IN BRIEF: Challenger Energy continues with Saffron-2 well drilling

Challenger Energy Group PLC - Caribbean and Atlantic margin focused oil & gas company - For the ...

Alliance News 14 June, 2021 | 7:25PM
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Challenger Energy Group PLC - Caribbean and Atlantic margin focused oil & gas company - For the Saffron-2 appraisal well, being drilled at the Saffron project in the South West Peninsula of Trinidad.

Drilling has advanced through the lower section of the Middle Cruse to a depth of 2,804 feet, with the formations encountered being in line with pre-drill expectations.

The middle section of the well has now been cased and cemented, and the drilling of the final stage of the Saffron-2 well underway. The objective of the final section of the well is to define the resource potential of the Lower Cruse, and afterwards production test those zones.

"As with the first section of the well, drilling has progressed in-line with pre-drill expectations, albeit slightly overtime due to severe weather and Covid-19 constraints impacting access to site. Technically, the results thus far are in-line with pre-drill expectation, with hydrocarbons now defined in both well sections to-date, as prognosed, and with initial petrophysical analysis of the top two sections of the well indicating formation quality and thickness consistent with Saffron-1," says Chief Executive Officer Eytan Uliel.

"Overall, we have set ourselves up well for the final stage of drilling, which will tell us what the extent of the resource in the primary Lower Cruse target is, and pave the way for putting the well on production. I look forward to advising further on completion of drilling," Uliel adds.

Current stock price: 2.80 pence

Year-to-date change: down 87%

By Dayo Laniyan;

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Challenger Energy Group PLC 1.80 GBX -5.26 -

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