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I'm just skimming the Annual report - a bit more info on T&T (p1):
"The Company has a reasonable expectation that an amicable settlement of the dispute will be achieved in 2022 which
will facilitate the Company establishing its in-country CO2 EOR services Special Purpose Vehicle (“SPV”) using its
subsidiary Predator Oil & Gas Trinidad Ltd. New CO2 EOR projects resulting from the provision of advisory services
and in addition potential ASSETS suitable for CO2 EOR over which the Company will have full UNFETTERED TITLE will be
incorporated into the SPV.", and
"The termination of the Inniss-Trinity CO2 EOR Project has unexpectedly been the CATALYST to make substantial progress towards the Company’s preferred business objective of achieving a self-financing CO2 EOR and CO2 sequestration business in Trinidad."
(caveats re no guarantees, of course)
So the expectation seems to be that matters with FRAM will be resolved quickly (i.e. this year, without the need for a protracted legal case) and the SPV will include assets, not just service provision.
Sorry Croxie auto correct there on your name.
Crozier - it's the language used I am referring to. Much of it is written in present tense as it was when announced, which is reasonable. Where it has changed significantly, there are other entries that address that as with the Fram loan. Those too are largely in the tense they were announced in. The purchase order is the same. If the well heads were on their way or received, that would require a new announcement and so would have an update. There is little difference between preparing and issuing POs so no announcement is reasonably required. As such, no post balance sheet update is required.
What I caution against is relying on the tenses matching past announcement and assuming everything has been static since. That would not be a reliable assumption, not is it an error in the drafting. It's a style choice which is reasonably available.
Morning all
Agree, TT-T all known about, Ardmore is slightly new tho.
Atb
Wacky
TT - Its post balance sheet so should be as up to date as of today.
I think both that and the long lead item reference will have been prepared a while ago. It has to be read with the further updates addressing the reliability of the loan receipt.
I think one needs to be hesitant in interpreting all of that as a picture of right know. Even post period events reflect a series of different 'nows' at different times when they were announced
As usual not enough meat on the bones. An RNS should be detailed, leaving no room for interpretation or conjecture.
Facts, with an unambiguous explanation.
MEM
"Discussions opened with FRAM Exploration Trinidad Ltd. regarding a settlement to the dispute surrounding the premature termination of the Inniss-Trinity CO2 EOR project contrary to the terms of the Well Participation Agreement."
Does this suggest that FRAM/CEG are back at the negotiating table, or does this refer to the stalled discussions had prior to legal action?
Looks like the focus is sharpened in Trinidad. It would be excellent to sign one or more CCS/EOR Contracts with a few different, tier one T&T E&P’s, that would be a great vote of confidence, something PRD can build on, whilst being ‘supported’ by the Government to help the country reach its goals of increased oil production and meeting the Paris accord targets.
MEM
Confirmed further this morning...
"we are pleased that the project established "Proof of Concept" for CO2 EOR operations in Trinidad. This has allowed us to move forward quickly with a new CO2 EOR project better suited to our commercial guidelines for business development in Trinidad. We remain a niche provider of CO2 EOR services with unique practical operational experience and subsurface technical understanding of CO2 sequestration."
Morning
The important point ...
that has elevated PRD to being a named stakeholder ...
is that, whilst some folk were just talking about it for years, PRD has been able to achieve physical results
At a time of turmoil in the energy markets, that proven ability should be in demand
I strongly suspect it is
Regards
GRH
Agreed Nicidemus… first time PRD had been mentioned in dispatches.
Interesting that CERM appears too having heard nothing from them for 18/24 months.
http://www.thecermproject.com/home/overview-of-the-cerm-project
The vision for CO2 EOR was all laid out 5 years ago. I thought the boat had sailed, but the steering committee just might get it there!
https://youtu.be/N-Wwd1I9hT0
‘ the Company was involved in discussions with our trusted stakeholders to roll out up to six new CO2 EOR projects onshore Trinidad including the potential for a miscible CO2 flood.’
Just how big is the size of the prize in Trinidad ?
‘ Important very preliminary discussions were held regarding expanding our operations to include green hydrogen, developing markets for our potential gas products in general and sourcing non-fracked LNG for the Mag Mell project in Ireland. ’
July along with Nov and December could be key Trinidad news months (for PRD) based on steering committees activities and milestones table on page 8 of this https://www.energy.gov.tt/wp-content/uploads/2022/06/Update-on-the-Carbon-Capture-CO2-EOR-Steering-Committee.pdf ?
Indeed T-TT, been invested of years and pretty sure we have not been mentioned before in T & T government publications in relation to CCS EOR. It has always been Petrotrin/Heritage, plus FRAM or one of the many earlier or current incarnations of CEG I.e. FRAM, BPC/CERP or now CERL stealing the limelight. Interesting that none of the myriad acronyms mentioned in this publication.
It's interesting that PRD were one of the bodies consulted, and Fram were not. Massy also consulted there.
Great find Wacky. Many thanks
Thanks Wacky, let’s see if PRD can build some momentum from here.
PRD’s T&T operation, reminds me of that character asleep in the corner from Father Ted, occasionally wakes up, shouts something and goes back to sleep….
MEM
Hi all,
Looks like Trinidad are putting a lot of effort into rolling out a “Major” CO2 project.
They must be quite happy with the proven results provided by Prd to take this next step.
The Ministry of Energy and Energy Industries have updated their site.
https://www.energy.gov.tt/our-business/carbon-capture-utilization-and-storage-ccus/2/
I would suggest clicking on all the links as there is a lot of info to digest.
AIMHO of course.
Gla.
Wacky.
Ps nice to see Prd get a mention in the CO2 carbon capture update section.