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27 Jan 2020 07:00
27 January 2020
COLUMBUS ENERGY RESOURCES PLC
("Columbus" or the "Company")
Operational update - CO₂ injection in Trinity Inniss field
Columbus, the oil and gas producer and explorer focused on onshore Trinidad and Suriname, is pleased to announce the first injection of CO₂ in the Trinity Inniss field.
Leo Koot, Executive Chairman of Columbus, commented:
"The Company has successfully injected the first tranche of CO₂ in the Trinity Inniss field. The CO₂ project is an important enhanced oil recovery project for both the Company and Trinidad. I look forward to updating the market as to the results of the CO₂ pilot project in due course."
Background - Trinity Inniss CO₂ Project
As previously announced, the term of the Trinity Inniss Incremental Production Service Contract ("IPSC") has been extended to allow for the implementation of the CO₂ Pilot Project.
The Company has now injected the first tank CO₂ into well AT5X in the Trinity Inniss field and will over time contribute to the determination of any impact on enhancement of production in offset wells to AT5X. The Company and Predator, its joint venture partner, will proceed to continuous injection of CO₂ as is required to fully evaluate the potential of CO₂ injection to increase oil production from the offset wells.
The Company's interest in the Trinity Inniss field benefits from an agreement with Predator Oil and Gas plc ("Predator"), whereby Predator will help plan and fund the CO₂ EOR Pilot Project (the "CO₂ pilot project"). As part of agreement with Predator, Predator has the right (until 30 September 2020) to purchase the Company's interest in the Trinity Inniss field for US$4.2m.
Qualified Person's statement:
The information contained in this document has been reviewed and approved by Stewart Ahmed, Chief Technical Officer (Trinidad), for Columbus Energy Resources plc. Mr Ahmed has a BSc in Mining and Petroleum Engineering and is a member of the Society of Petroleum Engineers. Mr Ahmed has over 33 years of relevant experience in the oil industry.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Contact Information
Columbus Energy Resources plc Leo Koot / Gordon Stein / Tony Hawkins | +44 (0)20 7203 2039 |
VSA Capital Limited Financial Adviser and Broker Andrew Monk / Andrew Raca | +44 (0)20 3005 5000 |
Beaumont Cornish Limited Nominated Adviser Roland Cornish / Rosalind Hill Abrahams | +44 (0)20 7628 3396 |
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Notes to Editors:
Columbus Energy Resources Plc is an oil and gas producer and explorer focused on onshore Trinidad and Suriname. In Trinidad, the Columbus Energy group has five producing fields, one appraisal/development project and a highly prospective exploration portfolio in the South West Peninsula ("SWP"), which lies in the extreme southwest of Trinidad and consists of stacked shallow and deep prospects. In Suriname, the Company has recently secured an onshore appraisal/development project. Columbus aims to create transformational growth by developing its portfolio in a capital efficient and disciplined manner.
Columbus is guided by the following core values; safe and sustainable, stronger together, creative excellence, positive energy, totally trusted and personally responsible.
The Company is led by an experienced Board and senior management team with supportive shareholders and intends on leveraging its expertise and experience to build an attractive and diversified portfolio of assets across South America in order to build an oil production led South American exploration business.
To find out more, visit www.columbus-erp.com or follow us on Twitter @Columbus_ERP.
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