focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
Thanks for that link BDT, there's a lot of info on that site incl below ....
History of CO2 injection in Trinidad and Tobago
Trinidad and Tobago has been involved in the oil and gas industry for over a century. Our daily oil production has been declining since our peak in 1978 and our fields are now classified as mature. Many methods of Enhanced Oil Recovery have been attempted in Trinidad, including the injection of CO2. It was first tested in 1972 by Texaco in Guayaguayare and Brighton which then ramped up in 1974 in the Forest Reserve field. From 1975 to 2004, carbon dioxide was intermittently injected in the Upper Forest Formation and Upper Cruse Sands in the Forest Reserve field. From 1990 to 2000 CO2 was continuously injected in the Oropouche field. Approximately 1.26 million Metric Tons (24 Billion cubic feet) of CO2 were injected in both fields in total to recover 4 million barrels of oil, with a peak production of 812 bopd in Forest Reserve. A positive response to injection was observed in all projects within 6 months to 1 year of CO2 injection. (Mohammed-Singh , 2004) before Petrotrin permanently halted injection in 2004 after an explosion at the Point Lisas compressor station. In 2009, Krishna Persad and Associates (KPA) operated a small, 4 well, pilot CO2 project in the Barrackpore farmout, with quite modest results (Sinanan, B. 2016). Since the KPA pilot ended in 2010 no further CO2 injection occurred until May 2020 at a small pilot project operated by Columbus Energy in the Inniss-Trinity IPSC (Guayaguayare). As of December 2020, a positive response was observed while 70% of the 9 Metric tons/day of CO2 currently being continuously injected is forecast to be sequestered in the Herrera Sands. Future Inniss-Trinity expansion projects have the potential for additional recovery of up to 9 million barrels of oil. For more information on this project see: https://www.predatoroilandgas.com/operations/trinidad/#C02-Supply-Contract.
Referring back to thewackmiester's post 21/2 and his esteemed opinion that the MOU drill will prove up reserves of between 1640Bcf and 3733Bcf.
That, at US$10 per Mcf, and allowing for PRD's 75%, works out at £20.1Billion.
Mind boggling.
What a brilliant RNS, demonstrates yet again his utmost confidence in the future and superbly explained in detail many companies wouldn't explain in depth. And so soon after his last interview catching out those that sold yesterday, I hope.
Missing something here, PRD are would be gas suppliers and the ESB has announced they no longer are going ahead with 2 gas-fired power generators to address electricity shortage. Is that really good news for PRD or are we cheering because the decision just underlines the chronic need for Ireland to urgently address their energy needs?
Similar past history to me Nicodemus if I swap BLOE for BPC, all in PRD now for all the good reasons that are so well covered on this thread. The last 5 weeks have produced ...
+31.4%
+8.7%
+25.7%
+1.14%
+31.4%
and an incredibly fast return of the bulk of monies lost.
Proving yet again it never pays to sit in the middle of the road staring at headlights wondering what the hell happened and will it recover! PRD are most definitely in the fast lane.
Similar to my plan. Fresh monies into ISA without selling any in share account beforehand. Sell similar amount in share account at leisure reducing next years CGT.
We all know however a wall of money is coming once the new ISA season is up and away, the problem will be stock scarcity which in turn drives the price. Be lucky to get 100K for £20K after the 6th.
Hi Tim, my guess FWIW, is that PG may favour Heritage for their next client simply because a. it would send the right national message if the state oil company participated and b. Heritage make EOR, particularly CO2 EOR, a condition of all new and renewed IPSC contracts, such as TI, where well conditions ripe for treatment.
Surely it's looking more likely for Morocco to be the first subsidiary to be monetised rather than the CCS EOR activity which is getting hotter by the week. Exiting by the end of this year was the plan but with the growing publicity/awareness/concern and the massive opportunity to grow this business into a size far greater than probably first thought should trigger a re-think.
Hi Zebra, from RNS 20/1 ...
' At WTI oil price of US$50/brl, projected EBITDA net-backs per barrel of oil for the P50 and P10 pre-Pilot CO2 EOR production profiles at plateau production are estimated to be in the range $15 - 25 per barrel. There are no new capital investment costs required.'
So proportionally, at WTI $65, PRD should be looking at netback between $19.5 - $32.5 per barrel.
A highly impressive return.
We must be very very close to announcing new CCS EOR contracts, news could break any time soon.
Bdt, have to hope though that WTI does not exceed $75. If I remember correctly when SPT was set at WTI $50 it only had to touch this price once within the quarterly period for SPT to be levied on the company's entire income for that quarter, less any capex relief that could be taken into account. The company I refer to was Columbus.
Does anyone know Predator's head count and, apart from home, from where they operate?
We know that the TI field is operated by BPC personnel and that their CI H/O is a serviced office but they must have line management and I'm curious to know more about the structure led by PG/RP. Can anyone advise please?
I view it as almost unfortunate that PRD's successful CO2 results are on behalf of BPC.
They of course inherited this contract from CERP but, whereas most oil companies would be singing loudly that they're involved with such a noble practice BPC have completely ignored advising the market and thus robbed PRD and their winning methods of greater exposure.
Dec 1 - T&T strategy update and 2021 work programme, a very lengthy RNS, a 5 word 'using enhanced oil recovery techniques' only, no credit mention to Predator.
Jan 7 - Portfolio operations, zero coverage and likewise Feb 16 general update, nothing, despite the fact it followed PRD's 20/1 RNS covering pilot results.
Hardly what would be called a symbiotic relationship, it's certain Predator will gain more market awareness from future deals. Hope they announce soon.
Clever of Paul to coincide the drilling of MOU-1 with the start of the new ISA season. By then it's not unreasonable to think that we may also have a second EOR contract under the belt. Great progress this week, and it's only Monday!