(Alliance News) - Columbus Energy Resources PLC said Monday it has extended the Goudron incremental production service contract with Heritage Petroleum Co Ltd to the end of March.
Columbus said the extension will give the two firms time to agree on a longer extension.
The ten-year term of the Goudron IPSC was due to expire in November 2019. Columbus and Heritage have been in discussions with the intent of agreeing a longer term extension, the firm said.
Chief Executive Leo Koot said: "Similar to the Inniss-Trinity IPSC, for which an extension and modification was recently granted, the company looks forward to working with Heritage to agree a mutually beneficial work programme and fiscal regime for the Goudron IPSC so that we can continue to produce from Goudron for many years to come.
"This will need to be for the benefit of both Columbus and Heritage, taking account of the Trinidad regulatory and taxation environment affecting IPSC's such as Goudron. We will update the market as soon as the longer term extension is agreed."
Shares in Columbus Energy Resources closed 1.5% higher at 3.40 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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