(Alliance News) - Joint-venture partners Predator Oil & Gas Holdings PLC and Columbus Energy Resources PLC said Wednesday work is continuing at the carbon dioxide pilot project in Trinidad.
The incremental production service contract will see the two oil & gas companies develop the Inniss-Trinity carbon dioxide enhanced oil recovery pilot project.
Columbus' wholly-owned subsidiary, Fram Exploration Trinidad Ltd, is the operator of the field.
In separate announcements, the pair said they have finalised and submitted the an updated carbon dioxide injection pilot proposal to Heritage Petroleum Co - the state oil company and licence holder.
Civil works are planned for completion in December this year. Predator has ordered long lead items to begin carbon dioxide injection in January 2020.
Initial results from the pilot are expected in the first quarter of 2020.
Predator Chief Executive Paul Griffiths said: "We are pleased to be working jointly and most effectively with Columbus to advance this exciting project. The company's near-term focus is to prioritise carbon dioxide enhanced oil recovery production growth by adding new carbon dioxide enhanced oil recovery opportunities using the experience we have gathered to date on the ground in Trinidad."
Separately, Predator has it has signed a confidentiality agreement with another operator of a mature producing oil field onshore Trinidad. Predator believes this project "may be another suitable geological candidate" for a pilot carbon dioxide enhanced oil recovery project.
"Adding new projects is not capital intensive and is consistent with the current risk-adverse market sentiments. The signing of a confidentiality agreement specific to a new carbon dioxide enhanced oil recovery opportunity is an important step forward," Griffiths added.
Shares in Predator Oil & Gas were down 1.0% in London on Wednesday at 4.90 pence each. Columbus Energy was 0.8% lower at 4.12 pence.
By Paul McGowan; paulmcgowan@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.
Predator Oil (PRD)