Update on Spain

10 October 2019

COLUMBUS ENERGY RESOURCES PLC

("Columbus" or the "Company")

Update on Spain

Columbus, the oil and gas producer and explorer with operations in Trinidad and Suriname, provides the following update about the La Lora Concession in Spain.

The Company has formally lodged a claim with the Spanish Government to recover €919,192.96 in costs caused by the Spanish Government's decision not to re-tender the La Lora Concession.

Leo Koot, Executive Chairman of Columbus, commented:

"The Company was disappointed in November 2018 when the Spanish Government decided not to re-tender the La Lora Concession, especially as we had been led to believe that a new tender would be forthcoming before the end of 2018. The Company believes it unnecessarily incurred otherwise avoidable costs during the re-tender process (from February 2017 until October 2018) before the re-tender process was abandoned by the Government.   We have made a claim to recoup those costs.  The Company does not expect to incur any material costs in pursing the claim."

Background

As announced by the Company on 5 November 2018, the Company received notification from the Spanish Government in November 2018 that it should commence the decommissioning of the Ayoluengo field. 

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. 

This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

Contact Information

Notes to Editors:

Columbus Energy Resources Plc is an oil and gas producer and explorer focused on onshore Trinidad and Suriname. The Columbus Energy group has five producing fields, two appraisal/development projects 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. Columbus is operationally cashflow positive 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.