The Company's Enhanced Oil Recovery ("EOR") project in Trinidad remains on track for revenues and encouragingly for Predator the project economics are still attractive even at WTI 20 $/brl. Trinidad like most countries has implemented restrictions on movement of people for non- essential work and these policies will remain in place for at least the next few weeks. The Inniss-Trinity Field does remain operational and oil field personnel have been issued with passes to travel to and from the field.
The Company has injected more CO2 into AT-5X as part of initiating Phase 2 of the CO2 EOR pilot project and has observed encouraging downhole pressure build-up. The remote access data gathering system that was put in place before Coronavirus struck allows the Company to monitor real-time pressure data and to adjust injection pressures and CO2 injected volumes remotely through the Company's CO2 EOR operating personnel in the field. The next step is to inject CO2 at even higher pressures and on a continuous basis and Predator's CO2 provider is currently working to achieve this objective as quickly and safely as possible working under the current revised HSE protocols.
Good RNS over at PRD, including positive outlook for the CO2 pilot in Trinidad. Leo, Tony and Gordon - can we have a meaningful update here please including coronavirus impact mitigation measures ASAP!!!! Angry face emoji !!
Right now, there are at least 43 Covid-19 vaccines in development around the world – in Brisbane and Hong Kong, in the US and the UK, in the labs of universities and companies. Most of these are DNA or RNA vaccines. One vaccine, made in 63 days by an American biotech firm named Moderna, moved into human trials on 16 March, entering the bloodstream of the first of 45 healthy adult volunteers in Seattle. It was a “world indoor record”, said Anthony Fauci, the doctor who heads the US National Institute of Allergy and Infectious Diseases. “Nothing has ever gone that fast.”
Before investors jump to dramatic conclusions about this stock it is surely worth seeing what unfolds over the next few weeks, in order of priority. 1) How trump chooses to intervene https://www.google.co.uk/amp/s/oilprice.com/Energy/Energy-General/The-Cheapest-Way-For-Trump-To-Save-US-Oil.amp.html 2) Who concedes to oil production cuts first, or a collective OPEC+(+?) deal no matter how unlikely it seems today 3) renegotiated Goudron IPSC terms 4) saffron results 5) CERPs crisis initiatives - they will have to declare their strategy for weathering the storm (If I remember correctly last update showed £3m in the bank) 6) the most important - the progress of vaccine trials!
If CERP can demonstrate that they have the toolkit to survive then it would be wise to hold tight and ride out this mess!
US shale is widely reported to be in a pickle, even before the oil crash. Their production is going to drop 2020 and 2021 - with that in mind it made sense that the US offered (for the first time) to join in with coordinated cuts with OPEC+. As they are due to reduce output anyway. However surely Saudi know this and would rather ignore the approach in favour of dealing a more destructive and lasting blow to US shale. The down side of that is Saudis relations with the wider global community would take a hit (as most other countries are trying to pull together during this crisis). Do they care? Doesn’t look like it. What I would want to see from CERP is a plan to batten down and sit out the storm. That includes improving terms (IPSC?), reducing output, redundancies, salary cuts and even possibly moth balling Saffron if necessary (depending on what capex remains).
The Financial Conduct Authority ("FCA") notifies that it temporarily prohibits short selling in the following instruments and transactions under Articles 23 (1) and 26 (4) of Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012.
Nature of measure:
a) short sale prohibition for shares
a) Please see Annex 1 below for the instruments concerned
b) all UK trading venues on which the instruments are traded
c) any person irrespective of their country of residence (subject to the exemption below)
Entry into force of the measure and duration:
a) Date: 13 March 2020
b) Time: Immediately
c) Duration: Until the end of the trading day on 13 March 2020
Reasons for imposing measure and evidence:
Following the action taken by Comisión Nacional del Mercado de Valores (CNMV) in the instruments below, the FCA is satisfied that it is necessary to take the action set out in this notice to assist CNMV, taking into account:
a) a similar price fall in the instruments on UK trading venues
b) the volume of trading in the UK
Exemptions to the measure:
This measure does not extend to transactions undertaken by market makers who have notified the FCA of their intention to employ the market maker exemption in this financial instrument and who are included on the list maintained by ESMA of market makers permitted to use the exemption. This exception only extends to those transactions that market makers undertake as part of their market making activities.