Columbus Energy Resources Share Discussion Threads

[holly day] 10/7/2017 12:35

Not the RNS that traders wanted to see, so I expect another entrapment or sell off to see off T20's. Chance to top up again me thinks. But great to see that our man is beginning to execute his plans. I feel very comfortable with the prospects. GL all.

[12bn] 10/7/2017 11:49

:) Quite correct 12bn,with no news for months then CERP is certain to drift lower and lower imo. The share price is falling already despite the ramping on jcqswims thread. Time to sell and watch the share price fall from the sidelines.

[jcgswims] 10/7/2017 10:27

VSA on Proactive



Columbus Energy Resources (LON:CERP)#

This morning Cloumbus Energy Resources (CERP)# has released its first awaited operations update since Leo Koot and his new management team took over in May. The management team have now completed its review of the Trinidad operations with the key aim being to develop a work programme over its assets using its existing cash resources with the objective of generating free cash flow in Q4 2017. In completing its review management has identified a number of key changes to the strategy held by previous management.

Operations Update

Primarily, CERP intends to increase its short term revenues through increased production of its current wells. This means that CERP has decided to place the Mayoro well infill programme on hold as analysis of the reservoir has shown that without artificially increasing the pressure in the reservoir any new wells drilled will decline rapidly and not deliver as previous management expected. The plans CERP intends to employ on its current wells to increase revenues over the short term are outlined below.

Water Injection Pilot Programme

Firstly CERP plans to increase production rate and recovery in the reservoir by increasing the reservoir pressure from current reduced levels by injecting water into the reservoir and sweeping oil towards the production wells. CERP plans to implement a multi-pilot approach on the Goudron Field through testing a number of reservoir intervals and field areas prior to deciding on whether to expand water injection over the entire field in 2018 and beyond.



CERP has already applied for approval of this programme from the Enironmental Management Authority of Trinidad to begin a planned water injection pilot “A” programme for the Gross Morne 665 Area in the hope it is approved this quarter. This pilot “A” programme will be financed from existing funds and forecast revenues from current oil sales and will replace the previously announced single pilot waterflood strategy which targeted just one area of the Gros Morne reservoir.

Pilot “A” will consist of injecting c500 barrels of water per day (BWPD) of currently produced water from the Goudron Field via three injection wells. CERP are forecasting an increase in production from the Pilot “A” reservoir interval from the current level of 30bopd to a peak of over 150bopd. Further to this three additional water injection pilot programmes (B, C and D) are being planned to target two areas of the shallow Goudron Mayaro reservoir and as potential pressure support for the GY-670 well, which initially peaked at 1,150bopd in December 2014.

Goudron Field Well stimulation campaign

In parallel, CERP has started planning a well stimulation campaign targeting wells close to mapped faults that have historically responded well to this technique by previous operators. This will be carried out in the coming month and is expected to provide a sustained incremental rate of 30-100bopd.

Smart pumping systems using downhole sensors

Smart pumping systems using downhole sensors will be installed firstly on well GY-644 in the coming weeks allowing automatic pump optimisation and will simultaneously acquire continuous downhole reservoir pressure data which can be used to monitor the pilot “A” water injection programme.

Quarterly Production Update

Average production from the Goudron Field in Q2 2017 was 327bopd, however, production was lower at the end of the quarter due to Tropical Storm Bret hitting the island on 19 June and damaging external power supply. Permanent repairs have now been made to overhead power lines and operations in the field have returned to pre-storm levels of 380-420bopd.

South West Peninsula

CERP is also awaiting approval from the Trinidad and Tobago Ministry of Energy and Energy Industries for the renewal of the petroleum licence at the Bonasse Field as part of the BOLT licence. Whilst CERP awaits this renewal it has completed several tests on the field to determine potential for sustained production. During this testing the oil quality from the individual wells was measured and was proved to be of higher quality than the heavy oil that was first expected (25°API).

CERP remains focussed on gaining approval for the licence applications in the South West Peninsula, which will allow it to develop material exploration prospects in the area.

VSA Comment

We view this operations update as particularly important as it has now outlined the new management’s plans and expectations going forward. We view the decision to place the Mayaro well infill programme on hold and instead focus capital investment on increasing the reservoir pressure as a positive one.

We still view the South West Peninsula as potentially the most exciting asset in CERP’s portfolio which will drive the long term value in the company. CERP intends to work up 3-4 large prospects (c200mmboe) in this area which, if successful, will be materially game changing to a company the size of CERP. Clearly CERP is not the sort of company that would then go on to develop projects of this size and we would expect a major or large cap E&P to step in and operate projects of this scale. We would expect CERP to profit in this situation either from a direct sale of the asset or it could farm-out the licence for a free-carry on the full capex costs whilst retaining a material working interest. Furthermore, we still expect CERP to announce M&A activity in South America in due course.

We maintain our BUY recommendation and our TP remains under review whilst we update our model with this new information.

[nexus7] 10/7/2017 09:53

From bigmj Today 08:29
-------------------------------------

BIGMJ profits...

Just a paper profit for now and happy to keep it that way.
Will be looking for a much higher return on this one

[edgein] 10/7/2017 08:50

Also very good to hear LK confirming to Zak once again, lifting costs of just $4-5/bbl and after development cost of production as low as $17-18/bbl! Also oil is everywhere, not just little trapped pockets of oil! :) You'd think that halfwit on the other thread was making it up as he goes along, wait a minute that's exactly what he's doing. ;)

Regards,
Ed.

[12bn] 10/7/2017 08:35

Well said 12bn,'no news drift' in the coming weeks/months will happen now,sub-2p soon imo,time to exit? Yep,imo.

[12bn] 10/7/2017 08:17

1. Water Injection Pilot programme
Water injection has the potential to increase rate and recovery in the Goudron Field by increasing reservoir pressure from the current depleted levels and by establishing a sweep of the oil towards production wells. The fast-tracked implementation of a simultaneous multi-pilot approach on the Goudron field, through the adoption of an accelerated fit-for-purpose surface facilities design, allows the efficiency of the water-injection programme to be tested in a number of reservoir intervals and field areas prior to decisions on field-wide expansion in 2018 and beyond.

The Company has accelerated this programme and submitted a Certificate of Environmental Compliance (CEC) to the Environmental Management Authority of Trinidad to begin the planned Goudron Field Water Injection Pilot "A" programme for the Gros Morne 665 Area and is hopeful that approval will be granted this quarter. The Company subsequently presented its proposal for the Goudron Water Injection Pilot "A" programme to The Petroleum Company of Trinidad and Tobago (Petrotrin) and the Ministry of Energy and Energy Industries on 29 June 2017 in Trinidad, seeking their support for the new approach which now involves utilising Goudron Field produced water in a multi-pilot water-injection programme, as opposed to the previously announced single pilot water-flood strategy which targeted just one area of the Gros Morne reservoir. Pilot "A" will be financed from existing available funds within the Company and from forecast revenues from current oil sales.////// Last throw of the dice here? My guess is water-flood will cost more than expected and there will be a cash call here soon. Be prepared for a placing or SEDA tap deal imo. In the mean time no new wells,this should help the share price drift lower in the coming weeks/months,imo.

[12bn] 10/7/2017 08:12

Quarterly production update

Average production from the Goudron Field in Q2 2017 was 327 BOPD. Production was lower at the end of the quarter, significantly impacted by the Tropical Storm Bret on 19 June 2017, the worst storm to hit Trinidad in over 10 years, which cut external power supply to the field for over 1 week and consequently resulted in significantly reduced production operations for a longer period. Sustaining significant damage to overhead power lines///////// Oh dear,not good.

[12bn] 10/7/2017 08:10

RNS Number : 5053K

Columbus Energy Resources PLC

10 July 2017

10 July 2017

Columbus Energy Resources Plc

("CERP" or "Columbus" or the "Company")

Operational and Business update

Accelerated work programme to reach cashflow positive position

Columbus, the oil and gas producer and explorer focused on onshore Trinidad with the ambition to grow in South America, is pleased to provide the following operational and business update.

Highlights:

-- New leadership team has completed its initial review of operations in Trinidad and its cost base across the Company

-- Key aim of the operational review was to develop a work programme in its Trinidad operations, in a capital efficient manner from existing cash resources, with the objective of being cash flow positive across the Company in Q4 2017. This has triggered a fundamental change in several operational activities

-- The following targeted initiatives, focused on optimising recovery and production, are being implemented using existing cash resources:

o The Mayaro sand infill programme is now on hold; well decline data indicates that without pressure support any new well will decline rapidly and not deliver on earlier expectation

o The fast-tracked implementation of a simultaneous multi-pilot and multi interval approach to Goudron Field water-injection, commencing Q3 2017, as opposed to the previously announced single pilot water-flood strategy which targeted just one reservoir interval

o A new Goudron Field well stimulation programme, targeting currently producing wells along existing mapped faults in the Goudron Mayaro reservoir

o The installation of smart pumping systems using downhole sensors, firstly on well GY-664

o Well interventions in the existing Bonasse field wells to re-activate continuous oil production aimed at increased production in Q4 2017

-- Average production from Trinidad in Q2 2017 was 327 BOPD, with production at the end of the quarter significantly affected by Tropical Storm Bret, the worst storm to hit Trinidad in over 10 years. Operations at the field have re-commenced and production has subsequently returned to pre-storm levels of between 380-420 BOPD

-- A number of new operational and commercial opportunities to increase production from existing and new fields which will allow the Company to expand its footprint in Trinidad also identified

-- Company has completed its Head office move, in line with its strategy to reduce its corporate costs, and continues to reduce its Head-office G&A.

Leo Koot, Chief Executive of Columbus Energy Resources commented,

"I joined the Company two months ago and recently spent time in-country, reviewing our operations and am hugely excited by the quality and potential of our assets. Alongside our new Trinidad Managing Director, Stewart Ahmed, and our new CFO, Gordon Stein, we have been busy identifying the best ways to increase production and cash flow across our asset base, from existing cash resources. We are confident that the multiple work programmes set out today, including the acceleration of the water injection programme and introduction of the well stimulation campaign, will help us achieve our short-term goal of becoming cash flow positive in Q4 2017 and create a company with a sustained and strong production base from which to grow."

Trinidad operations update

Following the recent appointment of the new Executive Chairman, Leo Koot, the new Chief Financial Officer, Gordon Stein and the new Managing Director (Trinidad), Stewart Ahmed, who it is intended will be based full-time in Trinidad, the new leadership has completed an initial review of operational options for its current assets in Trinidad. The Company is focused on developing a work programme in its Trinidad operations, in a capital efficient manner from existing cash resources, with the objective of being cash flow positive across the Company

in Q4 2017. This will allow additional investment to be made for further growth into 2018.
The Company is progressing targeted initiatives, using currently available resources, aimed at creating multiple paths to increase production revenues in the short term. Further drilling as part of the Mayaro sand infill programme is now on hold, well decline analysis indicates that without pressure support any new well will decline rapidly and not deliver on earlier expectation. Hence our increased focus on water injection, well stimulation and the intention to drill future production and injection wells in pairs. The Company has also identified several longer-term opportunities through which the Company believes it can achieve its stated growth ambition.

The shorter-term initiatives, which focus on optimising recovery and production from the Company's current well-stock, include:

1. Water Injection Pilot programme
Water injection has the potential to increase rate and recovery in the Goudron Field by increasing reservoir pressure from the current depleted levels and by establishing a sweep of the oil towards production wells. The fast-tracked implementation of a simultaneous multi-pilot approach on the Goudron field, through the adoption of an accelerated fit-for-purpose surface facilities design, allows the efficiency of the water-injection programme to be tested in a number of reservoir intervals and field areas prior to decisions on field-wide expansion in 2018 and beyond.

The Company has accelerated this programme and submitted a Certificate of Environmental Compliance (CEC) to the Environmental Management Authority of Trinidad to begin the planned Goudron Field Water Injection Pilot "A" programme for the Gros Morne 665 Area and is hopeful that approval will be granted this quarter. The Company subsequently presented its proposal for the Goudron Water Injection Pilot "A" programme to The Petroleum Company of Trinidad and Tobago (Petrotrin) and the Ministry of Energy and Energy Industries on 29 June 2017 in Trinidad, seeking their support for the new approach which now involves utilising Goudron Field produced water in a multi-pilot water-injection programme, as opposed to the previously announced single pilot water-flood strategy which targeted just one area of the Gros Morne reservoir. Pilot "A" will be financed from existing available funds within the Company and from forecast revenues from current oil sales.

Water-injectivity and inter-well interference testing has already commenced and essential operational equipment has recently been procured to ensure that water injection into the Pilot "A" wells can commence immediately upon receipt of CEC approval. Pilot "A" consists of a continuous water injection of approximately 500 barrels of water per day (BWPD) of currently produced water from the Goudron Field into up to three target injection wells. The Pilot "A" programme, and subsequent pilot programmes, as described below, are designed to provide incremental oil rate and recovery information that can be used in forecasting to aid a decision on whether to expand the pilot programme within 18 months of each pilot commencement. The submitted forecast increase in production from Pilot "A" reservoir interval is from the current 30 BOPD to a peak of over 150 BOPD.

Further water-injection pilot programmes (B, C & D) are being planned, targeting two areas of the shallow Goudron Mayaro reservoir and also as potential pressure support for the GY-670 well, which initially peaked at over 1,150 BOPD in December 2014. Proposals for Pilot B, C & D are planned for submission in the coming months, taking into account early results and learnings from injectivity testing, Pilot "A" implementation and the stimulation campaign.

2. Goudron Field Well stimulation campaign
In parallel, the Company has started planning a well stimulation campaign, targeting wells in the Mayaro reservoir close to mapped faults where historically Goudron wells have responded successfully to stimulation under campaigns carried out by previous Operators. The stimulation campaign is targeting six existing production wells including the recently drilled GY-683 well and is planned to be carried out across two or more campaigns in the coming months. The stimulation work is expected to provide a sustained incremental rate at between 30 to 100 BOPD.

3. Smart pumping systems using downhole sensors
The installation of smart pumping systems using downhole sensors, firstly on well GY-664 within the coming weeks, allows automatic pump optimisation and will simultaneously acquire continuous downhole reservoir pressure data which can be used in the water-injection Pilot "A" monitoring.

Quarterly production update

Average production from the Goudron Field in Q2 2017 was 327 BOPD. Production was lower at the end of the quarter, significantly impacted by the Tropical Storm Bret on 19 June 2017, the worst storm to hit Trinidad in over 10 years, which cut external power supply to the field for over 1 week and consequently resulted in significantly reduced production operations for a longer period. Sustaining significant damage to overhead power lines, permanent repairs have been made and Operations in the field have returned to pre-storm levels of between 380-420 BOPD.

South West Peninsula

At the Bonasse field as part of the BOLT License, the Company awaits approval from the Trinidad and Tobago Ministry of Energy and Energy Industries for the renewal of the relevant private petroleum licence ("PPL"). In the meantime, the Company has completed initial well interventions across the field in order to understand the condition of field facilities, well completions and the potential for sustained base production. Oil sales from the Bonasse Field have been managed as the available volumes have justified trucked sales to the Point Fortin delivery point.

The oil quality from individual wells has been measured and the gravity shown to be >25 API, which was of higher quality than the heavy oil first expected.

Activity in the South West Peninsula remains focused on gaining approval for the Private Mineral License applications which will allow the Company to continue to mature exploration prospect opportunities in the area. A nomination letter for additional acreage in the area was lodged with the Ministry of Energy and Energy Affairs in June 2017 in response to the Open Bid Round announced in May 2017.

Corporate update

The Company has completed its head office move, in line with its strategy to reduce its corporate costs, and is now located at Suite 206, Amadeus House, 27b Floral Street, London, WC2E 9DP. Further reductions in the Company's Head-office G&A are planned for the next few months.

- ENDS -

Enquiries:

[edgein] 10/7/2017 08:04

The North indeed lots of light oil coming from down below and to quote LK there's oil everywhere! Makes the Cedros Peninsula very exciting for the future and very large oil with 200mmbbls targets. I also like the bit from the interview saying "we're set to become a big company" this is from current internal cash. I guess once they start to reflect their current recoverable oil reserves and production we'll be at least twice where we are price wise. Then the contingent will start to convert to 2P with the waterflood with Mayaro wells set to increase up to around 150bopd and our best producer perhaps back up to 500bopd. Hundreds of wells already drilled into the field so lots to work on from now until the end of 2018. Then there's Bonasse to come back online soon too and it looks as if LK is looking for other T&T assets to work his magic on. Very exciting end to the year coming! Totally transformed plan to what NR was doing here.

Regards,
Ed.

[carpadium] 10/7/2017 08:00

Appreciate the crystal clear assessment and objectives route, we're only at week 5,
much to look forward to.

[thenorth] 10/7/2017 07:53

I also like this bit TG and Ed....The oil quality from individual wells has been measured and the gravity shown to be >25 API, which was of higher quality than the heavy oil first expected.

[edgein] 10/7/2017 07:50

Excellent review. Multi operational approach, not just water flood from one level but on both formations simultaneously, plus downhole pressure monitoring and well stimulations. All this to be funded by existing resources and future production! Just what I was waiting to read. Also water flood expected to commence this Q from water already produced by the field. No shortage of power nor water to the field as some of the clueless had suggested. LK has realised the failures of the past and has a clear plan of how he's gonna fix those, he's a pressure support expert with his vast experience in the NS getting 20,000boepd up to 60,000boepd. Cashflow +ve and potential full field water flood in 2018. All going to the plan he suggested at the launch event.

Regards,
Ed.

[the guardian] 10/7/2017 07:47

'The Mayaro sand infill programme is now on hold; well decline data indicates that without pressure support any new well will decline rapidly and not deliver on earlier expectation.'

We could have continued raising funds time and again and not getting anywhere. If we can become self financing by the end of the year, it will be a massive achievement.

[j284] 10/7/2017 07:37

Wish ritson had gone years ago. Glad I'm not in solo.

[jcgswims] 10/7/2017 07:32

From the above interview

"All the program (in the RNS), we can fund from our own cash"

"By the end of the year, we're going to be cash flow positive"

[jcgswims] 10/7/2017 07:15

Leo on LSE YouTube

[thenorth] 10/7/2017 07:11

Columbus Energy Resources PLC Operational and Business UpdateSource: UK Regulatory (RNS & others)TIDMCERPRNS Number : 5053KColumbus Energy Resources PLC10 July 201710 July 2017Columbus Energy Resources Plc("CERP" or "Columbus" or the "Company")Operational and Business updateAccelerated work programme to reach cashflow positive positionColumbus, the oil and gas producer and explorer focused on onshore Trinidad with the ambition to grow in South America, is pleased to provide the following operational and business update.Highlights:-- New leadership team has completed its initial review of operations in Trinidad and its cost base across the Company-- Key aim of the operational review was to develop a work programme in its Trinidad operations, in a capital efficient manner from existing cash resources, with the objective of being cash flow positive across the Company in Q4 2017. This has triggered a fundamental change in several operational activities-- The following targeted initiatives, focused on optimising recovery and production, are being implemented using existing cash resources:o The Mayaro sand infill programme is now on hold; well decline data indicates that without pressure support any new well will decline rapidly and not deliver on earlier expectationo The fast-tracked implementation of a simultaneous multi-pilot and multi interval approach to Goudron Field water-injection, commencing Q3 2017, as opposed to the previously announced single pilot water-flood strategy which targeted just one reservoir intervalo A new Goudron Field well stimulation programme, targeting currently producing wells along existing mapped faults in the Goudron Mayaro reservoiro The installation of smart pumping systems using downhole sensors, firstly on well GY-664o Well interventions in the existing Bonasse field wells to re-activate continuous oil production aimed at increased production in Q4 2017-- Average production from Trinidad in Q2 2017 was 327 BOPD, with production at the end of the quarter significantly affected by Tropical Storm Bret, the worst storm to hit Trinidad in over 10 years. Operations at the field have re-commenced and production has subsequently returned to pre-storm levels of between 380-420 BOPD-- A number of new operational and commercial opportunities to increase production from existing and new fields which will allow the Company to expand its footprint in Trinidad also identified-- Company has completed its Head office move, in line with its strategy to reduce its corporate costs, and continues to reduce its Head-office G&A.Leo Koot, Chief Executive of Columbus Energy Resources commented,"I joined the Company two months ago and recently spent time in-country, reviewing our operations and am hugely excited by the quality and potential of our assets. Alongside our new Trinidad Managing Director, Stewart Ahmed, and our new CFO, Gordon Stein, we have been busy identifying the best ways to increase production and cash flow across our asset base, from existing cash resources. We are confident that the multiple work programmes set out today, including the acceleration of the water injection programme and introduction of the well stimulation campaign, will help us achieve our short-term goal of becoming cash flow positive in Q4 2017 and create a company with a sustained and strong production base from which to grow."Trinidad operations updateFollowing the recent appointment of the new Executive Chairman, Leo Koot, the new Chief Financial Officer, Gordon Stein and the new Managing Director (Trinidad), Stewart Ahmed, who it is intended will be based full-time in Trinidad, the new leadership has completed an initial review of operational options for its current assets in Trinidad. The Company is focused on developing a work programme in its Trinidad operations, in a capital efficient manner from existing cash resources, with the objective of being cash flow positive across the Companyin Q4 2017. This will allow additional investment to be made for further growth into 2018. The Company is progressing targeted initiatives, using currently available resources, aimed at creating multiple paths to increase production revenues in the short term. Further drilling as part of the Mayaro sand infill programme is now on hold, well decline analysis indicates that without pressure support any new well will decline rapidly and not deliver on earlier expectation. Hence our increased focus on water injection, well stimulation and the intention to drill future production and injection wells in pairs. The Company has also identified several longer-term opportunities through which the Company believes it can achieve its stated growth ambition.The shorter-term initiatives, which focus on optimising recovery and production from the Company's current well-stock, include: 1. Water Injection Pilot programme Water injection has the potential to increase rate and recovery in the Goudron Field by increasing reservoir pressure from the current depleted levels and by establishing a sweep of the oil towards production wells. The fast-tracked implementation of a simultaneous multi-pilot approach on the Goudron field, through the adoption of an accelerated fit-for-purpose surface facilities design, allows the efficiency of the water-injection programme to be tested in a number of reservoir intervals and field areas prior to decisions on field-wide expansion in 2018 and beyond.The Company has accelerated this programme and submitted a Certificate of Environmental Compliance (CEC) to the Environmental Management Authority of Trinidad to begin the planned Goudron Field Water Injection Pilot "A" programme for the Gros Morne 665 Area and is hopeful that approval will be granted this quarter. The Company subsequently presented its proposal for the Goudron Water Injection Pilot "A" programme to The Petroleum Company of Trinidad and Tobago (Petrotrin) and the Ministry of Energy and Energy Industries on 29 June 2017 in Trinidad, seeking their support for the new approach which now involves utilising Goudron Field produced water in a multi-pilot water-injection programme, as opposed to the previously announced single pilot water-flood strategy which targeted just one area of the Gros Morne reservoir. Pilot "A" will be financed from existing available funds within the Company and from forecast revenues from current oil sales.Water-injectivity and inter-well interference testing has already commenced and essential operational equipment has recently been procured to ensure that water injection into the Pilot "A" wells can commence immediately upon receipt of CEC approval. Pilot "A" consists of a continuous water injection of approximately 500 barrels of water per day (BWPD) of currently produced water from the Goudron Field into up to three target injection wells. The Pilot "A" programme, and subsequent pilot programmes, as described below, are designed to provide incremental oil rate and recovery information that can be used in forecasting to aid a decision on whether to expand the pilot programme within 18 months of each pilot commencement. The submitted forecast increase in production from Pilot "A" reservoir interval is from the current 30 BOPD to a peak of over 150 BOPD.Further water-injection pilot programmes (B, C & D) are being planned, targeting two areas of the shallow Goudron Mayaro reservoir and also as potential pressure support for the GY-670 well, which initially peaked at over 1,150 BOPD in December 2014. Proposals for Pilot B, C & D are planned for submission in the coming months, taking into account early results and learnings from injectivity testing, Pilot "A" implementation and the stimulation campaign. 2. Goudron Field Well stimulation campaign In parallel, the Company has started planning a well stimulation campaign, targeting wells in the Mayaro reservoir close to mapped faults where historically Goudron wells have responded successfully to stimulation under campaigns carried out by previous Operators. The stimulation campaign is targeting six existing production wells including the recently drilled GY-683 well and is planned to be carried out across two or more campaigns in the coming months. The stimulation work is expected to provide a sustained incremental rate at between 30 to 100 BOPD. 3. Smart pumping systems using downhole sensors The installation of smart pumping systems using downhole sensors, firstly on well GY-664 within the coming weeks, allows automatic pump optimisation and will simultaneously acquire continuous downhole reservoir pressure data which can be used in the water-injection Pilot "A" monitoring.Quarterly production updateAverage production from the Goudron Field in Q2 2017 was 327 BOPD. Production was lower at the end of the quarter, significantly impacted by the Tropical Storm Bret on 19 June 2017, the worst storm to hit Trinidad in over 10 years, which cut external power supply to the field for over 1 week and consequently resulted in significantly reduced production operations for a longer period. Sustaining significant damage to overhead power lines, permanent repairs have been made and Operations in the field have returned to pre-storm levels of between 380-420 BOPD.South West PeninsulaAt the Bonasse field as part of the BOLT License, the Company awaits approval from the Trinidad and Tobago Ministry of Energy and Energy Industries for the renewal of the relevant private petroleum licence ("PPL"). In the meantime, the Company has completed initial well interventions across the field in order to understand the condition of field facilities, well completions and the potential for sustained base production. Oil sales from the Bonasse Field have been managed as the available volumes have justified trucked sales to the Point Fortin delivery point.The oil quality from individual wells has been measured and the gravity shown to be >25 API, which was of higher quality than the heavy oil first expected.Activity in the South West Peninsula remains focused on gaining approval for the Private Mineral License applications which will allow the Company to continue to mature exploration prospect opportunities in the area. A nomination letter for additional acreage in the area was lodged with the Ministry of Energy and Energy Affairs in June 2017 in response to the Open Bid Round announced in May 2017.Corporate updateThe Company has completed its head office move, in line with its strategy to reduce its corporate costs, and is now located at Suite 206, Amadeus House, 27b Floral Street, London, WC2E 9DP. Further reductions in the Company's Head-office G&A are planned for the next few months.- ENDS -Enquiries: Columbus Energy Resources [phone] Leo Koot Beaumont Cornish Limited [phone] Nomad and Joint Broker Roland Cornish / Rosalind Hill Abrahams VSA Capital [phone] Joint Broker Andrew Monk / Andrew Raca Camarco [phone] Public and Investor Relations Georgia Edmonds / James Crothers / Billy Clegg This information is provided by RNSThe company news service from the London Stock ExchangeENDMSCRRMATMBAMBBR(END) Dow Jones NewswiresJuly 10, 2017 02:00 ET (06:00 GMT)

[nexus7] 08/7/2017 14:59

From PTMS Fri 11:05
------------------------------------

Growth

Look at the assets. Look at the reserves confirmed by internationally recognised independent consultants. Look at the geographical location. Look at the current share price

Then ask why LK and his team have picked this company.
Ask why they are being paid party in shares.
IMHO you have to forget LGO and what NR did. The two men are polls apart.
The new FD also looks very impressive and in my opinion will be key. May be his is the first piece of the jigsaw.
I am sure this we grow massively. It is so undervalued at present it is almost comical.
Watch and see experience at work
Rant over

[nexus7] 07/7/2017 16:16

Russia Now Ready To Consider More Oil Output Cuts If Needed

Just a day after Russia’s Energy Minister Alexander Novak said that the OPEC/non-OPEC production cut pact was working and that there was no need to make immediate additional moves, an energy minister official told Russian reporters on Friday that Moscow was ready to review proposals from partners in the deal, including changes to production cuts...

[12bn] 07/7/2017 15:57

dodgy,you missed out the decimal point,it should read 0.4p. :)

[the guardian] 07/7/2017 13:42

Don't worry Nexus, I'm quite excited really, even though we will never be in the 'biggest number of shares in circulation list' again.

[dodge city] 07/7/2017 13:41

Next news = 4p