Columbus Energy Resources : Res - Update on Saffron Well

12 December 2019

COLUMBUS ENERGY RESOURCES PLC

('Columbus' or the 'Company')

Update on Saffron well - South West Peninsula, Trinidad

Columbus, the oil and gas producer and explorer with operations in Trinidad and Suriname, is pleased to provide an update on the progress of the Saffron well, currently being drilling in the South West Peninsula, Trinidad.

The drilling of the Saffron well is continuing as planned with encouraging results to date. The 8 ½' pilot hole was successfully drilled to the planned depth and encountered hydrocarbon bearing zones within the tertiary target. This provided the Company with the knowledge and confidence to widen to the 17 ½' hole size and set 13 5/8' casing, which would allow future testing of encountered oil zones on a successful completion of the well.

Whilst drilling the 12 ¼' section, further shows of oil bearing intervals have been encountered within the secondary target as well as high formation pressures. This has required careful measures to ensure the wellbore is in a stable condition whilst continuing to drill. The Company is currently drilling ahead the main 8 ½' hole section with which it is planned to reach our prognosed Lower Cruse primary target. On achievement of the TD (Total Depth) criteria the Company intends to log and perform production testing of the well, as appropriate.

The Company will update, when appropriate, as drilling continues.

Leo Koot, Executive Chairman of Columbus, commented:

'The drilling of the Saffron well is progressing towards our total depth target and we have been encouraged by various oil and gas shows throughout the drilling campaign. I have been at the rig-site during the critical phases of the well campaign and continue to supervise day to day operations. The knowledge of the formations and rig systems gained so far from drilling the Saffron well is being applied to the final stages as we reach the primary target and will also prove valuable information for the future wells within the Southwest Peninsula including any development drilling. The Company looks forward to updating the market as appropriate.'

This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

Qualified Person's statement:

The information contained in this document has been reviewed and approved by Stewart Ahmed, Chief Technical Officer (Trinidad), for Columbus Energy Resources plc. Mr Ahmed has a BSc in Mining and Petroleum Engineering and is a member of the Society of Petroleum Engineers. Mr Ahmed has over 33 years of relevant experience in the oil industry.

Contact Information

Columbus Energy Resources plc Leo Koot / Gordon Stein / Tony Hawkins	[phone]
VSA Capital Limited Financial Adviser andBroker Andrew Monk / Andrew Raca	[phone]
Beaumont Cornish Limited Nominated Adviser Roland Cornish / Rosalind Hill Abrahams	[phone]
Celicourt Communications Public and Investor Relations Mark Antelme / Jimmy Lea	[phone]

Notes to Editors:

Columbus Energy Resources Plc is an oil and gas producer and explorer focused on onshore Trinidad and Suriname. The Columbus Energy group has five producing fields, two appraisal/development projects and a highly prospective exploration portfolio in the South West Peninsula ('SWP'), which lies in the extreme southwest of Trinidad and consists of stacked shallow and deep prospects. Columbus aims to create transformational growth by developing its portfolioin a capital efficient and disciplined manner.

Columbus is guided by the following core values; safe and sustainable, stronger together, creative excellence, positive energy, totally trusted and personally responsible.

The Company is led by an experienced Board and senior management team with supportive shareholders and intends on leveraging its expertise and experience to build an attractive and diversified portfolio of assets across South America in order to build an oil production led South American exploration business.

To find out more, visitwww.columbus-erp.comor follow us on Twitter@Columbus_ERP.