Columbus Energy Resources PLC Update on Inniss-Trinity IPSC (6658S)

TIDMCERP

RNS Number : 6658S

Columbus Energy Resources PLC

13 March 2019

13 March 2019

COLUMBUS ENERGY RESOURCES PLC

("Columbus" or the "Company")

Update on Inniss-Trinity IPSC

Columbus, the oil and gas producer and explorer focused on onshore Trinidad with the ambition to grow in South America, provides the following update about the Inniss-Trinity Incremental Production Service Contract ("Inniss-Trinity IPSC").

Background - Inniss Trinity IPSC

FRAM Exploration (Trinidad) Limited ("FRAM"), a fully owned subsidiary of the Company, is party to the Inniss-Trinity IPSC with Heritage Petroleum Company Limited (previously Petrotrin) ("Heritage").

The Company's interest in the Inniss-Trinity field benefits from an agreement with Predator Oil & Gas Limited ("Predator"), whereby Predator will fund and help plan a CO Enhanced Oil Recovery Pilot Project (the "CO pilot project"). FRAM remains the operator of the Inniss-Trinity IPSC, including work for the CO pilot project. As part of the agreement with Predator, in the event the CO pilot project is a success, Predator has the right to purchase FRAM for US$4.2m.

Update on Inniss-Trinity IPSC

The Company is pleased to announce that work is continuing with Predator and Heritage to advance the CO pilot project, with the first injections of CO expected in Q2 2019. This follows from Heritage's recent confirmation to Columbus that it has approved of the conduct of the CO pilot project, subject to all requisite regulatory consents.

Leo Koot, Executive Chairman of Columbus, commented:

"The Company looks forward to working with Heritage and Predator to advance the CO pilot project. We believe the CO pilot project on Inniss-Trinity 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."

This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

Contact Information

 
 Columbus Energy Resources plc 
  Leo Koot / Gordon Stein                    [phone] 
 VSA Capital Limited 
  Financial Adviser and Broker 
  Andrew Monk / Andrew Raca                  [phone] 
 Beaumont Cornish Limited 
  Nominated Adviser 
  Roland Cornish / Rosalind Hill Abrahams    [phone] 
 Camarco 
  Public and Investor Relations 
  Georgia Edmonds / James Crothers           [phone] 
 

Notes to Editors:

Columbus Energy Resources Plc is an oil and gas producer and explorer focused on onshore Trinidad with the ambition to grow in South America. The Columbus Energy group has five producing fields, one development project and a highly prospective exploration portfolio in the South West Peninsula ("SWP"), which lies in the extreme southwest of Trinidad and consists of stacked shallow and deep prospects. Columbus is cashflow positive and aims to create transformational growth by developing its portfolio in a capital efficient and disciplined manner.

Columbus is guided by the following core values; safe and sustainable, stronger together, creative excellence, positive energy, totally trusted and personally responsible.

The Company is led by an experienced Board and senior management team with supportive shareholders and intends on leveraging its expertise and experience to build an attractive and diversified portfolio of assets across South America in order to build an oil production led South American exploration business.

To find out more, visit www.columbus-erp.com or follow us on Twitter @Columbus_ERP.

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March 13, 2019 03:01 ET (07:01 GMT)