Columbus Energy Resources (CERP) “is pleased to provide further information on its planned drilling campaign in the South West Peninsula, Trinidad”. This includes;
“In conjunction with the planning 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.”
With the shares currently at circa 4.5p, the market cap here is currently approximately £37.5 million ($46.5 million), with there also current production and development and exploration potential. It is added “an updated presentation is available on the company's website” ( https://columbus-erp.com/investors/reports-and-documents ) and “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”.
Of course, the proof, as always, lays in the drilling of the well but, with the company to “update the market as the drilling of the well progresses”, ahead of this and with other potential excitement from commencement of a CO₂ pilot project on the Inniss-Trinity field, the planned award of a new onshore concession in a South American country and implementation of more effective production operations using its own two workover rigs which is expected to lead to significantly reduced operational costs, at up to 5.5p, our stance remains buy.
Filed under: Columbus Energy, Bearcast, George Roach, Woodford, Brady, HotStockRockets
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