Columbus, the oil and gas producer and explorer focused on onshore Trinidad and Suriname, is pleased to announce receipt of Ministry on Energy and Energy Industry approval for the start of continuous injection of CO₂ in the Trinity Inniss field.  

The Company also announces a continuation, for the month of May 2020, of the cost control measures first implemented in April 2020.

Leo Koot, Executive Chairman of Columbus, commented:
"The Company is pleased to have received Ministry consent for the start of continuous injection of CO₂ in the Trinity Inniss field. The CO₂ project is an important enhanced oil recovery project for both the Company and Trinidad and I look forward to updating the market upon the commencement of continuous injection.

The Company has decided, for the month of May, to continue to manage some of its third party costs through the issuance of shares under the Lind Facility and the Contractor Shares scheme.  However, we are conscious of the dilution this has on shareholders and so will, in the coming weeks, carefully review the effect of the share issuances and whether it makes sense to consider its use in the future."

Trinity Inniss CO₂ Project

As previously announced, the term of the Trinity Inniss Incremental Production Service Contract ("IPSC") was extended to allow for the implementation of the CO₂ Pilot Project.  

The Company's interest in the Trinity Inniss field benefits from an agreement with Predator Oil and Gas plc, whereby Predator will help plan and fund the CO₂ EOR Pilot Project (the "CO₂ pilot project"). As part of the agreement with Predator, the Company and Predator share 50:50 in any incremental oil production (after Predator recovers its costs associated with the project). Additionally, Predator has the right (until 30 September 2020) to purchase the Company's interest in the Trinity Inniss field for US$4.2m. 

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