Update on Innis-Trinity IPSC
22 August 2019
COLUMBUS ENERGY RESOURCES PLC
("Columbus" or the "Company")
Update on Inniss-Trinity IPSC
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").
Update on CO₂ pilot project
The Company is pleased to announce that work is continuing with Predator Oil & Gas Limited ("Predator") to advance the CO₂ pilot project. Fram Exploration (Trinidad) Ltd ("FRAM"), the operator of the Inniss-Trinity field and a wholly-owned subsidiary of Columbus, has successfully completed workover operations to survey downhole the AT-5X well in preparation for future CO₂ injection and enhanced oil production.
The preferred Predator downhole completion design to potentially achieve optimum efficiency for CO₂ injection by isolating specific reservoir sands was determined as being operationally viable. In preparation for CO₂ enhanced oil recovery operations a key interval of reservoir section chosen for the first CO₂ injectivity test was successfully isolated from the deeper reservoirs with the setting of a cast iron bridge plug.
The workover rig will now move on to survey the AT-4 well.
Leo Koot, Executive Chairman of Columbus, commented:
"The Company continues 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."
Background - Inniss Trinity IPSC
FRAM 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.
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 and Broker
Andrew Monk / Andrew Raca
+44 (0)20 3005 5000
Beaumont Cornish Limited
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 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.
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