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 States >>  7/18/2019 - In support of President Donald J. Trumpís America-First Offshore Energy Strategy, U.S. Secretary of the Interior David Bernhardt announced that the Bu...
Egypt >>  7/17/2019 - Egypt's Ambassador to Algeria Ayman Mosharafa said that he discussed with Algerian Energy Minister Mohamed Arkab means of boosting bilateral relations...

Norway >>  7/12/2019 - Aker BP is about to complete the Liat?rnet exploration well in licence 442 in the NOAKA area. The well has proved oil with a gross resource estimate o...
United Kingdom >>  7/12/2019 - Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, announces that the...

Colombia >>  7/10/2019 - Gran Tierra Energy Inc. (Gran Tierra) (GTE) announced an operations update. Production amounts are unaudited and on an average working interest before...
United Kingdom >>  7/10/2019 - The Oil and Gas Authority (OGA) has launched the 32nd Offshore Licensing Round with 768 blocks or part-blocks on offer across the main producing areas...

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.