Predator Oil & Gas Holdings PLC Pilot Enhanced Oil Recovery Onshore Trinidad (6979M)
13 Mayo 2020 - 1:00AM
UK Regulatory
TIDMPRD
RNS Number : 6979M
Predator Oil & Gas Holdings PLC
13 May 2020
FOR IMMEDIATE RELEASE
13 May 2020
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")
Pilot Enhanced Oil Recovery onshore 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,
notes the announcement today by Columbus Energy Resources PLC
("Columbus"), that the Petroleum Operations Management Division of
the Ministry of Energy and Energy Industries ("MEEI") has granted
approval for the AT-5X carbon dioxide and injection system to start
injecting for a period of 90 days. This will allow the maximum
carbon dioxide injection rate and pressure, as determined by the
reservoir engineering forecasts, to be achieved.
The carbon dioxide injection and delivery system and site layout
has been independently inspected to ensure that the highest HSE
standards possible are applied to enable operations to continue
uninterrupted during the COVID-19 public health emergency.
Paul Griffiths, Chief Executive of Predator, commented:
"This is an important operational development that allows us to
increase our ability to sequestrate anthropogenic carbon dioxide
whilst accelerating the point at which revenues are generated.
Enhancing the scale of return on investment can be achieved by
maximising well deliverability. We are pleased that continuing to
execute our CO2 EOR strategy by increasing CO2 injection volumes is
helping us to reach our near-term goal of developing a
carbon-neutral energy business. At the same time, we are
maintaining during these difficult times our support for
contributing to the local economy, which is significantly dependent
on the energy industry."
Background - Trinity Inniss CO Project
As previously announced, the term of the Inniss-Trinity
Incremental Production Service Contract ("IPSC") has been extended
to allow for the implementation of Pilot CO2 EOR.
The first tranche of CO has now been injected into well AT5X in
the Inniss-Trinity field and will over time contribute to the
determination of any impact on enhancement of production in offset
wells to AT5X. Predator and Columbus, its joint venture partner,
will inject further tranches of CO as is required to fully evaluate
the potential of CO injection to increase oil production from the
offsetting wells in the AT-4 Block, which is the site of the
initial Pilot CO2 EOR.
Predator benefits from a Well Participation Agreement with FRAM
Exploration Trinidad Ltd ("FRAM"), a wholly owned subsidiary of
Columbus, whereby Predator will help plan and fund the Pilot CO EOR
in return for 100% recovery of its project costs from Pilot CO2 EOR
profits from oil sales, and thereafter 50% of all profits
attributable to the Pilot CO2 EOR. As part of the agreement with
FRAM, Predator has the right (until 30 September 2020) to acquire
FRAM's interest (the "Interest") in the Inniss-Trinity field for
US$4.2m.
The following table summarises the range of total gross and net
CO2 EOR audited Inniss-Trinity contingent, pending development,
resources attributable to the Interest, as previously announced
following an independent Competent Persons Report by SLR Consulting
commissioned by Predator .
Table 1 Contingent Resources Inniss-Trinity
Gross
------------------------------------------------- -------------- ---------
Inniss-Trinity Low Estimate Best Estimate High Estimate Operator
Field
------------------ ------------- -------------- -------------- --------- ---------------------
OOIP (MM bo) 89 68 89 FRAM
------------------ ------------- -------------- -------------- --------- ---------------------
Recovery Factor 6% 10% 10% FRAM
------------------ ------------- -------------- -------------- --------- ---------------------
Gross Contingent
Resources (MM C02 EOR
bo) 5.3 6.8 8.9 FRAM Development Pending
------------------ ------------- -------------- -------------- --------- ---------------------
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 Tel: +44 (0) 1534
Carl Kindinger Chairman 834 600
Paul Griffiths Chief Executive Officer Info@predatoroilandgas.com
Novum Securities Limited Tel: +44 (0) 207
Jon Belliss 399 9425
Optiva Securities Limited
Christian Dennis Tel: +44 (0) 203
137 1902
Follow us also on VOX Market https://www.voxmarkets.co.uk/
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 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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