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Columbus Energy Resources - Update on Saffron Well

Columbus, the oil and gas producer and explorer with operations in Trinidad and Suriname, is pleased to provide an update on the progress of the Saffron well, currently being drilling in the South West Peninsula, Trinidad.


The drilling of the Saffron well is continuing as planned with encouraging results to date. The 8 ½" pilot hole was successfully drilled to the planned depth and encountered hydrocarbon bearing zones within the tertiary target. This provided the Company with the knowledge and confidence to widen to the 17 ½" hole size and set 13 5/8" casing, which would allow future testing of encountered oil zones on a successful completion of the well.


Whilst drilling the 12 ¼" section, further shows of oil bearing intervals have been encountered within the secondary target as well as high formation pressures. This has required careful measures to ensure the wellbore is in a stable condition whilst continuing to drill. The Company is currently drilling ahead the main 8 ½" hole section with which it is planned to reach our prognosed Lower Cruse primary target. On achievement of the TD (Total Depth) criteria the Company intends to log and perform production testing of the well, as appropriate.


The Company will update, when appropriate, as drilling continues.


Leo Koot, Executive Chairman of Columbus, commented:


"The drilling of the Saffron well is progressing towards our total depth target and we have been encouraged by various oil and gas shows throughout the drilling campaign. I have been at the rig-site during the critical phases of the well campaign and continue to supervise day to day operations.  The knowledge of the formations and rig systems gained so far from drilling the Saffron well is being applied to the final stages as we reach the primary target and will also prove valuable information for the future wells within the Southwest Peninsula including any development drilling. The Company looks forward to updating the market as appropriate."

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