LONDON (Alliance News) - Oil & gas producer Columbus Energy Resources PLC on Monday said an extension of the Cory Moruga Block licence had been granted by the Trinidadian Ministry of Energy & Energy Industries.
The extension was granted to Steeldrum Oil Co Inc, which is currently being acquired by Columbus, with the licence now running until 2032.The acquisition of Steeldrum is expected to complete in the third or fourth quarter.
"The formal extension of the Cory Moruga licence provides the perfect opportunity for the combined Columbus-Steeldrum group to bring a new field onto production before the end of 2018, using existing infrastructure and available funds. The combined entity will then have six fields on production, providing a more robust production profile and with more options to determine where best to invest our funds to obtain the best 'bang for our buck'," said Columbus Executive Chairman Leo Koot.
Shares in Columbus were up 0.7% at 4.58 pence on Monday.