Columbus Energy Resources : Grant of Ministry approval - Saffron Prospect spud

29 October 2019

COLUMBUS ENERGY RESOURCES PLC

('Columbus' or the 'Company')

Grant of Ministry approval - Spud of Saffron Prospect

Columbus, the oil and gas producer and explorer with operations in Trinidad and Suriname, is pleased to confirm the spud of the Saffron prospect having today received Ministry approval for the drilling of the Saffron prospect in the South West Peninsula, Trinidad. The Company expects to advance to drilling with the 8½ inch pilot hole in the next few days. The Company expects the well will take approximately 30-45 days to complete and evaluate and will update the market when appropriate.

Leo Koot, Executive Chairman of Columbus, commented:

'The Company is pleased to receive Ministry consent for the Saffron well and, as mentioned at the AGM, I will be actively involved at the rig-site during the critical phases of the well campaign. This has been the culmination of many years of commercial structuring, technical work, planning, and, more recently, site preparation activities. We will update the market as drilling activities on Saffron progress.'

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	[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 is operationally cashflow positive and 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.