Executive chairman Leo Koot, in a statement, highlighted that “even a modest discovery” on the peninsular would have the potential to transform the company.
"The grant of the private petroleum licence (PPL) for the Bonasse licence area in the south west peninsula of Trinidad, which includes the Bonasse field, is formal recognition by the Ministry of Energy and Energy Industries that Columbus has the right to exploit any oil and gas in the Bonasse Licence Aream,” Koot said.
“Whilst, in some ways, this is merely an extension of the current de facto situation, I believe it is an important step in that it formally recognises our rights and grants us the regulatory certainty to continue with our operations and planned drilling campaign.
“Without it, we would not have been able to drill the upcoming well.”
Columbus is presently progressing technical work and preparations for the proposed drill programme, which is slated for the third quarter.
The new PPL comes with a 20-year term and a minimum work obligation which largely match existing obligations, Columbus noted. Specifically, it is required to work-over three existing wells at the Bonasse field and drill one new well.
It is expected that the minimum work obligations will be met as part of the ordinary course of business.