Proactive Investors - Run By Investors For Investors

Columbus Energy looks to production growth as it completes Steeldrum acquisition

The transaction adds the Innis-Trinity and South Erin fields which presently produce some 150 and 100 barrels of oil per day respectively
oil and gas operations
Columbus is targeting growth to above 1,000 bopd

Columbus Energy Resources PLC (LON:CERP) has confirmed the completion of its acquisition of Steeldrum Oil Company Inc, the owner of operations in southern Trinidad.

It adds the Innis-Trinity and South Erin fields which presently produce some 150 and 100 barrels of oil per day respectively, along with the Cory Moruga field development project.

The company told investors that it expects to have addressed all issues associated with the integration of the acquired business by the end of this year.

READ: Columbus Energy continues to monitor operations and acquisitions

"We are very pleased to have completed the acquisition of Steeldrum, which I believe will be a material step in the growth of Columbus and establish a very solid base for our Trinidad operations,” said Leo Koot, Columbus executive chairman.

“The company now has a large, well-balanced portfolio of assets strung across the south and south-west of Trinidad. 

“The portfolio includes low-risk but highly prospective exploration opportunities in the South West Peninsula, a development project in Cory Moruga and 5 producing oilfields (Goudron, Innis Trinity, South Erin, Bonasse and Icacos). 

“This provides the company with an excellent opportunity to exploit our existing and new assets through operational excellence and also grow organically through exploration and the Cory Moruga development project.” 

Koot added: “We will now focus on growing production and revenues in Innis Trinity and South Erin through the adoption of a similar operational strategy to our existing fields.”

Columbus is targeting production growth to above 1,000 bopd by the year-end, and, with the addition of Steeldrum is expects to remain cash flow positive.

View full CERP profile View Profile

Columbus Energy Resources PLC Timeline

Related Articles

waste
October 18 2018
If contracts can be agreed, they might result in the installation of Powerhouse’s DMG technology at multiple locations
Texas flag
September 04 2018
Well workovers in June boosted average gross production before royalties to around 44 barrels of oil per day
New prospect areas near the Dorado-1 oil discovery
October 15 2018
Three additional prospects are estimated to contain significant quantities of oil, gas and condensate.

© 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