08:00 Mon 26 Mar 2018
Columbus Energy Res - Business Update - La Lora Concession in Spain
("Columbus" or the "Company")
Business Update - La Lora Concession in
Columbus, the oil and gas producer and explorer focused on onshore
As previously announced by the Company on
The Company wishes to advise that the CDP process is now complete. The redundancy plan proposed by the Company was approved by the vast majority of the 14 affected employees and formally approved by the
The process was completed on time and the final cost was consistent with the relevant budget approved by the Board. The costs were met from currently available funds. The Company estimates that ongoing running costs to maintain the Ayoluengo field on a care and maintenance basis will now be approximately
The Company awaits formal closure of the current La Lora concession (the "Concession") by the Spanish authorities, which is expected imminently, and is expecting that the re-tender exercise will begin in Q2-Q3 2018. It is the Company's intention to participate in the re-tender and is open to bidding jointly with a partner. The Company invites interested parties to contact the Company at info@columbus-erp.com (for the attention of
"We would like to thank the employee representatives and the
This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
Contact Information
|
+44 (0)20 3794 9230 |
Financial Adviser and Broker |
+44 (0)20 3005 5000 |
Nominated Adviser |
+44 (0)20 7628 3396 |
Camarco Public and Investor Relations |
+44 (0)20 3757 4983 |
Notes to Editors:
Columbus is guided by the following core values; safe and sustainable, stronger together, creative excellence, positive energy, totally trusted and personally responsible.
The Company is led by an experienced Board and senior management team with supportive shareholders and intends on leveraging its expertise and experience to build an attractive and diversified portfolio of assets across
To find out more, visit www.columbus-erp.com or follow us on Twitter @Columbus_ERP.
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