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Columbus Submitted Drilling Application to Ministry

Source: 5/28/2020, Location: South America

Columbus, the oil and gas producer and explorer with operations in Trinidad and Suriname, is pleased to announce that it has submitted to the Ministry of Energy and Energy Industries ( Trinidad & Tobago ) a drilling application ("Drilling Application") for the Saffron 2 well in the South West Peninsula .

- Saffron 2 to be drilled as a twin to Saffron 1, from the same drill pad
- Saffron 2 to target the Lower Cruse intervals encountered in drilling Saffron 1, with a targeted Total Depth of 4557 feet
- The key objective of Saffron 2 is an extended production test and subsequent conversion to a production well aimed to produce the circa 40 API oil encountered in Saffron 1
- Drilling Application consistent with commercial arrangement for a full carry of Saffron 2, as announced 27 April 2020
- Approval of the Drilling Application by the Ministry would allow drilling in Q3 2020

Leo Koot , Executive Chairman, commented:
"We are delighted to have submitted a DRL2 application to the Ministry of Energy and Energy Industries to drill the Saffron 2 well, a follow up to the Saffron 1 well drilled earlier this year. Saffron 2 will be a twin to Saffron 1 and target the same Lower Cruse intervals where we discovered light, high quality oil (circa 40 API) from two test intervals. The logging of Saffron 1 showed over 300 feet of high-quality sands so we are very excited to test and appraise these sands with Saffron 2.

As previously announced, we are pleased to have signed a Term Sheet with a third party drilling contractor to drill Saffron 2 subject to a stabilised oil price (above US$35 for a sustained period) and operating environment. I am pleased to note that the oil price has, in general, recovered from its recent lows in April 2020 and we are hopeful of a stabilised oil price in Q3 2020."

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

Qualified Person's statement:
The information contained in this document has been reviewed and approved by Stewart Ahmed , Chief Technical Officer ( Trinidad ), for Columbus Energy Resources plc . Mr Ahmed has a BSc in Mining and Petroleum Engineering and is a member of the Society of Petroleum Engineers . Mr Ahmed has over 33 years of relevant experience in the oil industry.

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