LONDON (Alliance News) - Trinidad-focused oil and gas firm Columbus Energy Resources PLC said Tuesday its 2017 loss narrowed as it looked forward to "great" 2018 in which is will use its new cash flow positive status to fund developments.
In 2017, pretax loss narrowed to GBP5.0 million from GBP11.9 million the year prior. This was as revenue rose to GBP4.8 million from GBP4.6 million the year before.
Profit performance was helped by the disappearance of a GBP7.9 million impairment charge in 2016.
"At the end of 2017 I outlined the good, the bad and the ugly and while the company has faced challenges, none of these have been insurmountable and I am confident that 2018 will be a year of the good and the great," Columbus Executive Chairman Leo Koot said.
Koot continued: "Our 2018 work programme, fully funded from cashflow, includes: the continued ramp-up of production at Goudron; the reactivation of the Bonasse oilfield; the optimisation of the Icacos oilfield; and the working up of our exploration programme at SWP, as we prepare to drill in 2019. Capex for the year is expected to be around USD2.6 million with an additional USD1.2 million being spent on well optimisation activities."
Columbus plans to drill its first prospect at South West Peninsula in Trinidad in the first half of 2019. Its Goudron field - also in Trinidad - is expected to see production increase to 800 barrels of oil per day by the end of 2018.
"We have the underlying assets with transformational growth potential, a team with the passion and capability to deliver this and the means by which to do this from our own cash," Koot added. "We have the ideal platform from which to grow."
Shares in Columbus were 1.0% lower at 4.80 pence on Tuesday.
