Columbus Energy, the oil and gas producer and explorer focused on onshore Trinidad with the ambition to grow in South America, announces the completion of the purchase of Steeldrum Oil Company Inc ("Steeldrum").  

The Company also confirms that the quarterly Operations and Business Update for Q3 2018 will be reported via RNS on 10 October 2018, followed by a presentation by Columbus' Executive Chairman, Leo Koot, to shareholders and other stakeholders that evening, with drinks from 6.30pm and the presentation commencing at 7.00pm at Manicomio, 6 Gutter Lane, London EC2V 8AS.

Leo Koot, Executive Chairman of Columbus, commented:
"We are very pleased to have completed the acquisition of Steeldrum, which I believe will be a material step in the growth of Columbus and establish a very solid base for our Trinidad operations.  The Company now has a large, well balanced portfolio of assets strung across the south and south-west of Trinidad. The portfolio includes low-risk but highly prospective exploration opportunities in the South West Peninsula ("SWP"), a development project in Cory Moruga and 5 producing oilfields (Goudron, Innis Trinity, South Erin, Bonasse and Icacos).  This provides the Company with an excellent opportunity to exploit our existing and new assets through operational excellence and also grow organically through exploration and the Cory Moruga development project.  We will now focus on growing production and revenues in Innis Trinity and South Erin through the adoption of a similar operational strategy to our existing fields. 

We expect all integration issues associated with Steeldrum transaction to have been addressed by the end of Q4 2018.

As set out in our Interim Results on 27 September, the Company's objective is for production from Trinidad to exceed 1,000 bopd by the end of 2018 and the consolidated group, post the Steeldrum transaction, is expected to remain operationally cash flow positive.

We now officially welcome the Steeldrum oil and gas team into the larger Columbus group.  The Steeldrum team are a well-respected oil and gas team, experienced in drilling wells in Trinidad, which is ideal for our expanded portfolio.

Additionally, as part of the transaction, we will have access (at preferential rates) to a drilling rig suitable for our planned exploration activities in the SWP and a production rig. 

I am delighted to have completed this deal with Steeldrum and we are on track to building a core exploration, appraisal, development and production hub in the south and south-west of Trinidad."