Predator Oil & Gas Holdings PLC UPDATE PILOT ENHANCED OIL RECOVERY TRINIDAD (1896P)
October 09 2019 - 1:00AM
UK Regulatory
TIDMPRD
RNS Number : 1896P
Predator Oil & Gas Holdings PLC
09 October 2019
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 CO 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 CO 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 Tel: +44 (0)1534 834600
plc
Paul Griffiths Chief Executive
Officer
Carl Kindinger Non-Executive
Chairman
Brandon Hill Capital Tel: +44 (0)20 3463 5000
Jonathan Evans / Oliver Stansfield
Novum Securities Limited Tel: +44(0) 207 399 9425
Jon Bellis
Follow us also on VOX Market
https://www.voxmarkets.co.uk/
This announcement contains inside
information for the purposes
of Article 7
of the Regulation (EU) No 596/2014
on market abuse
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.
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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