Columbus Energy Resources PLC La Lora Concession, Spain (2724G)
November 05 2018 - 2:00AM
UK Regulatory
TIDMCERP
RNS Number : 2724G
Columbus Energy Resources PLC
05 November 2018
5 November 2018
COLUMBUS ENERGY RESOURCES PLC
("Columbus" or the "Company")
La Lora Concession, Spain
Columbus, the oil and gas producer and explorer focused on
onshore Trinidad with the ambition to grow in South America,
provides the following update affecting its Spanish subsidiary,
Compañía Petrolifera de Sedano S.L.U. ("CPS").
CPS has received notification from the Spanish Government that
it should commence the decommissioning of the Ayoluengo field. As
previously announced, the Company was expecting the Spanish
Government to re-tender the La Lora Concession and indeed has been
waiting for the re-tender process to commence since January 2017.
No reasons have been given by the Spanish Government for the
decision not to re-tender the La Lora Concession and the Company
will consider its options in this regard.
The Company already carries sufficient provision in its accounts
for decommissioning costs. There are various assets on site,
including equipment, and these will be moved to, and utilised in,
the Trinidadian operations or sold to offset any such costs. No
material cash expenditure is expected to be made by the Company in
relation to the decommissioning of the La Lora Concession.
Leo Koot, Executive Chairman of Columbus, commented:
"The Company is disappointed that the Spanish Government has not
publicly stated why it has decided not to re-tender the La Lora
Concession, especially as we have been led to believe that a new
tender would be forthcoming before the end of 2018. The Company
will consider its options with respect to the Government's
decision."
This announcement is inside information for the purposes of
Article 7 of Regulation 596/2014.
Contact Information
Columbus Energy Resources plc +44 (0)20 7203
Leo Koot / Gordon Stein 2039
VSA Capital Limited
Financial Adviser and Broker +44 (0)20 3005
Andrew Monk / Andrew Raca 5000
Beaumont Cornish Limited
Nominated Adviser +44 (0)20 7628
Roland Cornish / Rosalind Hill Abrahams 3396
Camarco
Public and Investor Relations +44 (0)20 3757
Georgia Edwards / James Crothers 4983
Notes to Editors:
Columbus Energy Resources Plc is an oil and gas producer and
explorer focused on onshore Trinidad with the ambition to grow in
South America. The Columbus Energy group has five producing fields,
one development project and a highly prospective exploration
portfolio in the South West Peninsula, which lies in the extreme
southwest of Trinidad and consists of stacked shallow and deep
prospects.
Columbus is cashflow positive from operations and 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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