The Trinidad based oiler, in a statement, told investors that the Goudron Incremental Production Service Contract (IPSC) with Heritage Petroleum Company was due to expire at the end of today.
But it has now inked a temporary extension, giving the companies until this Friday, April 3, to put the longer-term agreement in place.
"We are in the process of negotiating and agreeing with Heritage the terms and conditions for a long-term extension of the Goudron IPSC,” said Leo Koot, Columbus chief executive.
“We expect these negotiations to be complete shortly. We are pleased with the progress we are making, and we will update the market when the agreements are finalised."