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It was a short but active week for the small-cap oil and gas sector.
Challenger Energy Group PLC (LON:CEG) – the company formerly known as Bahamas Petroleum - revealed results from the top section of the Saffron-2 well have been in-line with expectations.
The well has so far been completed to a depth of 1,593 feet, on time and on budget, and has encountered the Upper Cruse and upper parts of the Middle Cruse formations. Logs for the sections are ‘as prognosed’ and consistent with comparable logs from Saffron-1, the company noted.
Drilling will now progress deeper to evaluate the deeper Middle Cruse, and then the Lower Cruse.
AIM-listed Challenger Energy has provided an update on progress at the Saffron-2 appraisal well, currently being drilled in the South-West Peninsula of Trinidad. The well is being drilled to achieve profitable immediate production and cashflow, and to enable the Company to define an appropriate development plan for the Saffron field.