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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.

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"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."  

Quick facts: Columbus Energy Resources PLC

Price: 3.1 GBX

Market: AIM
Market Cap: £26.24 m

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