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Agree with your post (Mon 21:3), Garnhiem.
Q&A with Predator Oil & Gas Paul Griffiths ( Vox Markets Q and A with Predator oil and gas Paul Griffiths 15th July 2019 ),....... "The prize is huge in Trinidad",.....I hold a six figure shareholding here, LayLadyLay,...good luck with all your shareholdings.
BW
A couple of dates for the diary..
‘As part of agreement with Predator, Predator has the right until to purchase FRAM for US$4.2m. In conjunction with the extension of the Inniss Trinity IPSC and recognising the timeline of the CO2 Pilot Project, the date by which Predator can elect to purchase FRAM has been extended to 30 September 2020 (or 30 June 2020 should the CO2 pilot project not progress beyond its first phase).‘
‘Columbus, the oil and gas producer and explorer with operations in Trinidad and Suriname, is pleased to confirm an extension to the term of the Goudron Incremental Production Service Contract ("IPSC") to 31 March 2020, allowing time for the Company and Heritage to negotiate a longer term extension.‘
LayLadyLay - PRD gave an indication of capital cost at inception and have subsequently indicated that they have come in under budget - presumably the final figure will be agreed between the companies and announced in due course .
As to how long before CERP benefit that clearly depends on the yield and PRD projected a relatively modest bopd for a successful outcome - it's on their website .
It's not really worth having a spat over how many bopd this deal will produce otherwise the debate is reduced to Irene Krapp levels - suffice to say CERP assumed the deal with the takeover and if it exceeds expectations that would be great and may lead to the $4.2 million buy out. If it doesn't work out that will be a shame but the field had a huge MWO which has been lifted in return for the CO2 scheme - CERP has other priorities for cash at a higher netback in SWP and probably Suriname .
I think you’ll find PRD are covering the operational costs of these wells, including the previous work overs.
Happily to be proved wrong with previous RNAs from CERP or PRD.
"Predator benefits from a Well Participation Agreement with FRAM Exploration Trinidad Ltd ("FRAM"), a wholly owned subsidiary of Columbus, whereby Predator will help plan and fund the Pilot CO2 EOR in return for 100% recovery of its project costs from Pilot CO2 EOR profits from oil sales, and thereafter 50% of all profits attributable to the Pilot CO2 EOR. "
How much will the project costs run to and how long will it take for PRD recovery of costs from Pilot CO2 EOR profits?
Presumably FRAM will be receiving nil benefit from Pilot CO2 EOR profits until PRD has recovered 100% of it's costs.
However, during that period FRAM will be operating free of charge to PRD but incurring operating costs of their own and not sharing any of the Pilot CO2 EOR profits. That's how it seems to me unless anyone has a different reality to share?
It all sounds a bit open ended. Even if costs can be accurately forecast, which seems somewhat doubtful at this early stage, there is no way to accurately forecast what profits are likely to be achieved other than by guesswork.