Columbus, the oil and gas producer and explorer focused on onshore Trinidad with the ambition to grow in South America, provides the following update about the Inniss-Trinity Incremental Production Service Contract ("Inniss-Trinity IPSC").
Background - Inniss Trinity IPSC
FRAM Exploration (Trinidad) Limited ("FRAM"), a fully owned subsidiary of the Company, is party to the Inniss-Trinity IPSC with Heritage Petroleum Company Limited (previously Petrotrin) ("Heritage").
The Company's interest in the Inniss-Trinity field benefits from an agreement with Predator Oil & Gas Limited ("Predator"), whereby Predator will fund and help plan a CO₂ Enhanced Oil Recovery Pilot Project (the "CO₂ pilot project"). FRAM remains the operator of the Inniss-Trinity IPSC, including work for the CO₂ pilot project. As part of the agreement with Predator, in the event the CO₂ pilot project is a success, Predator has the right to purchase FRAM for US$4.2m.
Update on Inniss-Trinity IPSC
The Company is pleased to announce that work is continuing with Predator and Heritage to advance the CO₂ pilot project, with the first injections of CO₂ expected in Q2 2019. This follows from Heritage's recent confirmation to Columbus that it has approved of the conduct of the CO₂ pilot project, subject to all requisite regulatory consents.
Leo Koot, Executive Chairman of Columbus, commented:
"The Company looks forward to working with Heritage and Predator to advance the CO₂ pilot project. We believe the CO₂ pilot project on Inniss-Trinity will give all parties a valuable insight into an alternative enhanced oil recovery mechanism for Trinidad and has the potential to transform oil & gas operations in the Inniss-Trinity field and in similar fields in Trinidad."
This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
Columbus Energy Resources plc
Leo Koot / Gordon Stein
+44 (0)20 7203 2039
VSA Capital Limited
Financial Adviser andBroker
Andrew Monk / Andrew Raca
+44 (0)20 3005 5000
Beaumont Cornish Limited
Roland Cornish / Rosalind Hill Abrahams
+44 (0)20 7628 3396
Public and Investor Relations
Georgia Edmonds / James Crothers
+44 (0)20 3757 4983
Notes to Editors:
Columbus Energy Resources Plc is an oil and gas producer and explorer focused on onshore Trinidad with the ambition to grow in South America. The Columbus Energy group has five producing fields, one 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. Columbus is cashflow positive and 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.
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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