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Columbus Energy Res - Corporate Update

RNS Number : 3730G
Columbus Energy Resources PLC
17 March 2020
 

17 March 2020

COLUMBUS ENERGY RESOURCES PLC

("Columbus" or the "Company")

Corporate Update - Coronavirus

Columbus, the oil and gas producer and explorer focused on onshore Trinidad and Suriname, provides the following update on the effect of the Coronavirus (Covid-19) ("Coronavirus") on its operations.

As at 16 March 2020, Trinidad & Tobago has four (4) confirmed cased of Coronavirus, with no confirmed fatalities. 

On 16 March 2020, the Government of Trinidad & Tobago implemented a range of measures to combat Coronavirus, including:

·      Travel restrictions for entry into Trinidad & Tobago by non-nationals, expected to last 14 days;

·      Closure of schools, bars and restaurants.

To date, the Company's production operations are being managed and the supply chains in Trinidad (and Suriname) are largely unaffected and remain open, albeit with some disruptions or delays.  With the Saffron well, the Company is managing the situation and continues with the testing of the Lower Cruse.  

The Company will continue to monitor and reassess the situation in the light of the Government's announcement and will liaise with Heritage Petroleum Company Limited, and its other joint venture partners, as to the effect on its operations.

Leo Koot, Executive Chairman of Columbus, commented:

"The Company is aware of the effect that Coronavirus may have on its operations and the knock on effect of volatility in the capital markets, including the oil market.  The Company will plan as necessary to minimise any disruptions to its operations and will update the market as appropriate."

 

This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

Contact Information

Columbus Energy Resources plc

Leo Koot / Gordon Stein / Tony Hawkins

+44 (0)20 7203 2039

VSA Capital Limited

Financial Adviser and Broker

Andrew Monk / Andrew Raca

+44 (0)20 3005 5000

Beaumont Cornish Limited

Nominated Adviser

Roland Cornish / Rosalind Hill Abrahams

+44 (0)20 7628 3396

 

 


Notes to Editors:

Columbus Energy Resources Plc is an oil and gas producer and explorer focused on onshore Trinidad and Suriname. In Trinidad, the Columbus Energy group has five producing fields, one appraisal/development project and a highly prospective exploration portfolio in the South West Peninsula ("SWP"), which lies in the extreme southwest of Trinidad and consists of stacked shallow and deep prospects. In Suriname, the Company has recently secured an onshore appraisal/development project. Columbus aims to create transformational growth by developing its portfolio in a capital efficient and disciplined manner.    

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 South America in order to build an oil production led South American exploration business. 

To find out more, visit www.columbus-erp.com or follow us on Twitter @Columbus_ERP.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: Columbus Energy Resources PLC

Price: 1.99

Market: AIM
Market Cap: £18.27 m
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