Columbus renegotiates BOLT deal

Trinidad-focused E&P company Columbus Energy Resources has completed a restructuring of its Beach Oilfield Limited transaction (BOLT), the company announced on Monday.

Additionally, Columbus entered a lease agreement with Singh Estates that will allow it long-term access to around 35 square kilometres of acreage in the South West Peninsula. According to the statement, the company now has a 100% operating interest in “multiple prospects of 20 [million]-400 million barrels in place” in that area.

“Today’s news is a major milestone for Columbus and further delivery of our strategy to build a core exploration, appraisal, development and potentially significant production hub in the South West Peninsula of Trinidad,” Leo Koot, the company’s executive chairman, said in a statement.

Going forward, Columbus plans to reactivate and optimise production at the Bonasse field, located in the peninsula.

“In line with our ongoing focus on capital discipline, the payments due under the renegotiated BOLT transaction and new lease arrangement are fully funded from existing cash resources and are included in the company’s 2018 budget,” Koot added.