Trinidad and Tobago

Challenger Energy has five (5) producing fields in Trinidad (Goudron, Inniss-Trinity, South Erin, Bonasse, and Icacos), an appraisal/development project (Saffron) and an exploration portfolio in the South West Peninsula (SWP).

In January 2020, drilling and testing of the Saffron well in the SWP was completed. Oil was discovered in the Lower and Middle Cruse portions with 2,363 ft of gross sands with six reservoir intervals of interest with a 47% net/gross ratio.

In addition, the Company has a number of drill-ready prospects in SWP and targets to carry out exploration drilling on the initial shortlisted prospects following the reinterpretation of 3D seismic reprocessing.

In Trinidad and Tobago, Challenger Energy has a portfolio of assets across the life cycle of the E&P, focussed on the following value-driven activities:

• Profitable Production and Production Enhancement Projects
  • In 2020 Challenger Energy set and achieved its target production of 500 bopd. Production remains stable and the Company is working on a prioritised list of activities, including increasing workover frequency and proactive interventions, reducing well downtime and continuing to drive production to above this baseline.
  • In addition, the Company is undertaking a series of projects that improve overall oil recovery. These projects help to improve either the reservoir pressure (such as CO₂ and water injection) to allow for higher sustained production rates or reservoir access (via new wells, recompletions and incremental perforations). By increasing the production from existing fields we maximise the use of infrastructure and resources helping to drive down operating costs and improve profitability.

• Accelerated Appraisal and Early Stage Development
  • In early 2020 Saffron #1 successfully discovered producible oil at both the Middle and Lower Cruse reservoir levels. Prior to drilling, the estimated recoverable volumes from this new accumulation was up to 11 MMbbl, representing a material upside for appraisal and development.
  • The drilling of Saffron #2 will focus on the Lower Cruse sands and will lead directly to production and sales upon completion.
  • The successful appraisal and future development of the Saffron prospect is estimated to have the potential to produce up to 4,000 bopd.

• High Impact Exploration
  • Challenger Energy holds a significant and dominant acreage position in the South West Peninsula (SWP) of Trinidad.
  • The recent discovery at Saffron has further de-risked the potential of the area which is estimated to have in excess of 230 MMbbl of unrisked prospective resources.
  • With 3D seismic available across the area of focus, Challenger Energy is using its international geological and geophysical experience to reprocess the seismic database and mature numerous prospects in the inventory to drill-ready status. Further exploration success in the SWP will provide additional and replicable development options to grow the company’s overall production potential.