logo-loader
Columbus Energy Resources PLC

Columbus Energy says Petrotrin changes are a “big step”

"Yesterday's announcement is a big step by Petrotrin to create a strong and economically viable exploration and production business to the benefit of the people of Trinidad and Tobago.”

oil and gas operations
Columbus sells production from the Goudron field to Petrotrin

Columbus Energy Resources PLC (LON:CERP) executive chairman has described the restructuring of Petrotrin as “big step”.

The planned restructuring of Petrotrin's operations will see the state oil firm stop refining activities, to instead export crude, as it also focusses more on exploration and production.

Columbus, in a stock market statement, said that it expects there’ll be no impact on its crude sales arrangements as it does not interact directly with the refinery - the oil is sold ‘at the gate’ to Petrotrin and Columbus anticipates that the oil will be sold via export.

WATCH: Columbus Energy 'well capitalised' as it continues to build portfolio in Trinidad

"Yesterday's announcement is a big step by Petrotrin to create a strong and economically viable exploration and production business to the benefit of the people of Trinidad and Tobago,” said Leo Koot, Columbus chairman.

“We applaud their commercial strategy and are satisfied that the proposed closure of the Point-a-Pierre refinery will have no negative impact on our Goudron operations and potentially benefit Columbus into the future, if we are able to obtain a higher oil price due to the high quality of our Goudron oil. 

“We have regular meetings with senior Petrotrin representatives and intend to continue to work closely with Petrotrin in the months ahead as they undertake their changes."

Quick facts: Columbus Energy Resources PLC

Price: £0.05

Market: AIM
Market Cap: £38.64 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Columbus Energy Resources PLC named herein, including the promotion by the Company of Columbus Energy Resources PLC in any Content on the Site,...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Columbus Energy's Koot details upcoming drill programme and significant new deal

Leo Koot, chief executive of Columbus Energy Resources PLC (LON:CERP), talks Proactive London's Andrew Scott through the plans for an upcoming drill campaign on the South West Peninsula as well as touches on some of the early detail around an 'exclusive M&A deal' which he's currently...

on 17/4/19

2 min read