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Columbus Energy Res - Operational Update - Phase 2 CO2 Trinity Inniss

RNS Number : 4563O
Columbus Energy Resources PLC
01 June 2020
 

1 June 2020

COLUMBUS ENERGY RESOURCES PLC

("Columbus" or the "Company")

 

Operational update - Phase 2 of CO₂ injection in Trinity Inniss field

 

Columbus, the oil and gas producer and explorer focused on onshore Trinidad and Suriname, is pleased to announce the start of Phase 2 of the CO₂ Pilot Project in the Trinity Inniss field.

 Leo Koot, Executive Chairman of Columbus, commented:

"The Company is very pleased to have started Phase 2 of the CO₂ Pilot Project in the Trinity Inniss field, which has the potential to materially increase oil production in the field.  Acting in conjunction with our partner, Predator Oil and Gas plc, we have already commenced injection of CO₂ into the reservoir  and will be building up to continuous injection in the coming weeks. The CO₂ project is an important enhanced oil recovery project for both the Company and Trinidad and I look forward to updating the market as to the results of the CO₂ injection in due course."

Background - Trinity Inniss CO₂ Project

As previously announced, the term of the Trinity Inniss Incremental Production Service Contract ("IPSC") was extended to allow for the implementation of the CO₂ Pilot Project.   

Earlier in the year, the Company injected the first tank of CO₂ into well AT5X in the Trinity Inniss field and is now proceeding with Phase 2, with the immediate objective of maintaining CO₂ injection at the optimum peak rate of 9 metric tonnes per day.  The Company will measure the impact of continuous CO₂ injection on oil production in offset wells to AT5X and hopes to see material increases in production levels.

The Company's interest in the Trinity Inniss field benefits from an agreement with Predator Oil and Gas plc ("Predator"), whereby Predator plans and funds the CO₂ EOR Pilot Project (the "CO₂ pilot project").  As part of the agreement with Predator, the Company and Predator share 50:50 in any incremental oil production (after Predator recovers its costs associated with the project). 

Qualified Person's statement:

The information contained in this document has been reviewed and approved by Stewart Ahmed, Chief Technical Officer (Trinidad), for Columbus Energy Resources plc. Mr Ahmed has a BSc in Mining and Petroleum Engineering and is a member of the Society of Petroleum Engineers. Mr Ahmed has over 33 years of relevant experience in the oil industry.

 

This announcement contains inside information for the purposes of Article 7 of EU 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 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.

 


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Quick facts: Columbus Energy Resources PLC

Price: 1.85

Market: AIM
Market Cap: £17.3 m
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