Proactive Investors - Run By Investors For Investors

Columbus Energy Resources looks to Cory Moruga development

A licence extension for Cory Morunga tees up a new oil field development, starting before the end of this year.
oil and gas operations
The new licence term runs to 2032

Columbus Energy Resources PLC (LON:CERP) told investors that a licence extension has been granted for the Cory Moruga block, which will now run to 2032.

The block is owned by Steeldrum Oil Company which is being acquired by Columbus, due for completion later this year.

AIM-quoted Columbus highlighted that the extension allow Steeldrum to start commercial sales from the Snowcap-1 well, which is the beginning of the Cory Moruga field development.

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

"The formal extension of the Cory Moruga licence provides the perfect opportunity for the combined Columbus-Steeldrum group to bring a new field onto production before the end of 2018, using existing infrastructure and available funds,” said Leo Koot.

“The combined entity will then have six​ fields on production, providing a more robust production profile and with more options to determine where best to invest our funds to obtain the best "bang for our buck."

Koot added: “The Columbus-Steeldrum management team will continue to focus on ‘quick-wins’ to increase production to be implemented following completion of the transaction."  

View full CERP profile View Profile

Columbus Energy Resources PLC Timeline

Related Articles

Argentina
October 24 2018
Echo recently completed a four-well workover campaign at Fraccion D, while earlier in the year four exploration wells were drilled back-to-back.
oil and gas operations
July 03 2018
Analyst Ashley Kelty highlighted what could be characterised as favourable environment and opportunity for Rose Petroleum
oil and gas operations
Tue
Farm-out deals and new opportunities are anticipated over the coming months

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use