South West Peninsula
Trinidad operations comprise of four main assets; the Goudron Field, the Icacos Oilfield, the Cedros Peninsular leases, and Beach Oilfield Limited leases (BOLT) containing the Bonasse Oilfield.
Goudron field (Columbus, 100%)
Goudron is a high quality oil field which lies between the East Moruga and Beach Marcelle fields in south-eastern Trinidad and has direct access to the Petrotrin oil export pipeline to the Point-a-Pierre refinery in western Trinidad.
- Discovered in 1927
- Developed by Texaco between 1956 and 1986
- Exceptionally high quality oil in a shallow reservoir
- Original wells still produce at economic rates (GY-209 completed in 1956, currently produces 12 bopd)
- The most recently drilled well, GY-683, drilled in April 2017 was placed on initial production at 80 bopd.
- Long term strategy for field development is production growth through Enhanced Oil Recovery (EOR)
South West Peninsula
Icacos Oilfield (Columbus, 50%)
Located in the extreme southwest of Trinidad, the Icacos oilfield is operated by the Territorial Services Group (a subsidiary of Touchstone Exploration Inc).
- 1,960 acres onshore, producing since 1960
- Very limited available seismic data
- Recent exploration has only targeted shallow horizons
- Average production of approximately 25 bopd
- Additional development potential and possible deeper targets
Cedros Leases (Columbus, 100%)
Located around the Icacos field within the south west peninsular and operated by Columbus, .
- The Cedros leases cover approximately 1,750 acres
- Prospective and underexplored acreage
- 3D seismic data available
Beach Oilfield Limited (Columbus 100% interest in deeper rights and 25% interest in BOLT)
Columbus entered into a Letter of Intent with Beach Oilfield Limited (“BOLT”) to cross-assign the interests of the two companies within the Cedros Peninsula at stratigraphic levels below 7,000 feet.
- Columbus has a 100% working interest in the deep rights below 7,000 feet
- Columbus holds a 25% direct interest in BOLT, which includes the shallow petroleum rights above 7,000 feet and the producing Bonasse oilfield
- BOLT to receive an overriding royalty on any future production revenues
- Completion of the transaction will bring a further 10,900 acres of private petroleum leases in the Cedros Peninsula
The onshore oilfields of southern Trinidad perfectly fit Columbus’ strategy of acquiring and redeveloping oil and gas fields with unexploited reserves. Using new technology and making investments in work-overs, new facilities and infill wells Columbus expects to substantially increase the production from its acreage in Trinidad in the next few years. Additional opportunities exist to add further assets in Trinidad from third party operators and there is untapped exploration potential associated with each of Columbus’ fields.
Columbus seeks to maintain high quality relationships with all stakeholders and to be considered as a partner of choice in the ongoing development of onshore resources in Trinidad. The Trinidadian Minister of Finance recently stated that there were 3 billion barrels of oil to be recovered onshore in Trinidad and Columbus seeks to pay a leading role in that effort.
On the 27th January 2017 the Spanish Cabinet of Ministers informed the Company that its Licence extension application for the renewal of the La Lora Concession had been rejected. Contrary to advice obtained by the Company in Spain which suggested that there was a strong case for a renewal, the ultimate decision was taken on a purely legal, rather than commercial or technical basis and this was complicated by relevant petroleum laws changing several times between the granting of the initial licence and its expiry. As a consequence, the Concession terminated at midnight on 31 January 2017.