The oiler said last week the well is in the drilling phase, which is continuing as planned.
The loan was agreed to speed up operations, with the money available in three US$1.5mln tranches, the first of which was drawn in November.
This is the second tranche, which Columbus said is a precautionary measure to ensure the completion of well safely procedures, while also speeding up operations to optimise the potential of any discovery.
The company added it does not intend to draw the third tranche either this or next year.
The money will have to be repaid over two years either in cash or shares.
“As with any drilling campaign, it is prudent to have sufficient cash resources to complete the well safely and efficiently and without compromising the objectives of the well,” executive chairman Leo Koot said in a release.
“Drawing down tranche 2 under the agreement allows us to do that and also allows us to monetise it in the event of a successful discovery.”