Last checked at 27 Oct 2020 07:00
FOR IMMEDIATE RELEASE
27 October 2020
Predator Oil & Gas Holdings Plc / Index: LSE / Epic: PRD / Sector: Oil & Gas
LEI 213800L7QXFURBFLDS54
Predator Oil & Gas Holdings Plc
("Predator" or the "Company" and together with its subsidiaries "the Group")
Operational Update CO2 EOR Trinidad
Predator Oil & Gas Holdings Plc (Predator), the Jersey-based Oil and Gas Company with operations in Trinidad, Morocco and Ireland, is pleased to announce that the Ministry of Energy and Energy Industries ("MEEI") has given a WO1 Approval Notification for the restoration, by means of a well workover, of the AT-5X CO2 injection well to oil production.
Approval has also been granted by the MEEI to commence injecting CO2 into the AT-13 well in the AT-4 Block in the Inniss-Trinity field.
As announced previously, approval has also been granted by the MEEI for the commissioning and use of Predator's dedicated CO2 Recovery system at the FRAM Exploration Gathering Station #4 in the Inniss-Trinity field.
Paul Griffiths, Chief Executive of Predator, commented:
"The announcement today completes the approval procedures necessary for entering into the extended phase of CO2 injection and simultaneous oil production for the Pilot CO2 EOR Project. We are pleased to have progressed matters to completion despite the COVID-19 constraints. We are demonstrating our ability to work together with our excellent in-country team of partners to maintain operational progress through adversity to deliver results."
This announcement contains inside information for the purposes of Article 7 of the Regulation (EU) No 596/2014 on market abuse
For more information please visit the Company's website at www.predatoroilandgas.com:
Enquiries:
Predator Oil & Gas Holdings Plc Dr. Stephen Staley Non-executive Chairman Paul Griffiths Chief Executive Officer | Tel: +44 (0) 1534 834 600 Info@predatoroilandgas.com
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Novum Securities Limited Jon Belliss
Optiva Securities Limited Christian Dennis | Tel: +44 (0) 207 399 9425
Tel: +44 (0) 203 137 1902 |
Flagstaff Strategic and Investor Communications Tim Thompson Mark Edwards Fergus Mellon | Tel: +44 (0) 207 129 1474 predator@flagstaffcomms.com
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Notes to Editors:
Predator is an oil and gas exploration company with the objective of participating with FRAM Exploration Trinidad Ltd. in further developing the remaining oil reserves in the producing Inniss Trinity oil field onshore Trinidad, primarily through the application of C02 EOR technology. Potential for cash flow exists by executing a Pilot Enhanced Oil Recovery project using locally sourced liquid carbon dioxide for injection into the oil reservoirs ("C02 EOR"). Near-term expansion and growth potential is focussed on upscaling the C02 EOR operations in the Inniss-Trinity oil field and potential acquisitions of assets suitable for C02 EOR development, subject to all necessary approvals.
In addition, Predator also owns and operates exploration and appraisal assets in current licensing options offshore Ireland, for which Successor Authorisations have been applied for, adjoining Shell's Corrib gas field in the Slyne Basin on the Atlantic Margin and east of the Kinsale gas field and Barryroe oil field in the Celtic Sea.
Predator is operator of the Guercif Petroleum Agreement onshore Morocco which is initially prospective for Tertiary gas in prospects less than 10 kilometres from the Maghreb gas pipeline.
The Company has a highly experienced management team with a proven track record in the oil and gas industry.