Columbus Energy Resources plc reported audited consolidated earnings and production results for the year ended December 31, 2017. For the year, sales revenue was £4,794,000 against £4,545,000 a year ago. Loss from operations was £4,196,000 against £3,989,000 a year ago. Loss before taxation was £5,020,000 against £11,886,000 a year ago. Loss for the year attributable to equity holders of the parent was £5,032,000 against £11,919,000 a year ago. Basic and diluted Loss per share was 0.94 pence against 4.26 pence a year ago. Net cash outflow from operating activities was £2,428,000 against £4,290,000 a year ago. Payments to acquire intangible assets were £21,000 against £1,000 a year ago. Payments to acquire tangible assets were £1,355,000 against £309,000 a year ago.

Production across the Company averaged 368 bopd in 2017, reaching a peak of 561 bopd in late December 2017.

Production has continued to grow in first quarter 2018 averaging 503 bopd and reaching a peak of 627 bopd during the quarter.

Capex for the year 2018 is expected to be approx. USD 2.6 million with an additional USD 1.2 million being spent on well optimisation activities. Sales revenues are forecast to grow substantially in 2018 as production grows in Goudron and assuming the oil prices remain as they have in first quarter 2018.