Today, the Trinidad-focused oil and gas firm released its financial results statement for the twelve months ended 31 December 2017, which was a significant period of change.
The company, formerly LGO Energy, was renamed and effectively re-launched – with a completely new management team and a fresh strategy.
It materially improved operating efficiencies and strategy at the Goudron field, increasing production (the rate measured 550 barrels of oil per day in December 2017) and accelerating a planned water injection work programme.
Additionally, it advanced efforts to start new exploration drilling in the group’s South West Peninsula acreage and, in the current period, it had agreed to take full ownership of the Icacos field.
At the end of December, Columbus had £4mln of cash and £1.21mln of debt. The company reported a £5mln pre-tax loss including certain legacy costs which won’t recur in 2018.
Columbus is now aiming to drill its first well in the South Peninsular in the first half of 2018, meanwhile, development work is anticipated at the Goudron field where the company is aiming to materially increase production to over 800 bopd by year end.
Fully funded work programmes
In the results statement, it highlighted that it is fully funded for the 2018 plans.
It is expected that the capital spending bill will amount to US$2.6mln for the present year, meanwhile a further US$1.2mln is due to be spent on optimisation and enhancements.
“Our 2018 work programme, fully funded from cashflow, includes: the continued ramp-up of production at Goudron; the reactivation of the Bonasse oilfield; the optimisation of the Icacos oilfield; and the working up of our exploration programme at SWP, as we prepare to drill in 2019,” said executive chairman Leo Koot.
He added: “We have the underlying assets with transformational growth potential, a team with the passion and capability to deliver this and the means by which to do this from our own cash.”
“We have the ideal platform from which to grow.”