(Alliance News) - Predator Oil & Gas Holdings PLC on Thursday said carbon dioxide injection has been approved by Trinidad's Environmental Management Authority for the Inniss-Trinity field.
Shares in Predator were up 7.2% at 5.20 pence in mid day trading.
The authority issued the Certificate of Environmental Clearance covering the plan, which involves injecting locally-sources carbon dioxide in order to enhance oil recovery.
Following consultations with state-owned oil company Heritage Petroleum Co Ltd, Predator will then need to get consents, permits, and approvals from the Ministry of Energy & Energy Industries in order to begin carbon dioxide injection at the oil field's AT-4 block.
Predator is intending to focus on just the most productive sands so as to "potentially accelerate the rate of reservoir pressure build-up and reduce the volumes of [carbon dioxide] required to achieve initial oil production".
Looking ahead, the plan is to survey downhole at At-4 and AR-5X with a workover rig to check for obstructions.
Predator Oil (PRD)