Gulf Oil and Gas accountACCOUNT

Columbus Energy Provides Update on La Lora Concession

Source: www.gulfoilandgas.com 11/5/2018, Location: Europe

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, Compa??a Petrolifera de Sedano S.L.U. ("CPS").

CPS has received notification from the Spanish Government that it should commence the decommissioning of the Ayoluengo field. As previously announced, 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. No reasons have been given by the Spanish Government for the decision not to re-tender the La Lora Concession and the Company will consider its options in this regard.

The Company already carries sufficient provision in its accounts for decommissioning costs. There are various assets on site, including equipment, and these will be moved to, and utilised in, the Trinidadian operations or sold to offset any such costs. No material cash expenditure is expected to be made by the Company in relation to the decommissioning of the La Lora Concession.

Leo Koot, Executive Chairman of Columbus, commented:

"The Company is disappointed that the Spanish Government has not publicly stated why it has decided not to re-tender the La Lora Concession, especially as we have been led to believe that a new tender would be forthcoming before the end of 2018. The Company will consider its options with respect to the Government's decision."

Exploration News in Spain >>

United Kingdom >>  12/12/2018 - i3 Energy plc, an independent oil and gas company with assets and operations in the UK, has released a new presentation on its website which provides ...
Guyana >>  12/11/2018 - Total is ready to start its exploration campaign on the Guyane Maritime license, located 150 kilometers off the French Guyana coast, in the days follo...

Angola >>  12/10/2018 - Eni struck a new oil discovery in the Afoxé exploration prospect located in Block 15/06, offshore Angola. The discovery is estimated to contain betwee...
Canada >>  12/10/2018 - The Canada-Nova Scotia Offshore Petroleum Board (CNSOPB) has issued Call for Bids NS18-3, which includes two industry-nominated parcels. Bids must be ...

Ghana >>  12/6/2018 - UK oil explorer Tullow Oil is seeking partners in a bid to acquire a new oil block in Ghana which launched its first oil bidding round in October, the...
Kazakhstan >>  12/4/2018 - Reach Energy has announced that its exploration well, North Kariman-3 ('NK-3'), located in the North Kariman field in the onshore Emir Oil Concession ...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Spain Oil & Gas 1 >>  2 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.