LONDON (Alliance News) - Predator Oil & Gas Holdings PLC on Wednesday said its carbon dioxide enhanced oil recovery plan at the AT-4 block of its Inniss-Trinity oil field in onshore Trinidad is progressing.
Predator develops enhanced oil recovery opportunities using carbon dioxide injection and said that Heritage Petroleum Co Ltd, Trinidad's state-owned oil company, has confirmed that it consents to the project provided all necessary environmental approvals are obtained.
The delivery window for the first carbon dioxide gas sales into the Inniss-Trinity site has been extended to the end of April in order to "facilitate smooth integration with the operational planning for re-pressurising the reservoirs in the AT-4 block".
A combined scoping production rate of 400 barrels of oil per day is forecast from pre-pilot reservoir engineering studies by the end of the first half of 2019. Moreover, operations are expected to stay profitable at current oil prices.
Capital costs are still expected to be less than USD600,000.
"We are pleased to have successfully achieved this important milestone in obtaining conditional approval from Heritage for the CO2 EOR project and are grateful for the support received by Columbus over the past few months in discussions with Heritage. This will be the first CO2 EOR project for the newly created state entity and its successful execution by Predator may open the door to additional CO2 EOR projects," said Predator Chief Executive Paul Griffiths.
"Heritage's consent means that this project will have high visibility in Trinidad and internationally and we are excited about the potential opportunities that this may create to enhance our revenue-generating capabilities for our shareholders based on the CO2 EOR expertise that the company is developing," Griffiths added.
Shares in Predator were down 3.6% at 6.70 pence on Wednesday.
Predator Oil (PRD)