Columbus Energy Announces Operational update in Trinity Inniss Field

Source: 6/1/2020, Location: South America

Columbus, the oil and gas producer and explorer focused on onshore Trinidad and Suriname, is pleased to announce the start of Phase 2 of the CO2 Pilot Project in the Trinity Inniss field.

Leo Koot, Executive Chairman of Columbus, commented:

"The Company is very pleased to have started Phase 2 of the CO2 Pilot Project in the Trinity Inniss field, which has the potential to materially increase oil production in the field. Acting in conjunction with our partner, Predator Oil and Gas plc, we have already commenced injection of CO2 into the reservoir and will be building up to continuous injection in the coming weeks. The CO2 project is an important enhanced oil recovery project for both the Company and Trinidad and I look forward to updating the market as to the results of the CO2 injection in due course."

Background - Trinity Inniss CO2 Project

As previously announced, the term of the Trinity Inniss Incremental Production Service Contract ("IPSC") was extended to allow for the implementation of the CO2 Pilot Project.

Earlier in the year, the Company injected the first tank of CO2 into well AT5X in the Trinity Inniss field and is now proceeding with Phase 2, with the immediate objective of maintaining CO2 injection at the optimum peak rate of 9 metric tonnes per day. The Company will measure the impact of continuous CO2 injection on oil production in offset wells to AT5X and hopes to see material increases in production levels.

The Company's interest in the Trinity Inniss field benefits from an agreement with Predator Oil and Gas plc ("Predator"), whereby Predator plans and funds the CO2 EOR Pilot Project (the "CO2 pilot project"). As part of the agreement with Predator, the Company and Predator share 50:50 in any incremental oil production (after Predator recovers its costs associated with the project).

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.

Gulf Oil and Gas
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