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Corporate Update - Posting of Scheme Document

Source: www.gulfoilandgas.com 7/1/2020, Location: South America

Columbus, the oil and gas producer and explorer focused on onshore Trinidad and Suriname, is pleased to confirm that on 30 June 2020 it has published and posted a Scheme Document to its shareholders which sets out the full terms and conditions of the proposed merger with Bahamas Petroleum Company plc ("BPC") and the steps required to make the merger effective, including obtaining shareholder approval for the merger at the Court Meeting and the Columbus General Meeting, each to be held on 27 July 2020.

The Company would encourage all shareholders to review the Scheme Document and cast their votes via the relevant proxy forms.

For regulatory compliance purposes, the Company notes the following key elements of the Scheme Document:

- Expected timetable of events: An expected timetable of events is set out in Appendix 1 to this announcement.

- Shareholder meetings: The Company will hold two shareholder meetings on 27 July 2020 to vote on the merger. Details on the Court Meeting and the Columbus General Meeting are set out in the Scheme Document. It is important that, for the Court Meeting in particular, as many votes as possible are cast so that the Court may be satisfied that there is a fair and reasonable representation of Scheme Shareholders opinion.

- COVID-19: In accordance with current government instructions in respect of the evolving situation regarding Covid-19 and the restrictions on social contact, public gatherings and non-essential travel, we request that you do not physically attend the shareholder meetings. Instead, you should return your forms of proxy by the relevant time. Any shareholder that attempts to physically attend the meetings will be refused admission in order to comply with current UK government public health instructions.

- Columbus Directors Recommendation: The Columbus Directors unanimously recommend that Columbus Shareholders vote in favour of the Scheme at the Court Meeting and the resolutions to be proposed at the Columbus General Meeting.

Cancellation of admission to trading on AIM on the Scheme becoming effective

In accordance with the expected timetable of events appended hereto, a request will be made to the London Stock Exchange prior to the Effective Date to cancel the trading in Columbus Ordinary Shares on AIM with effect from 7.00 a.m. on 10 August 2020. If any of the key dates set out in the expected timetable change, an announcement will be made through a Regulatory Information Service.

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