Columbus Energy said today that a round of redundancies at its Spanish subsidiary will set it back £360,000.
Trinidad-focused Columbus said the redundancy plan had been approved by the vast majority of the 14 affected employees and by the trade union involved.
The costs were met from currently available funds.
Columbus awaits formal closure of the current La Lora concession by the Spanish authorities, which is expected imminently, and is expecting that the re-tender exercise will begin in Q2-Q3 2018.
Columbus executive chairman Leo Koot said: “We would like to thank the employee representatives and the trade union for undertaking the a collective dismissal procedure in a professional manner and for the swift conclusion of the negotiations.
“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.”