Columbus Energy Resources : Res - Saffron Well - Update

9 January 2020

COLUMBUS ENERGY RESOURCES PLC

('Columbus' or the 'Company')

Saffron well - update

Columbus, the oil and gas producer and explorer with operations in Trinidad and Suriname, is pleased to announce an update for its Saffron well, onshore Trinidad.

Highlights

· The Company has successfully completed drilling and casing operations for the Saffron well, reaching a total depth ('TD') of 4634 feet as planned.

· The Company completed open hole logging to a depth of 2545 feet, with cased hole logging to TD currently underway with processing and interpretation to be completed in the coming weeks.

· In the Upper, Middle and Lower Cruse (the tertiary, secondary and primary targets), the Company drilled multiple sand packages with high sandstone content and multiple oil shows to TD. The full potential of the well will be evaluated in the coming weeks upon the processing and interpretation of the cased hole logging.

· The Company is planning to complete and test the Saffron well in Q1 2020.

Leo Koot, Executive Chairman of Columbus, commented:

'The Company is very pleased to have successfully completed the drilling of the Saffron well. Our drilling team has done a fantastic job in reaching target depth in a very complex geological area. I am excited that we have encountered multiple sand packages and multiple oil shows to TD, as we had hoped, including in the Lower Cruse which was our primary target. I believe this confirms the potential of the South West Peninsula. The Company has gained an enormous amount of knowledge about how to successfully drill wells in the South West Peninsula and we look forward to seeing the interpreted logging data and completing and testing the Saffron well in Q1 2020. In our view, the economics for the South West Peninsula are very robust and depending on the test results from Saffron, we look forward to further appraisal drilling as is appropriate.'

Saffron well update

The Saffron well was spudded on 29 October 2019, using Talon Rig #38. The well was planned and drilled as a vertical well to a measured depth of 4634 feet.

The Saffron well was originally proposed to be drilled to 4,600 feet (measured depth). Whilst drilling, the Company encountered expectedly high formation pressures and undertook careful measures to ensure the wellbore remained stable. This involved increasing the weight of the drilling fluids within the Upper and Middle Cruse sections as well as spending extended periods of time maintaining the wellbore. In line with the Company's Total Depth criteria, it was decided to case and complete the well at 4634 feet.

During drilling:

• the Upper and Middle Cruse sections, to a depth of 1978 feet, were evaluated using open hole Quad Combo logging tools; and

• the Upper and Middle Cruse sections, between 1978 feet and 2545 feet were evaluated using a open hole Platform Express log.

Open hole logging of the remainder of the well bore was not possible due to difficult in hole conditions. The Company then proceeded to case the hole. The Company intends to complete the cased hole logging of the well, to TD, in the coming days and then process and interpret the results in the coming weeks ('TD Cased Hold Logging').

All analysis and information herein is based on the completed wireline logging data, correlated with drilling samples.

As previously reported, the Saffron well first encountered hydrocarbons (oil shows) at 500 feet whilst drilling the 8½' pilot hole in the Upper Cruse. As such, the Company decided to widen the hole above the first encountered show and set 13 5/8' casing, before drilling through the known hydrocarbon zone with a 12½' hole. This completion method allowed open hole logging to analyse both the shallow hydrocarbons as well as additional oil bearing sands encountered within the tertiary and secondary targets between 500 and 1970 feet.

The open hole logging within the tertiary and secondary targets (Upper Cruse and Middle Cruse, respectively), indicated that there were oil bearing sands in line with the producing offset wells within the Bonasse field.

The TD Cased Hole Logging, that will be completed in the following days with processing and interpretation in the following weeks, will assist in validating the previous logging over the Upper and Middle Cruse and the Company will provide a consolidated interpretation for the Upper, Middle and Lower Cruse once the TD Cased Hole Logging is complete.

The primary target of the Saffron well was the slope deposits of the Lower Cruse, which have not previously been drilled within the Bonasse licence area. Biostratigraphic analysis indicated the penetration of the Lower Cruse at approximately 4000 feet, at which point the well was within good quality sands and oil was observed across the shakers as well as within the drilling cuttings. The full potential of the Lower Cruse will be evaluated upon the processing and interpretation of TD Cased Hole Logging.

The Company has a completion and testing plan which it plans to complete in Q1 2020.

Background

The Saffron well was drilled in the Bonasse licence area in the South West Peninsula of Trinidad, which includes the Bonasse field. The Company is the 100% owner of the Bonasse licence area.

The Saffron well is the first well drilled by Columbus ERP as well as the first well within the Southwest Peninsula in over 11 years.

Glossary

'Quad Combo log' means the use of resistivity, sonic, density and neutron tools to log a well.

'Platform Express log' means the Schlumberger logging tools using resistivity, sonic, density and neutron tools to log a well.

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, 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. In Trinidad, the Columbus Energy group has five producing fields, one appraisal/development project 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. In Suriname, the Company has recently secured an onshore appraisal/development project. 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.