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Columbus Energy continues to monitor operations and looks to acquisitions

Oil sales out of Trinidad rose in the first quarter, versus the same period last year
oil and gas operations
Columbus ended the half with £1.8mln

Columbus Energy Resources PLC (LON:CERP) has told investors that over the remainder of 2018 it will continue to evaluate its operational results and follow its growth strategy.

Its plan is to enter South America, to leverage its regional operational experience.

“In order to de-risk the portfolio further and provide further opportunities for growth, Columbus is also assessing M&A opportunities in other countries in South America and the Caribbean,” the company said in its interim results statement.

WATCH: Columbus Energy 'well capitalised' as it continues to build portfolio

“Active discussions are currently ongoing with various parties and, as previously noted, the company will be looking for onshore, operational assets in jurisdictions where early actions can be taken to grow production quickly.”

In terms of operational and financial results, the company generated sales of 88,380 barrels from operations Trinidad in the six months to 30 June. The daily rate averaged 485 bopd for the period, with the rate peaking at 648 bopd.

It had £3.6mln of revenue in the first half up from £2.4mln in the comparative period of 2017, meanwhile, it reported a £429,000 gross profit and a £2.46mln net loss, including £2.21mln of admin expenses.

At the end of June, it had £1.8mln of cash.

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