Operations update - Goudron renewal

31 March 2020

COLUMBUS ENERGY RESOURCES PLC

("Columbus", "CERP" or the "Company")

Operations Update - Goudron renewal

Columbus, the oil and gas producer and explorer with operations in Trinidad and Suriname, notes that the current term of the Goudron Incremental Production Service Contract ("IPSC") with Heritage Petroleum Company Limited ("Heritage") is due to expire on 31 March 2020.

The Company confirms that it has reached an agreement with Heritage to extend the term to 3 April 2020, allowing time for the Company and Heritage to finalise the agreements for the longer term extension.

Leo Koot, Executive Chairman, commented:

"We are in the process of negotiating and agreeing with Heritage the terms and conditions for a long term extension of the Goudron IPSC. We expect these negotiations to be complete shortly. We are pleased with the progress we are making and we will update the market when the agreements are finalised."

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Notes to Editors:

Columbus Energy Resources Plc is an oil and gas producer and explorer focused on onshore Trinidad and Suriname. In Trinidad, the Columbus Energy group has five producing fields, one appraisal/development project 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. In Suriname, the Company has recently secured an onshore appraisal/development project. Columbus 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.