Columbus Energy Resources has announced the signature of a Production Sharing Contract with Staatsolie Maatschappij Suriname N.V for the Weg Naar Zee Block, onshore Suriname. Onshore block with a discovered resource of 24mmbbl (STOIIP) in a proven hydrocarbon province. Large block (900km) with exploration potential. No signature bonus or upfront consideration. Company can control timing of appraisal/development work. Phase 1 Exploration Period (3 years) consists of G&G studies and 2 Extended Well Tests. Suitable for application of Enhanced Oil Recovery techniques used by Columbus in Trinidad. Complimentary to existing operations and on-strategy. Staatsolie have been seeking partners with experience in onshore field developments with secondary and tertiary recovery experience to commercialize the discovered oil resources. Columbus's experience in Trinidad will perfectly complement the existing Staatsolie oilfield production operation experience in Suriname. Provided the results from the extended well tests are as expected, the Company intends to fast track the development of the WNZ oil discoveries.