Proactiveinvestors United Kingdom Columbus Energy Resources PLC https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Columbus Energy Resources PLC RSS feed en Mon, 10 Dec 2018 03:54:06 +0000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20181207070005_13895072/ Fri, 07 Dec 2018 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20181207070005_13895072/ <![CDATA[News - Columbus Energy Resources shares tipped to soar thanks to ‘stronger growth platform' ]]> https://www.proactiveinvestors.co.uk/companies/news/209034/columbus-energy-resources-shares-tipped-to-soar-thanks-to-stronger-growth-platform--209034.html Columbus Energy Resources PLC (LON:CERP) now has a stronger platform for growth and its share price has the potential to rise out of its ‘range bound’ trading, that’s the view of broker VSA Capital.

With a ‘buy’ recommendation and a 21.4p price target, VSA Capital sees the potential for the share price to soar more than 500% from the current price of 3.72p.

VSA’s view is bolstered by Columbus Energy’s recent acquisition of Steeldrum, a fellow Trinidad-based oil firm.

READ: Columbus Energy raises funds to accelerate growth

“The acquisition brings immediate production along with upside potential from low cost optimisation as well as new drilling,” VSA analyst Oliver O’Donnell said in a note.

“The shares have been range bound recently, however, we believe that CERP now has a stronger platform for achieving its combined organic and acquisitive growth strategy which will deliver the expected rerating, in our view.”

“Completion of the Steeldrum acquisition diversifies CERP’s production base with immediate additional production of 200-250bopd with near term upside potential, including new production from the Snowcap well in the Cory Moruga field during Q4 2018.”

O’Donnell added: “Our earnings estimates are updated to reflect the acquisition … and we remain convinced of the considerable upside potential in the shares with production growth and drilling upcoming in the next period.”

]]>
Mon, 12 Nov 2018 15:01:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/209034/columbus-energy-resources-shares-tipped-to-soar-thanks-to-stronger-growth-platform--209034.html
<![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20181109150753_13862200/ Fri, 09 Nov 2018 15:07:53 +0000 https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20181109150753_13862200/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20181109070001_13860913/ Fri, 09 Nov 2018 07:00:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20181109070001_13860913/ <![CDATA[News - Columbus Energy Resources to decommission Spanish field ]]> https://www.proactiveinvestors.co.uk/companies/news/208485/columbus-energy-resources-to-decommission-spanish-field-208485.html Columbus Energy Resources PLC (LON:CERP) told investors that its Spanish subsidiary CPS (Compañía Petrolifera de Sedano) has been ordered to begin the decommissioning of the Ayoluengo field.

The company explained that it had previously expected the Spanish authorities would re-tender the La Lora Concession, since the existing operations agreement expired. Indeed, it has been awaiting notice of a re-tender since January 2017.

READ: Columbus Energy raises funds to accelerate growth

"The company is disappointed that the Spanish Government has not publicly stated why it has decided not to re-tender the La Lora Concession, especially as we have been led to believe that a new tender would be forthcoming before the end of 2018,” said Leo Koot, Columbus chairman.

“The company will consider its options with respect to the Government's decision."

Columbus noted that it already carries sufficient provision in its accounts for decommissioning costs, and, it added that numerous assets on site would be moved to and utilised within its Trinidadian operations or sold to offset any such costs.

It expects there will be no material cash expenditure in relation to the decommissioning of the La Lora Concession.

]]>
Mon, 05 Nov 2018 08:12:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/208485/columbus-energy-resources-to-decommission-spanish-field-208485.html
<![CDATA[RNS press release - La Lora Concession, Spain ]]> https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20181105070006_13854137/ Mon, 05 Nov 2018 07:00:06 +0000 https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20181105070006_13854137/ <![CDATA[RNS press release - Result of General Meeting ]]> https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20181102154942_13853813/ Fri, 02 Nov 2018 15:49:42 +0000 https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20181102154942_13853813/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20181017155506_13832863/ Wed, 17 Oct 2018 15:55:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20181017155506_13832863/ <![CDATA[RNS press release - Posting of Circular ]]> https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20181016150004_13831023/ Tue, 16 Oct 2018 15:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20181016150004_13831023/ <![CDATA[Media files - Columbus Energy Resources to raise £2.5mln to 'accelerate growth strategy' ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/10849/columbus-energy-resources-to-raise-25mln-to-accelerate-growth-strategy--10849.html Mon, 15 Oct 2018 10:50:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/10849/columbus-energy-resources-to-raise-25mln-to-accelerate-growth-strategy--10849.html <![CDATA[News - Columbus Energy raises funds to accelerate growth ]]> https://www.proactiveinvestors.co.uk/companies/news/207051/columbus-energy-raises-funds-to-accelerate-growth-207051.html Oil and gas producer Columbus Energy Resources PLC (LON:CERP) intends to raise around £2/5mln by placing shares at 3.5p a pop.

The Trinidad-focused company’s shares closed at 3.75p on Friday.

READ: Columbus Energy looks to production growth as it completes Steeldrum acquisition

The company announced the placing after being approached by two of its shareholders who expressed an interest in providing capital to accelerate Columbus’s growth strategy. A shareholder new to Columbus – Burggraben – intend to take some shares in the placing.

Funds from the placing will be used to repay the US$1.25mln loan facility with North Energy Capital it inherited when it acquired the Steeldrum Oil Company; the company had indicated last week it would repay the loan facility by drawing down from its facility with Lind Partners but has now opted not to do the repayment this way.

READ: Columbus Energy completes Steeldrum acquisition

“Our major shareholders were keen to stress that they would rather see the monthly repayments, that would have been required to have been made on that Lind loan if it had been drawn-down, being invested in more value-adding opportunities in our operations,” said Leo Koot, the executive chairman of Columbus.

Money left over will be used to establish and implement a multi-well drilling campaign on the Steeldrum assets and also in the South West Peninsula.

Columbus also intends to upgrade facilities in the South West Peninsula (SWP), particularly at Bonasse and Icacos, to speed up oil production growth and sales and also allow for early sales from any exploration success at the SWP in 2019.

"With the completion of the Steeldrum transaction, Columbus now has a diverse production base and multiple, large exploration prospects. This is despite the legacy issues we have faced over the last year, which have made a dent in our funds earmarked for further development and have slowed our pace of growth,” said Koot.

"We are grateful for the long-term support from our shareholders and are delighted to welcome Burggraben, who expressed a willingness, after their visit to our operations in Trinidad, to invest in Columbus when the right opportunity arose. We remain committed to the further creation of value for all invested in Columbus and are confident that today's placing provides us with the springboard to deliver additional production growth that will in turn be reflected in our cash flow and the share price which, in turn, rewards everyone, including myself and the management team, who are still effectively using half their salary to buy equity on a monthly basis at 5.1p per share," Koot said.

In total, the company intends to issue 71.4mln new shares, taking the total number of shares in issue to 830.9mln.

]]>
Mon, 15 Oct 2018 07:40:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/207051/columbus-energy-raises-funds-to-accelerate-growth-207051.html
<![CDATA[RNS press release - Conditional placing to raise £2.5m ]]> https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20181015070004_13827880/ Mon, 15 Oct 2018 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20181015070004_13827880/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20181012164602_13827650/ Fri, 12 Oct 2018 16:46:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20181012164602_13827650/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20181012162235_13827608/ Fri, 12 Oct 2018 16:22:35 +0100 https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20181012162235_13827608/ <![CDATA[News - Columbus Energy says it will deliver 2018 production target ]]> https://www.proactiveinvestors.co.uk/companies/news/206743/columbus-energy-says-it-will-deliver-2018-production-target-206743.html Columbus Energy Resources PLC (LON:CERP) told investors that it is on track to deliver on its production target for 2018, with output due to top 1,000 barrels of oil per day by the end of the year.

The Trinidad-focused oil firm, following the recent completion of the Steeldrum acquisition, on Wednesday released a operations update for the third quarter.

READ: Columbus Energy completes Steeldrum acquisition

Significantly, as the transaction’s effective date was 13 July the reported volumes include a material contribution from the Steeldrum assets.

"It has been an exciting few months for all at Columbus as we sought to complete the acquisition of Steeldrum after it was announced in early Q3 2018,” said Leo Koot, Columbus executive chairman.

"We are already seeing the real benefits of having increased optionality for production and joining the two entities together provides a stronger platform for growth and helps de-risk our portfolio in Trinidad.”

Production averaged 735 bopd for the three month period, compared to 553 bopd in the comparative period of 2017. Volumes peaked at 879 bopd during the quarter, and, the company highlighted that in September the rate averaged 751 bopd.

Some 62,658 barrels of oil were sold, and the company said it generated $3.85mln of gross revenue for the quarter. The realised sales price averaged $60.80 per barrel, which is broadly consistent with the comparative period, and, the price peaked at $62.14 per barrel in September.

It highlighted ‘strong progress’ with the delivery of the company’s key strategic goal of being cash flow positive, generating around $540,000 of positive cash flow after spending on what it described as an ‘intensive field maintenance and well workover campaign’.

Columbus ended the quarter with $1.97mln of cash.

Integration and opportunity

The company said that the integration of the Steeldrum assets will complete in the fourth quarter, and, the enlarged team is presently working to identify and implement opportunities to increase production, with all work funded out of cash flow.

Leo Koot added: "We can see many opportunities for achieving quick production growth across the new Columbus portfolio, which now includes five producing fields, one development project and our highly prospective South West Peninsula exploration opportunity, and we will be implementing those projects in the coming weeks with the objective of exceeding 1,000 bopd in Trinidad by the end of 2018.

“We also plan to bring the Snowcap Field in the Cory Moruga Licence onto production through re-starting the Snowcap-1 well before the end of 2018, using existing infrastructure and available funds, following the received formal confirmation of the extension of the licence by the Trinidad authorities.

“We believe this will achieve a quick production ‘win’ for Columbus towards the year-end production target.”

]]>
Wed, 10 Oct 2018 07:29:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/206743/columbus-energy-says-it-will-deliver-2018-production-target-206743.html
<![CDATA[RNS press release - Business, Operational and Financial Update Q3 ]]> https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20181010070004_13822511/ Wed, 10 Oct 2018 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20181010070004_13822511/ <![CDATA[News - Columbus Energy looks to production growth as it completes Steeldrum acquisition ]]> https://www.proactiveinvestors.co.uk/companies/news/206554/columbus-energy-looks-to-production-growth-as-it-completes-steeldrum-acquisition-206554.html Columbus Energy Resources PLC (LON:CERP) has confirmed the completion of its acquisition of Steeldrum Oil Company Inc, the owner of operations in southern Trinidad.

It adds the Innis-Trinity and South Erin fields which presently produce some 150 and 100 barrels of oil per day respectively, along with the Cory Moruga field development project.

The company told investors that it expects to have addressed all issues associated with the integration of the acquired business by the end of this year.

READ: Columbus Energy continues to monitor operations and acquisitions

"We are very pleased to have completed the acquisition of Steeldrum, which I believe will be a material step in the growth of Columbus and establish a very solid base for our Trinidad operations,” said Leo Koot, Columbus executive chairman.

“The company now has a large, well-balanced portfolio of assets strung across the south and south-west of Trinidad. 

“The portfolio includes low-risk but highly prospective exploration opportunities in the South West Peninsula, a development project in Cory Moruga and 5 producing oilfields (Goudron, Innis Trinity, South Erin, Bonasse and Icacos). 

“This provides the company with an excellent opportunity to exploit our existing and new assets through operational excellence and also grow organically through exploration and the Cory Moruga development project.” 

Koot added: “We will now focus on growing production and revenues in Innis Trinity and South Erin through the adoption of a similar operational strategy to our existing fields.”

Columbus is targeting production growth to above 1,000 bopd by the year-end, and, with the addition of Steeldrum is expects to remain cash flow positive.

]]>
Mon, 08 Oct 2018 07:34:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/206554/columbus-energy-looks-to-production-growth-as-it-completes-steeldrum-acquisition-206554.html
<![CDATA[RNS press release - Completion of Steeldrum Acquisition ]]> https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20181008070004_13819215/ Mon, 08 Oct 2018 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20181008070004_13819215/ <![CDATA[News - Columbus Energy continues to monitor operations and looks to acquisitions ]]> https://www.proactiveinvestors.co.uk/companies/news/205846/columbus-energy-continues-to-monitor-operations-and-looks-to-acquisitions-205846.html Columbus Energy Resources PLC (LON:CERP) has told investors that over the remainder of 2018 it will continue to evaluate its operational results and follow its growth strategy.

Its plan is to enter South America, to leverage its regional operational experience.

“In order to de-risk the portfolio further and provide further opportunities for growth, Columbus is also assessing M&A opportunities in other countries in South America and the Caribbean,” the company said in its interim results statement.

WATCH: Columbus Energy 'well capitalised' as it continues to build portfolio

“Active discussions are currently ongoing with various parties and, as previously noted, the company will be looking for onshore, operational assets in jurisdictions where early actions can be taken to grow production quickly.”

In terms of operational and financial results, the company generated sales of 88,380 barrels from operations Trinidad in the six months to 30 June. The daily rate averaged 485 bopd for the period, with the rate peaking at 648 bopd.

It had £3.6mln of revenue in the first half up from £2.4mln in the comparative period of 2017, meanwhile, it reported a £429,000 gross profit and a £2.46mln net loss, including £2.21mln of admin expenses.

At the end of June, it had £1.8mln of cash.

]]>
Thu, 27 Sep 2018 09:11:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/205846/columbus-energy-continues-to-monitor-operations-and-looks-to-acquisitions-205846.html
<![CDATA[RNS press release - Unaudited Interim Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20180927070016_13806232/ Thu, 27 Sep 2018 07:00:16 +0100 https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20180927070016_13806232/ <![CDATA[News - Columbus Energy Resources looks to Cory Moruga development ]]> https://www.proactiveinvestors.co.uk/companies/news/204490/columbus-energy-resources-looks-to-cory-moruga-development-204490.html Columbus Energy Resources PLC (LON:CERP) told investors that a licence extension has been granted for the Cory Moruga block, which will now run to 2032.

The block is owned by Steeldrum Oil Company which is being acquired by Columbus, due for completion later this year.

AIM-quoted Columbus highlighted that the extension allow Steeldrum to start commercial sales from the Snowcap-1 well, which is the beginning of the Cory Moruga field development.

WATCH: Columbus Energy 'well capitalised' as it continues to build portfolio in Trinidad

"The formal extension of the Cory Moruga licence provides the perfect opportunity for the combined Columbus-Steeldrum group to bring a new field onto production before the end of 2018, using existing infrastructure and available funds,” said Leo Koot.

“The combined entity will then have six​ fields on production, providing a more robust production profile and with more options to determine where best to invest our funds to obtain the best "bang for our buck."

Koot added: “The Columbus-Steeldrum management team will continue to focus on ‘quick-wins’ to increase production to be implemented following completion of the transaction."  

]]>
Mon, 10 Sep 2018 07:22:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/204490/columbus-energy-resources-looks-to-cory-moruga-development-204490.html
<![CDATA[RNS press release - Cory Moruga Block: Snowcap Licence Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20180910070006_13783828/ Mon, 10 Sep 2018 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20180910070006_13783828/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20180906070007_13780629/ Thu, 06 Sep 2018 07:00:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20180906070007_13780629/ <![CDATA[News - Columbus Energy says Petrotrin changes are a “big step” ]]> https://www.proactiveinvestors.co.uk/companies/news/203790/columbus-energy-says-petrotrin-changes-are-a-big-step-203790.html Columbus Energy Resources PLC (LON:CERP) executive chairman has described the restructuring of Petrotrin as “big step”.

The planned restructuring of Petrotrin's operations will see the state oil firm stop refining activities, to instead export crude, as it also focusses more on exploration and production.

Columbus, in a stock market statement, said that it expects there’ll be no impact on its crude sales arrangements as it does not interact directly with the refinery - the oil is sold ‘at the gate’ to Petrotrin and Columbus anticipates that the oil will be sold via export.

WATCH: Columbus Energy 'well capitalised' as it continues to build portfolio in Trinidad

"Yesterday's announcement is a big step by Petrotrin to create a strong and economically viable exploration and production business to the benefit of the people of Trinidad and Tobago,” said Leo Koot, Columbus chairman.

“We applaud their commercial strategy and are satisfied that the proposed closure of the Point-a-Pierre refinery will have no negative impact on our Goudron operations and potentially benefit Columbus into the future, if we are able to obtain a higher oil price due to the high quality of our Goudron oil. 

“We have regular meetings with senior Petrotrin representatives and intend to continue to work closely with Petrotrin in the months ahead as they undertake their changes."

]]>
Wed, 29 Aug 2018 12:21:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/203790/columbus-energy-says-petrotrin-changes-are-a-big-step-203790.html
<![CDATA[RNS press release - Petrotin Restructuring ]]> https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20180829102457_13771299/ Wed, 29 Aug 2018 10:24:57 +0100 https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20180829102457_13771299/ <![CDATA[RNS press release - Issue of Equity, TVR ]]> https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20180814083437_13754459/ Tue, 14 Aug 2018 08:34:37 +0100 https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20180814083437_13754459/ <![CDATA[Media files - Columbus Energy 'well capitalised' as it continues to build portfolio in Trinidad ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/9950/columbus-energy-well-capitalised-as-it-continues-to-build-portfolio-in-trinidad-9950.html Wed, 25 Jul 2018 16:02:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/9950/columbus-energy-well-capitalised-as-it-continues-to-build-portfolio-in-trinidad-9950.html <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20180713171656_13717981/ Fri, 13 Jul 2018 17:16:56 +0100 https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20180713171656_13717981/ <![CDATA[News - Columbus Energy builds on presence in Trinidad with Steeldrum deal ]]> https://www.proactiveinvestors.co.uk/companies/news/200760/columbus-energy-builds-on-presence-in-trinidad-with-steeldrum-deal-200760.html Columbus Energy Resources PLC (LON:CERP) is steadily building a significant portfolio in the south/south-west of Trinidad.

The group has just agreed on another substantial expansion through the acquisition of local producer Steeldrum for £4.4mln in shares.

Leo Koot, Columbus’s executive chairman, said Steeldrum’s addition gives it a large well-balanced portfolio of assets strung across the south and south-west of Trinidad.

"Until now we've been focused on production from the onshore field at Goudron in Trinidad, but now we can use its cash to focus on the SW Peninsula."

Relatively unexplored

What particularly excites Koot is that the area is relatively unexplored.

Columbus has two small fields there already – Icacos and Bonasse.

Crucial, though, is that Venezuela is just a few km away from the tip of the SWP and the acreage is right in the middle of the East Venezuelan basin, the richest hydrocarbon basin in the world says Koot.

“We’ve already got good data. 3-D seismic with geochemistry and tons of gravity data that has already been interpreted.

"As a result, we have identified more than a dozen prospects, each of which has the potential to hold between 20mln and 400mln barrels individually.

"For us, that is really huge, really big, and materially different from where we were playing before," he adds

Steeldrum already a producer

Steeldrum is producing at a rate of 200-250 barrels oil daily currently and has reserves of 5.6mln barrels at the Innis-Trinity and South Erin fields and 1.1mln within the Cory Moruga development project.

Columbus will also get access to two rigs, which can be used to explore its other assets in Trinidad’s South-West Peninsula.

A US$3.25mln convertible loan facility has been set up with finance group Lind to cover unforeseen integration costs.

Columbus’s own production averaged 553 barrels per day over the quarter to June, with a peak of 648 barrels.

The company was cashflow positive during the three months with gross revenues of US$3.01mln and a US$0.94mln operating netback.

Koot said it is addressing sand production issues at the Goudron and still expects output from the field to reach 1,000 barrels a day during the remainder of the year.

Oil should also start to flow from Bonasse over the second half with a workover rig on stream from next week.

Testing is scheduled to start at Icacos.

VSA maintains punchy target

Broker VSA added that Columbus now has rising production from Goudron and BOLT (acquired earlier this year)  as well as potential additional production from onshore Trinidad properties alongside the considerable exploration potential at the South West Peninsula.

The total potential value of the consideration is £5.8m, which is expected to be signed off in the fourth quarter, is close to US$1.38/bbl which appears attractive, said the broker.

"The full issue would give the vendors, who have significant expertise in the oil and gas industry, 18% of the enlarged share capital of the company which we believe will align their interests with existing shareholders, enabling CERP to pay a lower up-front fee."

VSA repeated its punchy share price target of 25p, which compares to a price today of 5.05p up 9%.

The broker also points out that the Lind convertible loan facility converts at 8.1p per share compared to a 3p conversion price for a previous facility set up in 2016.

Currency benefit

Another incentive for Columbus to get production up and running from the SWP area is the currency benefit.

“At Goudron, we get paid in Trinidad dollars and we have to supply to a refinery. Any crude we produce from the South-West Peninsula we are free to trade ourselves and get paid in US$.”

At 5.05p, Columbus is valued at £30mln. 

 

]]>
Fri, 13 Jul 2018 09:47:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/200760/columbus-energy-builds-on-presence-in-trinidad-with-steeldrum-deal-200760.html
<![CDATA[News - Columbus Energy broadens footprint in Trindad with Steeldrum acquisition ]]> https://www.proactiveinvestors.co.uk/companies/news/200737/columbus-energy-broadens-footprint-in-trindad-with-steeldrum-acquisition-200737.html Columbus Energy Resources PLC (LON:CERP) has expanded its footprint in southern Trinidad with the acquisition of Steeldrum for £4.4mln in shares.

Steeldrum is currently producing at a rate of 200-250 barrels oil daily and has reserves of 5.6mln barrels at the Innis-Trinity and South Erin fields and 1.1mln within the Cory Moruga development project.

READ: Columbus Energy shares tipped to soar

Columbus will also get access to two rigs, which can be used to explore its other assets in Trinidad’s South-West Peninsula.

Leo Koot, Columbus’s executive chairman, said Steeldrum’s addition gives it a large well-balanced portfolio of assets strung across the south and south-west of Trinidad.

A US$3.25mln convertible loan facility has been set up with finance group Lind to cover unforeseen integration costs.

Columbus’s own production averaged 553 barrels per day over the quarter to June, with a peak of 648 barrels. The company was cashflow positive during the three months with gross revenues of US$3.01mln and a US$0.94mln operating netback.

Koot said it is addressing sand production issues at the Goudron and still expects output from the field to reach 1,000 barrels a day during the remainder of the year.

Oil should also start to flow from the Bonasse field over the second half with a workover rig on stream from next week. Testing is scheduled to start at the recently acquired Icacos Field.

 “We would hope to see gross production across all of our fields grow continually throughout 2H 2018 and continue to grow well beyond that,” said Koot.

VSA maintains punchy target

Broker VSA added that Columbus now has rising production from Goudron and BOLT as well as potential additional production from onshore Trinidad properties alongside the considerable exploration potential at the South West Peninsula.

The total potential value of the consideration is £5.8m, which is expected to be signed off in the fourth quarter, is close to US$1.38/bbl which appears attractive, said the broker.

"The full issue would give the vendors, who have significant expertise in the oil and gas industry, 18% of the enlarged share capital of the company which we believe will align their interests with existing shareholders, enabling CERP to pay a lower up-front fee."

VSA repeated its punchy share price target of 25p, which compares to a price today of 5.05p up 9%.

The broker also points out that the Lind convertible loan facility converts at 8.1p per share compared to a 3p conversion price for a previous facility set up in 2016.

]]>
Fri, 13 Jul 2018 07:49:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/200737/columbus-energy-broadens-footprint-in-trindad-with-steeldrum-acquisition-200737.html
<![CDATA[RNS press release - Acquisition, New Convertible and Business Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20180713070003_13716473/ Fri, 13 Jul 2018 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20180713070003_13716473/ <![CDATA[News - Columbus Energy shares tipped to soar ]]> https://www.proactiveinvestors.co.uk/companies/news/200211/columbus-energy-shares-tipped-to-soar-200211.html Columbus Energy Resources PLC (LON:CERP) shares have been tipped to rise some 460% by VSA Capital which highlighted the potential of the South West Peninsula assets in Trinidad.

VSA has a ‘buy’ recommendation with a 25p price target, compared to the current price of 4.44p.

“The shares have outperformed peers since management took over although we believe that the recent pullback provides an attractive buying opportunity,” VSA analyst Oliver O'Donnell said in a note.

READ: Columbus Energy formalises deal to buy out Touchstone stake in Icacos field

O'Donnell added: “With the operational turnaround at Goudron well underway, management’s efforts have also been focused on unlocking the value in the South West Peninsula where an estimated 1.3BBoe are in place.”

“The announcements in relation to BOLT, and now Icacos, pave the way for exploration drilling in 2019, which will enable the value realised by CERP shareholders to be maximised, in our view.”

The analyst added: “Following the publication of full year financial results we have updated our estimates.

“The stronger recent performance of WTI oil prices has modestly benefited our near term estimates although this has been offset by a slightly slower ramp up and we expect an average of 675bopd through FY 2018 with over 800bopd by year end.

“We have also rolled over the model to reflect a return to profitability for forward earnings. Our Goudron value is adjusted to 17.5p/sh.”

“The benefits of the recent transaction are harder to quantify definitively, however, we believe that operational control will enable CERP to more rapidly advance development than with a partner to whom the development is considered non-core.” 

]]>
Thu, 05 Jul 2018 13:17:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/200211/columbus-energy-shares-tipped-to-soar-200211.html
<![CDATA[RNS press release - Update on Director remuneration and options ]]> https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20180702070312_13700643/ Mon, 02 Jul 2018 07:03:12 +0100 https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20180702070312_13700643/ <![CDATA[News - Columbus Energy formalises deal to buy out Touchstone Exploration’s 50% stake in Icacos field ]]> https://www.proactiveinvestors.co.uk/companies/news/199460/columbus-energy-formalises-deal-to-buy-out-touchstone-explorations-50-stake-in-icacos-field-199460.html Columbus Energy Resources PLC (LON:CERP) has signed a sale and purchase agreement to buy out Touchstone Exploration Inc’s (LON:TXP) 50% stake in their Icacos field joint venture project in the South West Peninsula of Trinidad.

AIM-quoted Columbus currently owns the other 50% of the project and reached a deal in principle to buy Touchstone’s holding for US$500,000 back in April.

READ: Columbus set to become sole owner of Icacos field

Under the terms of the SPA, Columbus will not pay any of that fee upfront, instead it will pay the consideration over time until January 1, 2021, with Touchstone receiving the revenue it would have received had it retained its interest.

Currently, Touchstone’s share of production is worth around 11 barrels of oil per day, but should production increase, it would be entitled to 25% of any additional net revenue.

Should those payments not meet the US$500,000 price tag before the deadline, Columbus will pay the balance.

After January 1, 2021, Columbus will be entitled to 100% of all revenue from Icacos.

“We are pleased to have signed a sale and purchase agreement for the purchase of a 50% interest in the Icacos field and we look forward to quickly closing the transaction, further strengthening our position in the SWP, so that we can increase production from Icacos and integrate the acreage into our regional strategy,” said Columbus chief executive Leo Koot.

“We are on track to building a core exploration, appraisal, development and potentially significant production hub in the South West Peninsula of Trinidad.

“In line with our ongoing focus on capital discipline, we are not expecting to pay any upfront payments for the Icacos purchase. The consideration will be deferred and mirror the actual production levels from the Icacos field. All operational activities on Icacos will be funded from existing cash resources.”

‘Deal makes sense for both sides’

“Gross production on the field was consistently around 22bopd during 2017 having peaked at 34bopd in 2011,” noted VSA Capital’s natural resources analyst Oliver O’Donnell.

“The Field consists of six wells with three on production although new work programme activities and workovers have been limited recently.

“We believe that the transaction enables both companies to focus more keenly on their core strategies and provides Columbus with a stronger platform from which to explore and unlock the significant potential value we believe exists in the South West Peninsula.”

Shares were up 1.1% to 4.7p in early afternoon trading.

-- Adds share price and analyst comment --

]]>
Mon, 25 Jun 2018 07:57:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/199460/columbus-energy-formalises-deal-to-buy-out-touchstone-explorations-50-stake-in-icacos-field-199460.html
<![CDATA[RNS press release - SPA signed for 50% Interest in Icacos Field ]]> https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20180625070010_13691206/ Mon, 25 Jun 2018 07:00:10 +0100 https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20180625070010_13691206/ <![CDATA[News - Columbus Energy boasts a “strong position” for growth ]]> https://www.proactiveinvestors.co.uk/companies/news/198672/columbus-energy-boasts-a-strong-position-for-growth-198672.html Columbus Energy Resources PLC (LON:CERP) told investors it is in a strong position for exceptional growth.

Today, the Trinidad-focused oil and gas firm released its financial results statement for the twelve months ended 31 December 2017, which was a significant period of change.

READ: Columbus Energy set to become sole owner of Icacos field

The company, formerly LGO Energy, was renamed and effectively re-launched – with a completely new management team and a fresh strategy.

It materially improved operating efficiencies and strategy at the Goudron field, increasing production (the rate measured 550 barrels of oil per day in December 2017) and accelerating a planned water injection work programme.

Additionally, it advanced efforts to start new exploration drilling in the group’s South West Peninsula acreage and, in the current period, it had agreed to take full ownership of the Icacos field.

At the end of December, Columbus had £4mln of cash and £1.21mln of debt. The company reported a £5mln pre-tax loss including certain legacy costs which won’t recur in 2018.

Columbus is now aiming to drill its first well in the South Peninsular in the first half of 2018, meanwhile, development work is anticipated at the Goudron field where the company is aiming to materially increase production to over 800 bopd by year end.

Fully funded work programmes

In the results statement, it highlighted that it is fully funded for the 2018 plans.

It is expected that the capital spending bill will amount to US$2.6mln for the present year, meanwhile a further US$1.2mln is due to be spent on optimisation and enhancements.

“Our 2018 work programme, fully funded from cashflow, includes: the continued ramp-up of production at Goudron; the reactivation of the Bonasse oilfield; the optimisation of the Icacos oilfield; and the working up of our exploration programme at SWP, as we prepare to drill in 2019,” said executive chairman Leo Koot.

He added: “We have the underlying assets with transformational growth potential, a team with the passion and capability to deliver this and the means by which to do this from our own cash.”

“We have the ideal platform from which to grow.”

]]>
Tue, 12 Jun 2018 07:50:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/198672/columbus-energy-boasts-a-strong-position-for-growth-198672.html
<![CDATA[RNS press release - Accounts for year to 31 Dec 2017 and Notice of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20180612070005_13675391/ Tue, 12 Jun 2018 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20180612070005_13675391/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20180425070012_13617305/ Wed, 25 Apr 2018 07:00:12 +0100 https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20180425070012_13617305/ <![CDATA[News - Columbus Energy Resources set to become sole owner of Icacos field ]]> https://www.proactiveinvestors.co.uk/companies/news/195022/columbus-energy-resources-set-to-become-sole-owner-of-icacos-field-195022.html Columbus Energy Resources PLC (LON:CERP) has agreed in principle to buyout Touchstone Exploration Inc’s stake in their joint venture, the Icacos field.

Columbus currently owns 50% of the joint venture, located in the South West Peninsula of Trinidad, through its subsidiary Leni Trinidad Limited (LTL) while Touchstone owns the rest via its subsidiary, Primera Oil and Gas Limited.

Under a proposed deal, LTL would become the sole owner of the Icacos field by purchasing Primera’s holding for US$500,000.

In a statement on Monday, Columbus said while the deal is subject to a definitive sale and purchase agreement and regulatory approvals, it is “confident it can work with Touchstone to complete the relevant paperwork and take over operatorship in the second quarter of 2018”.

"Today's news is another step in our strategy to build a core exploration, appraisal, development and potentially significant production hub in the South West Peninsula of Trinidad,” said Columbus chairman, Leo Koot.

He added: “The SWP includes multiple prospects of 20-400 million barrels in place, which we intend on exploring, in addition to reactivating and maximising production from the Bonasse oilfield and the Icacos oilfield.”

READ: Columbus Energy successfully restructures BOLT transaction in South West Peninsula of Trinidad on materially improved terms

The group does not expect to make any upfront payments for the Icacos purchase. It will pay the consideration over time until January 2021 through Primera receiving the net revenue it would have received had it retained its interest.

In the event of increased production, Primera will also receive 25% of any net revenue above the current baseline.  

Columbus will fund operational activities on Icacos using existing cash resources. 

]]>
Mon, 16 Apr 2018 08:10:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/195022/columbus-energy-resources-set-to-become-sole-owner-of-icacos-field-195022.html
<![CDATA[RNS press release - Potential acquisition of a 50% interest in Icacos ]]> https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20180416072503_13604815/ Mon, 16 Apr 2018 07:25:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20180416072503_13604815/ <![CDATA[News - Columbus Energy Resources reports ‘solid’ production base but growth is not without challenges ]]> https://www.proactiveinvestors.co.uk/companies/news/194506/columbus-energy-resources-reports-solid-production-base-but-growth-is-not-without-challenges-194506.html Columbus Energy Resources PLC (LON:CERP) chairman Leo Koot said that production growth at the Goudron field in Trinidad is “not without its challenges” as the company updated investors on its operations in its first quarter.

Despite technical challenges, the company described its production base as “solid” whilst reporting that peak production measured 627 barrels of oil per day - which exceeded a ‘high case’ target for 600 bopd in February – though overall the quarter’s volumes were impacted by testing and monitoring work.

The average production rate for the three months respectively measured 427 bopd for January, 541 bopd for February and 542 bopd in March.

READ: Columbus Energy sees material upside

Koot, in a statement, said: “The growth of the production base in Goudron is not without its challenges. In January, production was lower than our target due to a testing and monitoring phase.

“For the remainder of Q1 2018, successful well treatments led to the company "Base Case" being consistently met with occasional peaks of production reaching or exceeding the "High Case" targets.

“The company has worked hard to increase the company's possible production capacity and continues to work on legacy and new technical challenges to unlock the full benefit of this increased capacity.”

Columbus said it maintained a cashflow positive position through the three month period, delivering US$700,000 in the period. It continued to be focused on capital discipline  and it ended the quarter with US$4.1mln of cash and US$0.96mln of loan debt.

It highlighted that it remains on-track to deliver on its full year production guidance and that all planned 2018 production growth programmes are fully funded. The company also noted that it continues to work actively on a number of acquisition opportunities, under strict investment screening criteria.

"Our vision is to create a company with a strong and sustained production base, providing a foundation of steady cashflow to allow Columbus to create further growth elsewhere,” Koot added.

“In Q1 2018 we delivered value growth production, we delivered solid cashflows, and we delivered the South West Peninsula transaction on improved terms, all of which positions the company to move onto the next stage of exciting growth opportunities through exploration and M&A activities.

“We are confident that the SWP, which contains multiple mapped prospects each ranging in size from 20-400 mmbbls, has the potential to deliver transformational growth over the next 18 to 24 months.”

]]>
Mon, 09 Apr 2018 09:41:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/194506/columbus-energy-resources-reports-solid-production-base-but-growth-is-not-without-challenges-194506.html
<![CDATA[RNS press release - Q1 Business, Operational and Financial Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20180409082519_13596062/ Mon, 09 Apr 2018 08:25:19 +0100 https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20180409082519_13596062/ <![CDATA[News - Columbus Energy confirms official closure of Ayoluengo oil field ]]> https://www.proactiveinvestors.co.uk/companies/news/194011/columbus-energy-confirms-official-closure-of-ayoluengo-oil-field-194011.html Columbus Energy Resources PLC (LON:CERP) has confirmed that the La Cora operations have now officially come to a close.

In a statement, Columbus told investors that it had now received official notification from the Spanish authorities of the closure of the La Lora concession, including the Ayoluengo oil field.

READ: Columbus Energy has completed Spanish redundancies, looks forward to retender

The company noted that this was a necessary precursor to the retender of the Ayoluengo oil field by the Spanish authorities.

It is anticipated that Columbus will apply to regain the asset via a retender process which the Spanish authorities are expected to start in the next six months.

Columbus added that it is open to working with a partner in the retender for the project.

"The official closure of the La Lora Concession is an important milestone, as it allows the company to look forward to the re-tender of the Ayoluengo oil field by the Spanish authorities,” said Leo Koot, Columbus executive chairman.

“Given our knowledge of the Ayoleungo oil field, we will participate in the re-tender exercise and we would welcome expressions of interest from parties who would like to join us in the re-tender process."

]]>
Thu, 29 Mar 2018 08:13:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/194011/columbus-energy-confirms-official-closure-of-ayoluengo-oil-field-194011.html
<![CDATA[RNS press release - Update on La Lora Concession ]]> https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20180329070008_13585954/ Thu, 29 Mar 2018 07:00:08 +0100 https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20180329070008_13585954/ <![CDATA[News - Columbus Energy has completed Spanish redundancies, looks forward to retender ]]> https://www.proactiveinvestors.co.uk/companies/news/193765/columbus-energy-has-completed-spanish-redundancies-looks-forward-to-retender-193765.html Columbus Energy Resources PLC (LON:CERP) has confirmed that it has now completed its planned redundancies in Spain, where it is winding up an oil production operation (before it tenders for a restart of the same field).

The company said that the Collective Dismissal Procedure (CDP) was approved by the vast majority of the fourteen affected employees and it cost the company around €410,000, which is consistent with its board approved budget.

READ: Columbus Energy sees material upside in Trinidad's SW Peninsula

It added that ongoing costs to keep the Ayoluengo field on a care and maintenance is now estimated at €15,000 per month, from €60,000.

Columbus awaits the formal closure of the current La Lora concession by the Spanish authorities. It is expected to take place imminently, meanwhile, the new tender process is expected to start in the second and/or third quarter.

The company added that it is open to bidding in the process along with a partner, and it invited interested parties to make contact.

"We would like to thank the employee representatives and the trade union for undertaking the CDP in a professional manner and for the swift conclusion of the negotiations,” said Leo Koot, Columbus chairman.

“We look forward to the formal closure of the Concession and participating in the re-tender exercise. 

“We would welcome expressions of interest from parties who would like to join us in the re-tender process."

]]>
Mon, 26 Mar 2018 07:59:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/193765/columbus-energy-has-completed-spanish-redundancies-looks-forward-to-retender-193765.html
<![CDATA[RNS press release - Business Update - La Lora Concession in Spain ]]> https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20180326070003_13580213/ Mon, 26 Mar 2018 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20180326070003_13580213/ <![CDATA[News - Columbus Energy sees material upside in Trinidad's SW Peninsula ]]> https://www.proactiveinvestors.co.uk/companies/news/193557/columbus-energy-sees-material-upside-in-trinidad-s-sw-peninsula-193557.html Trinidad’s South-West Peninsula has huge potential upside for Columbus Energy (LON:CERP) says Leo Koot, executive chairman.

Talking to Proactive, Koot said he was delighted with a renegotiated deal with Bolt for acreage in the peninsula and hinted more deals are around the corner.

READ: Columbus Energy successfully restructures BOLT transaction in South West Peninsula of Trinidad on materially improved terms

The new deal will see Columbus relinquish its interest in Bolt and set up a new company, Columbus Bonasse, that owns the lease rights to the fields in the SW Peninsula.

In essence, Columbus now has a contractual relationship directly with the landowners rather than a company in-between such as Bolt, Koot said.

“This gives us way more security and control of what we are going to do.

"Until now we've been focused on production from the onshore field at Goudron in Trinidad, but now we can use its cash to focus on the SW Peninsula."

Relatively unexplored

What particularly excites Koot is that the area is relatively unexplored.

Columbus has two small fields there already - Icacos, a 50% venture with Touchstone (LON:TXP), and Bonasse, which it now owns 100%.

Crucial, though, is that Venezuela is just 4Km away and the acreage is right in the middle of the East Venezuelan basin, which Koot says is the richest hydrocarbon basin in the world.

Watch: BOLT restructuring propels Columbus Energy into a 'different league'

“We’ve already got good data. 3-D seismic with geochemistry and tons of gravity data that has already been interpreted.

"As a result, we have identified more than a dozen prospects, each of which has the potential to hold between 20mln and 400mln barrels individually.

"For us, that is really huge, really big, and materially different from where we were playing before," he adds

Private licences

First objective will be to get Goudron producing steady cashflow.

"Next will be the reactivation of Bonasse, where a couple of more wells will be reinstated and by the end of this year, maybe early next year, we will deepen a few wells"

A couple of shallow targets within the prospects list will also be looked at followed by 'more adventurous' targets in 2019.

These are private production licences so it's a different regime from Goudron, which is an important detail, said Koot.

“At Goudron, we get paid in Trinidad dollars and we have to supply to a refinery

“Any crude we produce from the South-West Peninsula we are free to trade ourselves and get paid in US$.”

Goudron will provide enough cash for the annual work programmes, but if a deal in the tens of millions comes along Columbus would go to market.

Koot admits it is looking at deals on that scale, though a smaller deal in the SW Peninsula is likely to close first.

On track with plan

Koot joined Columbus in May last year and says the three-year plan is on track.

"We’ve restructured the debt (with the Lind deal), brought on Schroders as a cornerstone investor, nearly doubled production and the share price, while our cash flow is positive."

This new Bolt deal, though, takes the company to a new level.

“First tick was to be cash positive end of 2017. Second was growth through production additions. Third is exploration growth and now it's over to the last element of our strategy, which is transformation.”

“That means either finding a material field within the SW Peninsula portfolio or spreading our wings elsewhere.”

At 5.65p, Columbus is valued at £30mln. 

]]>
Wed, 21 Mar 2018 11:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/193557/columbus-energy-sees-material-upside-in-trinidad-s-sw-peninsula-193557.html
<![CDATA[Media files - BOLT restructuring propels Columbus Energy into a 'different league' ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/8912/bolt-restructuring-propels-columbus-energy-into-a-different-league- Wed, 21 Mar 2018 08:01:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/8912/bolt-restructuring-propels-columbus-energy-into-a-different-league- <![CDATA[News - Columbus Energy successfully restructures BOLT transaction in South West Peninsula of Trinidad on materially improved terms ]]> https://www.proactiveinvestors.co.uk/companies/news/193362/columbus-energy-successfully-restructures-bolt-transaction-in-south-west-peninsula-of-trinidad-on-materially-improved-terms-193362.html Columbus Energy PLC (LON:CERP) announced that it has successfully restructured the Beach Oilfield Limited (BOLT) transaction in the South West Peninsula of Trinidad on materially improved terms.

The AIM-listed oil and gas producer and explorer focused on onshore Trinidad with the ambition to grow in South America also said it has entered into an agreement for lease with Singh's (Cedros) Estates Limited to gain long-term access to the South West Peninsula for oil and gas operations, including the Bonasse oilfield.

READ: Columbus Energy confirms shut-down of Spanish operations

Leo Koot, Columbus Energy’s executive chairman pointed out that the two agreements mean the group has obtained 100% operational control over a large area (approximately 8,700 acres) in the South West Peninsula including mapped multiple prospects of 20-400 million barrels in place, which it is intent on exploring,

Koot said: "Today's news is a major milestone for Columbus and further delivery of our strategy to build a core exploration, appraisal, development and potentially significant production hub in the South West Peninsula of Trinidad.”

He added: “In line with our ongoing focus on capital discipline, the payments due under the renegotiated BOLT transaction and new lease arrangement are fully funded from existing cash resources and are included in the Company's 2018 Budget.”

First well potentially to be drilled in first-half of 2019

Koot continued: “Our fully funded 2018 work programme in the SWP includes commencing a well reactivation programme in Q2 2018 on the Bonasse field, alongside undertaking further analysis of the good quality 3D seismic and other data, with the first well potentially being drilled, subject to satisfactory technical analysis, in the first half of 2019. “

The executive chairman concluded: “This is a very exciting time for the Company and all involved and provides a unique opportunity to potentially deliver transformational growth of our business to the benefit of our shareholders and Trinidad & Tobago."

]]>
Mon, 19 Mar 2018 08:02:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/193362/columbus-energy-successfully-restructures-bolt-transaction-in-south-west-peninsula-of-trinidad-on-materially-improved-terms-193362.html
<![CDATA[RNS press release - Renegotiation of BOLT Transaction ]]> https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20180319070005_13571048/ Mon, 19 Mar 2018 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/562/LSE20180319070005_13571048/