StockMarketWire.com - Oil and gas company Challenger Energy said drilling at the Saffron-2 appraisal well in the South-West Peninsula of Trinidad, had continued to progress in with its expectations.

The well is targeting the middle and lower cruse reservoirs with an expectation of production rates in the range of 200 to 300 bopd.

'[T]he 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,' the company said.

'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,' it added.




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