Corporate Update re Merger

24 July 2020

COLUMBUS ENERGY RESOURCES PLC

("Columbus" or the "Company")

Corporate Update - Proposed Merger with Bahamas Petroleum Company plc

Columbus, the oil and gas producer and explorer focused on onshore Trinidad and Suriname, notes that Bahamas Petroleum Company plc ("BPC") has today released the results of its Annual General Meeting (the "BPC AGM").

The Company is pleased to note that Resolution 1 was passed at the BPC AGM. Resolution 1 relates the proposed merger with Columbus (the "Merger") and allows BPC to allot ordinary shares in connection with Merger. It is a condition of the Scheme Document that any resolution or resolutions of BPC shareholders required to approve and implement the Merger are duly passed by the requisite majority at the BPC AGM. The Company believes that this condition has now been met.

The Company notes that it is required to obtain shareholder approval for the Merger at the Court Meeting and the Columbus General Meeting, each to be held on Monday 27 July 2020 (at 10.00am and 10.15am respectively).

The Company reminds its shareholders that in accordance with current government instructions in respect of Covid-19 and the restrictions on social contact, public gatherings and non-essential travel, we request that you do not physically attend the Court Meeting or the Columbus General Meeting. Any shareholder that attempts to physically attend the meetings will be refused admission in order to comply with current UK government public health instructions.

Unless otherwise defined, all capitalised terms in this announcement shall have the meaning given to them in the Scheme Document.

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