The block is owned by Steeldrum Oil Company which is being acquired by Columbus, due for completion later this year.
AIM-quoted Columbus highlighted that the extension allow Steeldrum to start commercial sales from the Snowcap-1 well, which is the beginning of the Cory Moruga field development.
"The formal extension of the Cory Moruga licence provides the perfect opportunity for the combined Columbus-Steeldrum group to bring a new field onto production before the end of 2018, using existing infrastructure and available funds,” said Leo Koot.
“The combined entity will then have six fields on production, providing a more robust production profile and with more options to determine where best to invest our funds to obtain the best "bang for our buck."
Koot added: “The Columbus-Steeldrum management team will continue to focus on ‘quick-wins’ to increase production to be implemented following completion of the transaction."