Asset Profile: Bonasse, Icacos & Cedros

Summary Information

Asset Bonasse, Icacos and Cedros
Location Onshore, South-west Trinidad
Ownership 100%
Operator Challenger Energy
Stage Production
Asset Type Licence
Recoverable Resource ~2.5 mmbbl (mostly Saffron on Bonasse licence)*
Current Production 30 to 40 bopd
Cumulative Production ~1.1 mmbbl
Fiscal Regime Royalty
Tenure Bonasse expiry May 2039
Cedros expiry December 2039
Icacos pending formal Licence grant


* Subject to Challenger Energy review during balance of 2021

Asset Description

  • Production from Bonasse and Icacos fields approximately 10-20 bopd each
  • Bonasse production was suspended in mid-2016 and subsequently reactivated in 2017 with additional works in 2018
  • Collectively, Bonasse, Cedros and Icacos provide continuous acreage with substantial 3D seismic coverage

Technical Highlights

  • ~10 active wells
  • Producing 25-30 API oil from Lower Forest & Cruse formations
  • Saffron #1 drilled to >4,600 ft and discovered 20 API oil in Middle Cruse and 40 API oil in Lower Cruse

Near-term Milestones

  • Saffron #2 well
  • Development plan for Saffron with a target 1,500 –2,000 bopd field by 2021/2022


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