Posting of Open Offer Circular

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A BREACH OF THE RELEVANT SECURITIES LAWS OF SUCH JURISDICTION.

This announcement does not constitute a prospectus or offering memorandum or an offer in respect of any securities and is not intended to provide the basis for any investment decision in respect of Columbus Energy Resources plc or other evaluation of any securities of Columbus Energy Resources plc or any other entity and should not be considered as a recommendation that any investor should subscribe for or purchase any such securities.

16 October 2017

COLUMBUS ENERGY RESOURCES PLC

("COLUMBUS" or the "Company")

Posting of Open Offer Circular

Columbus is pleased to announce that, further to its announcement of 9 October 2017, it has today posted a circular (the "Circular") to Qualifying Shareholders regarding an Open Offer of up to approximately £1.0 million. The Circular will also be made available today on the Company's website at www.columbus-erp.com.

All capitalised terms in this announcement have the same meanings as those given to them in the Circular, unless the context otherwise requires.

The Open Offer is being made to Qualifying Shareholders on the register as at the Record Date of close of business on 13 October 2017, for up to 20,129,3491 Open Offer Shares at 5.0 pence per Open Offer Share (being the same price as the Issue Price for the Placing and Subscription) on the basis of:

1 Open Offer Share for every 31 Existing Ordinary Shares

As announced on 9 October 2017, the Issue Price represents a:

· discount of approximately 16.7% to the Company's closing middle market share price of 6.00p on 6 October 2017, being the last business day prior to the announcement of the Fundraising; and

· premium of approximately 14.4% to the volume weighted average price of 4.37p for the one month to 6 October 2017.

Qualifying Shareholders are also being given the opportunity, provided that they take up their Open Offer Entitlements in full, to apply for additional Open Offer Shares through an Excess Application Facility.

Full details of the Open Offer, including terms and conditions and details on how to accept the Open Offer, are set out in the Circular posted to Qualifying Shareholders today and available on the Company's website.

1 On 10 October 2017, the Company announced that it had received a conversion notice from Lind to the value of US$0.15 million, in accordance with the terms of the Lind Facility, whereby Lind are entitled to convert US$0.15 million into 2,152,333 shares in the Company at a conversion price of 4.5 pence per share. This has resulted in an increase in the number of Open Offer Shares available to Qualifying Shareholders to 20,129,349 from 20,048,306.

Application has been made for the Open Offer Shares to be admitted to trading on the AIM market ("AIM") of London Stock Exchange, ("Admission"), and it is expected that Admission will become effective and that dealings will commence in the Open Offer Shares at 8.00 a.m. on 7 November 2017.

Following the issue of the Open Offer Shares (assuming full take-up under the Open Offer), the enlarged ordinary share capital of the Company will be 644,139,184 Ordinary Shares.

EXPECTED TIMETABLE OF PRINCIPAL EVENTS

Each of the dates in the above timetable is subject to change at the absolute discretion of the Company. If any of the details should change, where appropriate, the revised times and/or dates will be notified to Shareholders by means of an announcement through a Regulatory Information Service.

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