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(Sharecast News) - Trinidad, Morocco and Ireland-focussed oil and gas company Predator Oil & Gas Holdings updated the market on the pilot Carbon Dioxide Enhanced Oil Recovery Project in the Inniss-Trinity field using injected carbon dioxide on Wednesday.
The London-listed firm said itself and Columbus Energy Resources had recently finalised and formally submitted the updated carbon dioxide injection pilot proposal to Heritage for approval.
Civil works were planned for completion in December, and Predator said it had ordered a number of long lead items to begin the carbon dioxide injection pilot by January.
Initial results from the pilot would be expected in the first quarter of 2020, the board confirmed.
Separately, Predator said it had entered into a confidentiality agreement with another operator of a mature producing oil field, onshore Trinidad, which it said it believed could be another suitable geological candidate for a pilot carbon dioxide enhanced oil recovery project.
"We are pleased to be working jointly and most effectively with Columbus to advance this exciting project," said Predator chief executive officer Paul Griffiths.
"The company's near-term focus is to prioritise CO2 EOR production growth by adding new carbon dioxide enhanced oil recovery opportunities using the experience we have gathered to date on the ground in Trinidad."
Grifiths said adding new projects was not capital intensive, and remained consistent with the current risk-averse market sentiments.
"The signing of a confidentiality agreement specific to a new carbon dioxide enhanced oil recovery opportunity is an important step forward."
12 May 2022 20:39
IN BRIEF: Predator Oil & Gas fully funded for activities in Morocco
Predator Oil & Gas Holdings PLC - operator in Trinidad, Morocco and Ireland - Says executing the Moroccan drilling programme simultaneously with the MOU-1 rigless testing remains at the "forefront" its business development plans. Rigless testing of MOU-1 will be aligned with the presence of in-country drilling services, materials and equipment mobilised from overseas for the start of the 2022 drilling programme. Further, MOU-4 and MOU-5 wells are seeking to prove up the currently defined best estimate gross contingent gas resources of 295 billion cubic feet, net attributable to Predator's 75% interest, which is based on a conservative 66% gas recovery over 13 years. Advisor SLR Consulting Ireland Ltd indicated a high estimate of 708 BCF net attributable to Predator's 75% interest based on a higher gas in place estimate for thicker reservoirs that are the targets for these wells, it explains. Company adds is fully-funded to meet all the above well planning and preparation activities in Morocco.
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