LONDON (Alliance News) - Columbus Energy Resources PLC posted a narrowed annual loss on Monday due to a substantial increase in production from its Trinidad operations.
The oil & gas producer and explorer, which focuses onshore Trinidad, posted a GBP2.7 million pretax loss for 2018, narrowing from a GBP5.0 million loss in 2017 as production rose.
The company's production averaged 541 barrels of oil per day in 2018, up 47% from 368 barrels in 2017. Peak production in 2018 was 1,021 barrels of oil per day, rising from 561 barrels in 2017.
Net petroleum sales hit GBP7.6 million, 58% higher than the GBP4.8 million of net petroleum sales in 2017. Petroleum sales were entirely from the company's wells in Trinidad.
Last month, Columbus Energy was granted the Bonasse private petroleum licence in Trinidad. The company is fully funded for its 2019 work programme after a November 2018 capital raise of GBP2.5 million.
"The company remains committed to our strategy of using the free cash flow from production to fund profitable production enhancements, exploration in the South West Peninsula and [mergers and acquisitions] activity. In particular, the company is looking forward to commencing our exciting drilling campaign in the SWP during the second half of 2019. The company has established a world-class economic and regulatory framework to exploit any oil and gas in the SWP and is confident that even a modest discovery in the SWP has the potential to transform the company," said Executive Chair Leo Koot.
Shares in Columbus Energy were up 2.4% at 2.55 pence on Monday at midday.