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Columbus Energy extends production sharing contract for Inniss Trinity field

It means Columbus can now advance a proposed enhanced oil recovery pilot project, based on carbon dioxide injection.

Columbus Energy Resources PLC - Columbus Energy extends production sharing contract for Inniss Trinity field
The Incremental Production Service Contract now runs until December 2021

Columbus Energy Resources PLC (LON:CERP) has announced an extension of the Incremental Production Service Contract (IPSC) for the Inniss Trinity field in Trinidad.

The extension replaces prior obligations and allows for the implementation of a pilot project for CO₂ injection-based enhanced oil recovery.  In effect, the EOR venture replaces prior obligations requiring the drilling of seven new production wells.

It also means that the IPSC runs until December 2021, extended from a previously envisaged end date of January 2020.

READ: Columbus Energy clinches US$4.5mln funding deal

"The company is pleased to have secured an extension to the Inniss Trinity IPSC to allow for the implementing of the CO₂ Pilot Project,” Columbus Energy's executive chairman Leo Koot said in a statement.

“We believe the CO₂ Pilot Project will give all parties a valuable insight into an alternative enhanced oil recovery mechanism for Trinidad and has the potential to transform oil & gas operations in the Inniss-Trinity field and in similar fields in Trinidad.

“We look forward to working with the Ministry, Heritage and Predator to implement the CO₂ Pilot Project," he added.

Quick facts: Columbus Energy Resources PLC

Price: 3 GBX

Market: AIM
Market Cap: £25.45 m

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