(Alliance News) - Oil & gas producer Columbus Energy Resources PLC on Friday said it has agreed a production sharing agreement at an onshore block in Suriname.
Columbus Energy, which also has onshore operations in Trindad, secured an agreement with Staatsolie Maatschappij Suriname NV for the Weg Naar Zee block.
The 900 square kilometre block has a discovered resource of 24 million barrels of oil, Columbus said.
Executive Chair Leo Koot said: "Staatsolie have been seeking partners with experience in onshore field developments with secondary and tertiary recovery experience to commercialise the discovered oil resources. Columbus's experience in Trinidad will perfectly complement the existing Staatsolie oilfield production operation experience in Suriname."
Columbus said there is no upfront consideration to pay and it can control the timing of development work at the block.
Phase One of the exploration phase at Weg Naar Zee will consist of geological & geophysical studies and two extended well tests.
Shares in Columbus were 8.9% higher at 4.30 pence each in London on Friday morning.
By Eric Cunha; ericcunha@alliancenews.com
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