Columbus may take over Icacos
PORT OF SPAIN, April 16, 2018 – Columbus Energy is in the early stages of acquiring additional stakes in the Icacos field of Trinidad and Tobago, the company said in a press release on Monday.
Columbus, which already holds 50% in the field, is in negotiations to buy the remaining stake from Touchstone Exploration subsidiary Primera Oil and Gas, becoming the operator. To do this, the companies must first strike a sale and purchase agreement and receive regulatory approval.
“In line with our ongoing focus on capital discipline, we are not expecting to pay any upfront payments for the Icacos purchase,” Columbus executive chairman Leo Koot said in the statement. “The consideration will be deferred and mirror the actual production levels from the Icacos field. All operational activities on Icacos will be funded from existing cash resources.”
Columbus aims to complete the transaction by Q2 2018. The company is present in Icacos through its subsidiary Leni Trinidad.
“Today’s news is another step in our strategy to build a core exploration, appraisal, development and potentially significant production hub in the South West Peninsula of Trinidad,” Koot said.