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LONDON (Alliance News) - Predator Oil & Gas Holdings PLC said on Tuesday it is to hold off its participation in drilling work at a project in Trinidad to focus on carbon dioxide injection work.
Predator has signed an amended well participation agreement with Steeldrum Oil Co Inc subsidiary FRAM Exploration Trinidad Ltd to defer its participation in Inniss-Trinity oil field drilling work for 12 months.
Instead, Predator is to carry out the "more commercially attractive" carbon dioxide work, assisting enhanced oil recovery.
The company said this work had always been its priority, as it believes it offers better shareholder returns for the same cost as drilling.
It has also signed a heads of agreement with a local carbon dioxide supplier for a gas sales agreement to be agreed by the end of August. It would have a minimum daily delivery of 60 tonnes of carbon dioxide, lasting for a year, with delivery to start at the start of November.
Predator said it would have the option of extending for another year, and then potentially for another year after that.
Turning to Ireland, Predator said it has signed confidentiality agreements with possible drilling partners for the Corrib gas field, and it plans to have all consent and approvals in place for work to start in 2020, targeting the Triassic Sherwood sandstone.
Chief Executive Paul Griffiths said: "We are pleased to confirm steady, step-by-step, progress towards developing our growth strategy in Trinidad using a rational and carefully calculated approach to optimise production potential in line with prudently investing our existing working capital for maximum benefit."
"Offshore Ireland we are excited about the potential of the Corrib South gas prospect which, rather uniquely for the Atlantic margin of Ireland, has the potential for early monetisation in a success case," he continued.
Shares in the company were flat Tuesday at 2.30 pence each.