Business
Operational Update and CO2 Supply Trinidad
Operational Update and CO2 Supply Trinidad.
About this update from Predator Oil & Gas Holdings Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0274B\n Predator Oil & Gas Holdings PLC\n 05 October 2020\n \n \n \n \n \n \n \n FOR IMMEDIATE RELEASE\n \n \n 5 October 2020\n \n \n \n \n \n Predator Oil & Gas Holdings Plc / Index: LSE / Epic: PRD / Sector: Oil & Gas\n \n \n LEI 213800L7QXFURBFLDS54\n \n \n \n \n \n Predator Oil & Gas Holdings Plc\n \n \n (\"Predator\" or the \"Company\" and together with its subsidiaries \"the Group\")\n \n \n \n \n \n \n \n \n Operational Update\n \n and \n \n CO2 Supply Trinidad \n \n \n \n \n \n \n \n \n Predator Oil & Gas Holdings Plc (PRD), the Jersey-based Oil and Gas Company with operations in Trinidad, Morocco, and Ireland,\n \n provides the following operational update.\n \n \n \n \n \n Trinidad\n \n \n \n \n \n The\n Exclusivity Period under the terms of the Heads of Agreement for C02 Gas Sales entered into by Predator with Massy Gas Products (\"Massy\"), has been extended to 31 March 2022.\n \n \n \n \n \n Approvals to return AT-5X to production; to commission the new CO2 EOR production facilities, provided by the Company; and to continuously inject C02 at AT13 are progressing satisfactorily and a further update will be given in due course.\n \n \n \n \n \n In accordance with the Well Participation Agreement (\"WPA\") with FRAM Exploration Trinidad Ltd. (\"FRAM\") (and as subsequently varied by mutual agreement), the Company advises that it is not entering into a Sale and Purchase Agreement to acquire FRAM by the previously agreed deadline of 30 September 2020. Only this specific aspect of the WPA has lapsed, all other conditions of the WPA remaining in full force and effect.\n \n \n \n \n \n After careful consideration, the Company decided that acquiring ownership of an oil field that continues to produce by conventional methods does not fit with its business strategy, which is focussed on addressing climate change concerns through sequestrating CO2 and exploring for and developing gas. Furthermore, in line with the Company's prudent management of resources through the COVID-19 crisis, it was deemed inappropriate to enter into a corporate transaction that would involve significant transaction costs; potential delays in regulatory approvals; taking on liabilities and admi...