LONDON (Alliance News) - Oil and gas firm Columbus Energy Resources PLC said Monday it had been granted a private petroleum licence for the Bonasse field in Trinidad.
"The grant of the private petroleum licence for the Bonasse licence area in the South West Peninsula of Trinidad, which includes the Bonasse field, is formal recognition by the Ministry of Energy & Energy Industries that Columbus has the right to exploit any oil and gas in the Bonasse Licence Area," Columbus Executive Chair Leo Koot said.
"Whilst, in some ways, this is merely an extension of the current de facto situation, I believe it is an important step in that it formally recognises our rights and grants us the regulatory certainty to continue with our operations and planned drilling campaign," Koot added. "Without it, we would not have been able to drill the upcoming well."
The licence follows Columbus securing a lease from Singh's (Cedros) Estates Ltd to conduct oil & gas operations on the 1,231 hectare site.
"The PPL and the underlying lease with Singh Estates provide a world class economic and regulatory framework to exploit any oil and gas in the Bonasse Licence Area," Koot continued. "I am confident that even a modest discovery in the SWP has the potential to transform the company. I would like to thank the Ministry of Energy and Energy Industries for their assistance in granting the PPL."
Shares in Columbus were 2.7% lower at 2.70 pence on Monday.