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Share Price Information for Columbus Energy (CERP)

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Share Price: 1.725
Bid: 1.65
Ask: 1.80
Change: 0.025 (1.47%)
Spread: 0.15 (9.09%)
Open: 1.70
High: 1.725
Low: 1.70
Yest. Close: 1.70
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Columbus Energy & Predator Progress With Trinidad Carbon Dioxide Asset

Mon, 27th Jan 2020 12:01

(Alliance News) - Oil & gas explorer Columbus Energy Resources PLC on Monday said its first tank of carbon dioxide was injected into a pilot project at the Trinity Inniss field in Trinidad.

The carbon dioxide tank, injected into the AT5X well at the asset, is the first tranche with Columbus and joint-venture partner Predator Oil & Gas Holdings PLC eyeing more injection in a bid to increase oil production at Trinity Inniss.

Columbus Energy Chair Leo Koot said: "The company has successfully injected the first tranche of carbon dioxide in the Trinity Inniss field. The carbon dioxide project is an important enhanced oil recovery project for both the company and Trinidad."

Predator also noted the announcement.

Chief Executive Paul Griffiths said: "This is an important operational milestone in the development and execution of our pilot carbon dioxide enhanced oil recovery project with Columbus.

"Pilot carbon dioxide enhanced oil recovery is important to Predator for the potential to provide both near term revenues and future growth in revenues. The first injection of carbon dioxide is a practical demonstration of our core commitment to sustainability and helping to reduce carbon dioxide emissions through sequestration in Trinidad."

As part of a production agreement, Predator has the right, until September 30, to buy Columbus Energy's stake in the project for USD4.2 million.

Predator shares were 3.6% higher at 6.27 pence each in London on Monday shortly after midday. Columbus Energy shares were 1.1% lower at 2.67p.

By Eric Cunha; ericcunha@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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