Update on Inniss-Trinity IPSC
5 September 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
Further to the Company's announcement on 22 August 2019, the Company is pleased to announce that work is continuing with Predator Oil & Gas Limited ("Predator") to advance the CO₂ pilot project on the Inniss-Trinity IPSC.
Columbus has now successfully completed workover operations to survey downhole the AT-4 and AT-13 wells on the Inniss-Trinity IPSC in preparation for future CO₂ injection and enhanced oil production. This follows the same workover operations successfully completed in August on the AT-5X well.
Predator has confirmed to Columbus that based on the AT-13 survey results, the Herrera #2 Sand has been selected as being accessible for CO₂ enhanced oil recovery ("EOR") operations. In this regard, AT-5X and AT-13 have been selected by Predator as the preferred initial wells for CO₂ EOR injection and production operations.
Leo Koot, Executive Chairman of Columbus, commented:
"Columbus and Predator continue 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. We look forward to working with Predator to further advance the project."
Background - Inniss Trinity IPSC
Fram Exploration (Trinidad) Ltd ("FRAM"), the operator of the Inniss-Trinity field and a wholly-owned subsidiary of Columbus, is party to the Inniss-Trinity IPSC with Heritage Petroleum Company Limited ("Heritage").
The Company's interest in the Inniss-Trinity field benefits from an agreement with Predator whereby Predator will help plan and fund a CO₂ EOR Pilot Project (the "CO₂ pilot project"). FRAM remains the operator of the Inniss-Trinity IPSC, including work for the CO₂ pilot project.
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
This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
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.
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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