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Operations Update - Goudron extension

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RNS Number : 7938T
Columbus Energy Resources PLC
18 November 2019
 

18 November 2019

COLUMBUS ENERGY RESOURCES PLC

("Columbus", "CERP" or the "Company")

Operations Update - Goudron extension

Columbus, the oil and gas producer and explorer with operations in Trinidad and Suriname, is pleased to confirm an extension to the term of the Goudron Incremental Production Service Contract ("IPSC") to 31 March 2020, allowing time for the Company and Heritage to negotiate a longer term extension.

Background

The ten-year term of the Goudron IPSC was due to expire in November 2019.  The Company and Heritage Petroleum Company Limited ("Heritage") have been in discussions with the intent of agreeing a longer term extension of the IPSC and the parties intend to use the period to 31 March 2020 to conclude those discussions.

Leo Koot, Executive Chairman, commented:

"Similar to the Inniss-Trinity IPSC, for which an extension and modification was recently granted, the Company looks forward to working with Heritage to agree a mutually beneficial work programme and fiscal regime for the Goudron IPSC so that we can continue to produce from Goudron for many years to come.  This will need to be for the benefit of both Columbus and Heritage, taking account of the Trinidad regulatory and taxation environment affecting IPSC's such as Goudron.  We will update the market as soon as the longer term extension is agreed."

 

This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

 

Enquiries:

Columbus Energy Resources Plc

+44 (0) 207 203 2039

Leo Koot / Gordon Stein




Beaumont Cornish Limited

+44 (0) 20 7628 3396

Nomad


Roland Cornish / Rosalind Hill Abrahams




VSA Capital

+44 (0) 20 3005 5000

Broker


Andrew Monk / Andrew Raca




Celicourt Communications

Public and Investor Relations

Mark Antelme / Jimmy Lea

+44 (0) 20 8434 2643



 

 

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 recently secured an onshore appraisal/development project. Columbus 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.

To find out more, visit www.columbus-erp.com or follow us on Twitter @Columbus_ERP.

 


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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Quick facts: Columbus Energy Resources PLC

Price: 3

Market: AIM
Market Cap: £25.4 m
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