Columbus Energy Resources (CERP)

Sector:

Energy Producers

Index:

FTSE AIM All-Share

3.60p
   
  • Change Today:
    -0.30p
  • 52 Week High: 4.90
  • 52 Week Low: 2.35
  • Currency: UK Pounds
  • Shares Issued: 846.51m
  • Volume: 3,186,153
  • Market Cap: £30.47m
  • Beta: 0.80

Columbus completes dismissal of 15 employees in Spain

By Josh White

Date: Monday 26 Mar 2018

LONDON (ShareCast) - (ShareCast News) - Trinidad-focussed oil and gas producer Columbus updated the market on its Spanish subsidiary, Compañía Petrolifera de Sedano (CPS) on Monday, after it began a collective dismissal procedure under Spanish law affecting its employees in Burgos.
The AIM-traded firm said the collective dismissal process was now complete, with the redundancy plan it proposed approved by the vast majority of the 14 affected employees and formally approved by the trade union.

It said the final cost to the company was around €0.41m.

The process was completed on time and the final cost was consistent with the relevant budget approved by the board, Columbus reported.

It said the costs were met from currently available funds.

Columbus estimated that ongoing running costs to maintain the Ayoluengo field on a care-and-maintenance basis would now be around €15,000 per month, which compared to the €60,000 incurred per month since early 2017.

The company said it was awaiting formal closure of the current La Lora concession by the Spanish authorities, which was expected imminently, and was also expecting that the re-tender exercise would begin in the second and third quarter of 2018.

It was the board's intention to participate in the re-tender, and it said it remained open to bidding jointly with a partner.

"We would like to thank the employee representatives and the trade union for undertaking the collective dismissal procedure in a professional manner and for the swift conclusion of the negotiations," said Columbus executive chairman Leo Koot.

"We look forward to the formal closure of the concession and participating in the re-tender exercise.

"We would welcome expressions of interest from parties who would like to join us in the re-tender process."

Email this article to a friend

or share it with one of these popular networks:


Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

CERP Market Data

Currency UK Pounds
Share Price 3.60p
Change Today -0.30p
% Change -7.69 %
52 Week High 4.90
52 Week Low 2.35
Volume 3,186,153
Shares Issued 846.51m
Market Cap £30.47m
Beta 0.80

CERP Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
19.47% below the market average19.47% below the market average19.47% below the market average19.47% below the market average19.47% below the market average
38.95% below the sector average38.95% below the sector average38.95% below the sector average38.95% below the sector average38.95% below the sector average
Price Trend
44.63% above the market average44.63% above the market average44.63% above the market average44.63% above the market average44.63% above the market average
65.05% above the sector average65.05% above the sector average65.05% above the sector average65.05% above the sector average65.05% above the sector average
Income Not Available
Growth
22.52% above the market average22.52% above the market average22.52% above the market average22.52% above the market average22.52% above the market average
3.12% below the sector average3.12% below the sector average3.12% below the sector average3.12% below the sector average3.12% below the sector average

What The Brokers Say

Strong Buy 2
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 2
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

CERP Dividends

No dividends found

Trades for 22-Nov-2019

Time Volume / Share Price
16:29 1,000,000 @ 3.80p
16:27 232,549 @ 3.65p
16:11 114,685 @ 3.56p
16:01 21,185 @ 3.75p
16:00 7,752 @ 3.75p

CERP Key Personnel

CFO Gordon Stein
Chair Leo Koot
CEO Tony Hawkins

Top of Page