Last checked at 9 Oct 2019 07:00
FOR IMMEDIATE RELEASE
9 October 2019
Predator Oil & Gas Holdings Plc / Index: LSE / Epic: PRD / Sector: Oil & Gas
Predator Oil & Gas Holdings Plc
("Predator" or the "Company" and together with its subsidiaries "the Group")
Update Pilot Enhanced Oil Recovery Trinidad using injected
Carbon Dioxide ("Pilot CO2 EOR")
Predator Oil & Gas Holdings Plc (PRD), the Jersey-based Oil and Gas Company with operations in Trinidad, Morocco and Ireland, provides the following update about the Pilot CO2 EOR Project in the Inniss-Trinity field using injected CO2.
Columbus Energy Resources PLC ("Columbus") and Predator have recently finalised and formally submitted the updated CO₂ Injection Pilot proposal to Heritage for approval, civil works are planned for completion in December 2019 and Predator has ordered a number of long lead items to begin the CO₂ Injection Pilot by January 2020. Initial results from the pilot would be expected in Q1 2020.
Separately Predator has entered into a Confidentiality Agreement with another operator of a mature producing oil field onshore Trinidad which the Company believes may be another suitable geological candidate for a Pilot CO2 EOR Project.
Paul Griffiths, Chief Executive of Predator, commented:
"We are pleased to be working jointly and most effectively with Columbus to advance this exciting project. The Company's near-term focus is to prioritise CO2 EOR production growth by adding new CO2 EOR opportunities using the experience we have gathered to date on the ground in Trinidad. Adding new projects is not capital intensive and is consistent with the current risk-adverse market sentiments. The signing of a Confidentiality Agreement specific to a new CO2 EOR opportunity is an important step forward."
Enquiries:
Predator Oil & Gas Holdings plc Paul Griffiths Chief Executive Officer Carl Kindinger Non-Executive Chairman
| Tel: +44 (0)1534 834600 |
Brandon Hill Capital Jonathan Evans / Oliver Stansfield
Novum Securities Limited Jon Bellis
| Tel: +44 (0)20 3463 5000
Tel: +44(0) 207 399 9425 |
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Qualified Person's statement:
The information contained in this document has been reviewed and approved by Mr. Paul Griffiths, Chief Executive Officer. Mr Griffiths has a BSc in Geology from Imperial College London and is an Associate of the Royal School of Mines. Mr. Griffiths has over 43 years of relevant experience in the upstream oil industry.
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 the Pilot Enhanced Oil Recovery project using locally-sourced 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, adjoining Shell's Corrib gas field in the Slyne Basin on the Atlantic Margin, for which a Successor Authorisation has been applied for, and east of the Kinsale gas field in the Celtic Sea, where a Successor Authorisation is currently being considered by the Company.
Predator is operator of the Guercif Petroleum Agreement onshore Morocco which is prospective for Tertiary gas in prospects less than 10 kilometres from the Maghreb gas pipeline, and deeper Triassic gas.
The Company has a highly experienced management team with a proven track record in the oil and gas industry.
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