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Sharecast News) - Columbus Energy Resources revealed on Thursday that chairman Leo Koot had purchased 12.43m ordinary shares in the AIM-listed crude oil producer.
Koot, who was previously a senior non-executive director at London-listed Sterling Energy, acquired the shares at an average price of 2.70p each, for a total value of ?335,824.12.

Back in January, the Trinidad and Suriname-focussed oil and gas firm updated the market on its Saffron well, onshore Trinidad.

Columbus said it had successfully completed drilling and casing operations for the well, reaching a total depth of 4,634 feet, as planned.

As of 1630 GMT, Columbus shares were up 2.27% at 2.25p.

LGO - you miss a point.

The options have been converted now by Leo, but the executive salary scheme was entered into by him a long time ago. Long before price sensitive Saffron info. Because he signed up to the scheme prior all he needs to do is convert them, which he can do when he chooses, they are nil cost options. Someone may correct me here but I don't think it would make a difference to Leo's options if he converted now or after the Saffron results. If anything it would be safe for Leo to wait and see the results first but i think he is trying to engender some confidence.

Also, with the testing in progress they must surely be in a current closed period.

Daz - I have been steadily topping up this month on the basis that news could land any day!
At very least we expect the MC to be commercial.

I had assumed they had received ministry approval that’s why they RNS’d 13th Feb that testing the LC started early Feb.

Am I missing something???

Hedge

"Testing of the Saffron Well in the Lower Cruse started early February 2020"

Testing is progressing as we speak.

Trade Date Action Notifier Price Currency Amount Holding
20-Feb-20 Buy Leo Koot 2.70 GBX 12,437,930 15,961,357

It’s registered on lse as a director buy 12m shares, by Leo - is that right?

Two weeks back, Tony was in country negotiating with Heritage. Favourable terms please! We still have no insight into where the second work over rig is being put to work. Last weeks update lacked a lot of detail, and felt pushed by PI complaints. Maybe they are holding back a lot of news to release in tandem with Saffron flow test results. They will need to show their hand soon.

Columbus Energy Resources PLC (LON:CERP) is continuing talks with about extending the incremental production service contract (IPSC) for Trinidad’s Goudron oilfield.

With the contract due to run out at the end of the month, an extension has been agreed until 31 March 2020 for Columbus and state-owned Heritage Petroleum to negotiate a longer term extension

“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,” said Leo Koot, Columbus Energy’s executive chairman.

“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."

obadhia, i do agree with you on the contractor shares. Why draw down the two tranches just to sit on the funds?

Hahaha very biblical

Idiot

Also appreciate your insights bamps, thank you for that.

It’s not bothering me Irene. Built my position up to 7.3m over the last few weeks and sleeping like a baby.

He has other II’s lined up who are interested in moving in but they want to see the results from Saffron first. Don’t we all!!

Remember Tony is now CEO and he will have the final say on what to RNS. He is much more conservative than Leo. When I spoke to him he was in country negotiating the IPSC for goudron with heritage. Final top up for me at 2.4p - expecting news on a number of fronts next week.

due anytime now. I have a feeling these will give us a much needed boost. Unless these results are also dampened down by the heavy mud used to stabilise the 'lively' well during drilling.

Cruse

Upper and middle crude logging data should also follow “shortly”

Let’s all put our differences aside and see what the logging of the mid and upper brings this week. Then we can have a more meaningful debate.