StockMarketWire.com - Oil and gas producer Columbus said it had signed a production sharing contract with Staatsolie Maatschappij Suriname for the Weg Naar Zee Block, onshore Suriname. The Weg Naar Zee (WNZ) block was 'a low cost, low risk entry into a block with an estimated 24mmbbl STOIIP in a proven hydrocarbon province, close to existing infrastructure, the company said. Under the contract, the company had the right to control the timing of appraisal and development work. Phase one of the exploration period would last three years consisting of G&G studies and two extended well tests. 'Staatsolie have been seeking partners with experience in onshore field developments with secondary and tertiary recovery experience to commercialise the discovered oil resources. Columbus's experience in Trinidad will perfectly complement the existing Staatsolie oilfield production operation experience in Suriname,' the company said. ‘Provided the results from the extended well tests are as expected, the Company intends to fast track the development of the WNZ oil discoveries,' it added.

At 9:26am: [LON:CERP] Columbus Energy Resources Plc Ord 0.05p share price was +0.3p at 4.25p



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