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Pilot Enhanced Oil Recovery onshore Trinidad
Pilot Enhanced Oil Recovery onshore Trinidad.
About this update from Predator Oil & Gas Holdings Plc
[{"type":"text","content":"\n \n \n RNS Number : 4561O\n Predator Oil & Gas Holdings PLC\n 01 June 2020\n \n \n \n \n \n \n \n FOR IMMEDIATE RELEASE\n \n \n 1 June 2020\n \n \n \n \n \n Predator Oil & Gas Holdings Plc / Index: LSE / Epic: PRD / Sector: Oil & Gas\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 Pilot Enhanced Oil Recovery onshore Trinidad \n \n \n using injected Carbon Dioxide (\"Pilot CO2 EOR\")\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 notes the announcement today by Columbus Energy Resources PLC (\"Columbus\") confirming the start of Phase 2 of the CO\n ₂\n Pilot Project \n \n in the Inniss Trinity field.\n \n \n \n \n \n Predator's immediate\n \n \n objective is now to maintain CO2 injection at the optimum peak rate of 9 metric tonnes per day, in accordance with pre-injection reservoir engineering recommendations. \n \n \n Background - Trinity Inniss CO\n ₂\n \n Project\n \n \n \n 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. \n \n \n The first tranche of CO\n ₂\n 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\n ₂\n as is required to fully evaluate the potential of CO\n ₂\n injection to increase oil production from the offsetting wells in the AT-4 Block which is the site of the initial Pilot CO2 EOR. \n \n \n Predator benefits from a Well Participation Agreement with FRAM Exploration Trinidad Ltd (\"FRAM\"), a wholly owned subsidiary of Columbus, whereby Predator plans and funds the Pilot CO\n ₂\n 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...