Columbus provides the following update about the restructuring of the Petroleum Company of Trinidad and Tobago Limited (Petrotrin) which was announced on 28 August 2018, which Columbus believes will have no negative impact on its Goudron operations. The planned restructuring of Petrotrin's operations include the announced future closure of their oil-refinery operations at Point-a-Pierre and a restructuring of their exploration and production business and it is planned that the transition to this new model will begin in October 2018. The restructuring plan is geared towards curtailing losses at the State-owned oil company and steering it on a path towards sustainable profitability. As Petrotrin exits the oil refining business, it intends to re-design its exploration and production operations. It is proposed that refining of oil will be phased out as the re-structuring plan is rolled out, with all of the Company's oil eventually to be exported for processing at other international facilities. At present Columbus sells oil produced from its Goudron operations directly to Petrotrin "at the Goudron site gate" via marketing arrangements associated with the Incremental Production Service Contract between Columbus and Petrotrin. Columbus believes that the proposed changes will have no impact on its Goudron operations as the marketing arrangements will not change and the Company does not interact directly with the refinery. Columbus currently receives an oil price, as calculated by Petrotrin on a monthly basis, after taking account of various factors, including refining and other costs, with the oil price received by Columbus from Petrotrin tending to range at a discount to WTI (West Texas Intermediate) of between 4-6%. The Company will continue to sell production to Petrotrin under the existing contracts, however, rather than selling to the refinery, Petrotrin will export the product at world pricing. This could possibly benefit Columbus in the future as the Company does not currently receive any premium to the oil price it receives from Petrotrin, despite the fact Goudron oil has an API of approximately 38 API, which places it at a higher value than average Trinidad crude oil. Columbus recognizes that Petrotrin has to be structured for profitability and the losses currently being seen at the refinery are un-sustainable into the future. The Company believes that the decisions announced will benefit Trinidad and Tobago in the long term, whilst recognizing that this will cause difficulties for many Petrotrin employees in the short-medium term. It is in everyone's interests that Trinidad has a strong and viable oil and gas industry which will enhance the living standards of the people of Trinidad and Tobago. Petrotrin has also indicated that they will be meeting with all stakeholders before the transition commences in October and Columbus looks forward to taking an active part in such meetings.