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Columbus Energy Provides Update on La Lora Concession

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

Columbus Energy has provided an update affecting its Spanish subsidiary,Compania Petrolifera de Sedano ('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.'

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