CERP.L Share News (CERP)

(Sharecast News) - Trinidad and Suriname-focussed oil and gas explorer and producer Columbus Energy Resources announced the extension of the Inniss Trinity Incremental Production Service Contract on Tuesday.
The AIM-traded firm said the extension would allow for the implementation of the carbon dioxide pilot project, and the replacement of the existing minimum work obligations with the project.

It confirmed the contract had been extended from January 2020 to December 2021, and the minimum work obligation had been revised to replace the drilling of seven development wells with the carbon dioxide pilot project.

"The company is pleased to have secured an extension to the Inniss Trinity IPSC to allow for the implementing of the carbon dioxide pilot project," said executive chairman Leo Koot.

"We believe the carbon dioxide pilot project will give all parties a valuable insight into an alternative enhanced oil recovery mechanism for Trinidad, and has the potential to transform oil and gas operations in the Inniss-Trinity field and in similar fields in Trinidad.

"In recognition of this, implementation of the carbon dioxide pilot project will replace the existing minimum work obligation of drilling seven development wells."

At 1029 GMT, shares in Columbus Energy Resources were down 0.13% at 3.5p.