Exciting stuff5 May 2020 10:34
Hold tight for the next 6 to 12 months.
Paul Griffiths, Predator's CEO, said:
"In the coming month, emphasis will be placed on injecting CO2 into the AT-4 Block at Inniss-Trinity at the calculated rate to re-pressurise the reservoir to gradually increase potential oil flow rates to their maximum potential. We are very confident that our CO2 EOR strategy is working and has the potential to generate positive cash flow at very low oil prices due to the favourable commercial terms we have negotiated and our attention to cost-cutting. Opportunities for further expansion of the CO2 EOR potential onshore Trinidad are being actively progressed.
We remain "drill-ready" onshore Morocco and await the lifting of COVID-19 restrictions to progress further the drilling programme. Until that time we are working to find a low cost, fast-track solution for early monetisation of a successful gas discovery. Being "drill-ready" and with a clear, costed path to early monetisation provides us with potential to introduce partners capable of funding the initial development phase to capture part of an attractive indigenous gas market.
In Ireland we are advancing our new business development strategy to focus on offshore LNG regasification by leveraging our relevant experience and expertise. We have made faster than anticipated progress with our preferred LNG supplier and owner of regasification vessels and have begun the process of engaging with the Irish regulatory authorities. A further update will be issued in due course.
The Company is currently well-capitalised to withstand the COVID-19 emergency and to pursue its business growth potential, which now also includes looking at opportunities to lever ourselves into distressed assets where we can add value. This robust position through the COVID-19 emergency could never have been achieved without the addition of the Guercif opportunity, the investment case for which drove the Company's recent placing. The investment case remains absolutely solid and is the reason why we continue to remain "drill-ready" in Morocco. The Guercif opportunity could only have been acquired by the Company taking out a Convertible Loan at the time the opportunity became available and before the Rharb Basin drilling programme was successfully completed by another operator and competition for Guercif crystallised. On such difficult business decisions success or failure rests when once in a generation events like COVID-19 strike. The Company is very well positioned and looking forward to continuing to develop and monetise its potential over the next 12 months."