Columbus, the oil and gas producer and explorer with operations in Trinidad and Suriname, provides the following update about the Inniss-Trinity CO2 pilot project.
The Company notes that Predator Oil & Gas Holdings Limited ("Predator"), its joint venture partner in the CO2 pilot project, has put out an RNS stating that it had made on offer to purchase the Company's interest in the Inniss-Trinity field (the "Offer").
Pursuant to the proposed merger with Bahamas Petroleum Company plc ("BPC") announced on 11 June 2020 and in accordance with the Scheme Document dated 30 June 2020 (the "Merger"), it is a condition of the Merger that the Company does not dispose of any material asset other than in a manner consistent with that disclosed to BPC (the "Conditions").
As previously disclosed, Predator has the right to purchase the Company's interest in the Inniss-Trinity field for US$4.2m by 30 September 2020 (the "Option"). Given the Offer was not consistent with the Option, the Company did not accept the Offer. Furthermore, given acceptance of the Offer would potentially put the Company in breach of the Conditions of the Merger, the Company advised Predator, at the time it received the Offer, that it had no intention of accepting the Offer and made Predator aware of the Conditions.
