South West Peninsula Updated Prospectivity
25 September 2019
COLUMBUS ENERGY RESOURCES PLC
("Columbus" or the "Company")
Drilling in the South West Peninsula - updated prospectivity for Saffron prospect
Columbus, the oil and gas producer and explorer focused on onshore Trinidad with the ambition to grow in South America, is pleased to provide further information on its planned drilling campaign in the South West Peninsula, Trinidad.
Civil works and contracting for the spudding of the Saffron prospect continues, on track for having the rig on site by the end of September 2019.
In conjunction with the planning for the Saffron well, the Company has updated the prospectivity for the Saffron well. The Pmean STOIIP for the Lower Cruse has increased from 66mmbbl to 77mmbbl, with a corresponding increase in the recoverable volumes from a development from 10mmbbl to 11.5mmbbl. This increases the base case NPV10 from circa US$79m to circa US$88m. This prospectivity has been validated by EPI Group, the independent geological and geophysical consultancy company.
An updated presentation is available on the Company's website under the Investors tab, Reports, Documents & Presentations. https://columbus-erp.com/investors/reports-and-documents/
Leo Koot, Executive Chairman of Columbus, commented:
"The Company is continuing with the preparation for the drilling of the Saffron prospect in the South West Peninsula, Trinidad. The Company has updated the prospectivity for the Saffron well, with the Pmean STOIIP for the Lower Cruse increased from 66mmbbl to 77mmbbl and the recoverable volumes from a development increasing from 10mmbbl to 11.5mmbbl. This has increases the base case NPV10 for the Saffron development from circa US$79m to circa US$88m. We will update the market as the drilling of the well progresses. Consolidated information on the Saffron and Clove prospects can be found in a new presentation available on our website."
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.
Columbus Energy Resources plc
Leo Koot / Gordon Stein
+44 (0)20 7203 2039
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Andrew Monk / Andrew Raca
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Roland Cornish / Rosalind Hill Abrahams
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Mark Antelme / Jimmy Lea
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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, an 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. 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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