Columbus Energy Resources (AIM:CERP)#
Columbus Energy Resources (AIM:CERP) has announced the start of Phase 2 of the CO2 Pilot Project in the Trinity Inniss field with its partner (Predator Oil and gas (PRD LN). Following the extension of the IPSC CERP and PRD has now begun to inject further CO2 into the reservoir building up to continuous injection over the coming weeks. The steady build up should correspond to a positive impact on pressure levels and production and CERP indicates the potential for material increases in output.
PRD was provided the project funding and CERP and PRD have agreed a 50/50 split on incremental production, once PRD has recovered its costs. We look forward to further updates and production impact results.
We reiterate our Buy recommendation and 20.1p target price.