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Columbus Energy Resources PLC (LON:CERP) is continuing talks with about extending the incremental production service contract (IPSC) for Trinidad’s Goudron oilfield.

With the contract due to run out at the end of the month, an extension has been agreed until 31 March 2020 for Columbus and state-owned Heritage Petroleum to negotiate a longer term extension

“Similar to the Inniss-Trinity IPSC, for which an extension and modification was recently granted, the company looks forward to working with Heritage to agree a mutually beneficial work programme and fiscal regime for the Goudron IPSC so that we can continue to produce from Goudron for many years to come,” said Leo Koot, Columbus Energy’s executive chairman.

“This will need to be for the benefit of both Columbus and Heritage, taking account of the Trinidad regulatory and taxation environment affecting IPSC’s such as Goudron. 

“We will update the market as soon as the longer term extension is agreed.”