of oil from a Lower Cruse development (11.5 MMbbl).

The discoveries create two standalone field developments, said Leo Koot, executive chairman.

“For operational reasons (including prudent cost management), our testing was deliberately limited to a combined perforation of 16 ft even though the logging of the Lower Cruse showed over 300 ft of high-quality sands.”

Drilling of the second well in the Lower Cruse is subject to an oil price above $35/bbl “for a sustained period,” and will be funded by a third party drilling contractor in return for a share of the production from Saffron 2, Koot said.

In the Middle Cruse, the company discovered medium quality crude (17-20° API) with a high water cut (90-95%). The reservoir shows good pressure support. The company has sold its first oil produced from the Middle Cruse to Heritage (340 bbls).

Testing is expected to be completed in the coming months. The company will continue to produce from the Middle Cruse and progress a Middle Cruse appraisal and development campaign “when the timing is right given market conditions,” Koot said.