Update on La Lora Concession

29 March 2018

COLUMBUS ENERGY RESOURCES PLC

("Columbus" or the "Company")

Business Update - La Lora Concession in 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").

The Company is pleased to announce that it has received official notification from the Spanish authorities of the closure of the La Lora concession (the "Concession"), covering the Ayoluengo oil field. The formal closure of the Concession was a necessary precursor to the re-tender of the Ayoluengo oil field by the Spanish authorities, which is expected to occur within the next 6 months.

It is the Company's intention to participate in the re-tender and is open to bidding jointly with a partner. The Company invites interested parties to contact the Company at [email protected] (for the attention of Tony Hawkins, Legal and M&A Director).

Leo Koot, Executive Chairman of Columbus, commented:

"The official closure of the La Lora Concession is an important milestone, as it allows the Company to look forward to the re-tender of the Ayoluengo oil field by the Spanish authorities. Given our knowledge of the Ayoleungo oil field, we will participate in the re-tender exercise and we would welcome expressions of interest from parties who would like to join us in the re-tender process."

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

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