(Alliance News) - Predator Oil & Gas Holdings PLC on Tuesday reported a widened loss in 2019 but made progress with a carbon dioxide pilot project in Trinidad.
Predator shares were 14% higher at 2.46 pence each in London on Tuesday morning.
Predator's pretax loss in 2019 stretched to GBP1.3 million from GBP792,461. This was due to administrative expenses which climbed 58% to GBP1.2 million from GBP761,302.
Like last year, it reported no revenue, but Predator said it is on course to start generating revenue "in the coming months".
"During the year we have made a significant contribution to providing the technical and environmental data required for processing of approvals sought by the operator of the Inniss-Trinity incremental production services contract," Predator said.
Predator is partnered with Columbus Energy Resources PLC in the project. Columbus, through its Fram Exploration Trinidad Ltd subsidiary, operates the field.
The incremental production service contract will see the two oil & gas companies develop the Inniss-Trinity carbon dioxide enhanced oil recovery pilot project.
In March, Predator said "the project economics are still attractive", even with West Texas Intermediate crude prices of USD20 a barrel. On Tuesday morning, WTI changed hands at USD24.53 a barrel.
Oil prices have come under pressure in recent weeks, due to in-fighting between producers and Covid-19 battering demand.
By Eric Cunha; ericcunha@alliancenews.com
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Predator Oil (PRD)