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(Sharecast News) - Jersey-based Predator Oil & Gas saw its shares fall on Wednesday, after an announcement from Columbus Energy Resources that the petroleum operations management division of the Ministry of Energy and Energy Industries in Trinidad and Tobago has granted approval for the AT-5X carbon dioxide and injection system to start injecting for a period of 90 days.
The London-listed firm said that would allow the maximum carbon dioxide injection rate and pressure, as determined by the reservoir engineering forecasts, to be achieved.
It said the carbon dioxide injection and delivery system and site layout had been independently inspected, to ensure that "the highest" health and safety standards possible were applied, to enable operations to continue uninterrupted during the Covid-19 coronavirus pandemic.
"This is an important operational development that allows us to increase our ability to sequestrate anthropogenic carbon dioxide whilst accelerating the point at which revenues are generated," said chief executive officer Paul Griffiths.
"Enhancing the scale of return on investment can be achieved by maximising well deliverability."
Griffiths said the company was "pleased" that continuing to execute its carbon dioxide enhanced oil recovery strategy by increasing carbon dioxide injection volumes was helping to reach its near-term goal of developing a carbon-neutral energy business.
"At the same time, we are maintaining during these difficult times our support for contributing to the local economy, which is significantly dependent on the energy industry."
Predator's stated objective is to participate with FRAM Exploration Trinidad in further developing the remaining oil reserves in the producing Inniss Trinity oil field, onshore Trinidad, primarily through the application of carbon dioxide enhanced oil recovery technology.
Its board said potential for cash flow existed by executing a pilot enhanced oil recovery project using locally-sourced liquid carbon dioxide, for injection into the oil reservoirs.
Near-term expansion and growth potential was focussed on upscaling the enhanced oil recovery operations in the field, and potential acquisitions of assets suitable for similar development, subject to all necessary approvals.
At 1154 BST, shares in Predator Oil & Gas were down 7.69% at 2.4p.
11 Jul 2023 11:43
CORRECT: Predator Oil & Gas sees shares fall on well data analysis
(Correcting title to clarify that no well testing has been completed yet).
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