Columbus Energy Resources PLC Update on Inniss-Trinity IPSC (6658S)
13 March 2019 - 6:01PM
UK Regulatory
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 +44 (0)20 7203 2039
VSA Capital Limited
Financial Adviser and Broker
Andrew Monk / Andrew Raca +44 (0)20 3005 5000
Beaumont Cornish Limited
Nominated Adviser
Roland Cornish / Rosalind Hill Abrahams +44 (0)20 7628 3396
Camarco
Public and Investor Relations
Georgia Edmonds / James Crothers +44 (0)20 3757 4983
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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