Business
Predator O&G Hldgs - CO2 EOR Trinidad Update
Predator O&G Hldgs - CO2 EOR Trinidad Update.
About this update from Predator Oil & Gas Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 0406T Predator Oil & Gas Holdings PLC 12 November 2019 \n\nFOR IMMEDIATE RELEASE\n 12 November 2019\n \nPredator Oil & Gas Holdings Plc / Index: LSE / Epic: PRD / Sector: Oil & Gas\nPredator Oil & Gas Holdings Plc\n(\"Predator\" or the \"Company\" and together with its subsidiaries \"the Group\")\n \n CO2 EOR Trinidad Update\n \nHighlights\n \n· Stepping stone to the goal of a lower carbon footprint for Trinidad\n \n· Extension of the Columbus Inniss-Trinity IPSC from January 2020 to 31 December 2021\n· CO2 EOR replaces the drilling of 7 development wells\n \n· Recognition of the significance of the Pilot CO2 EOR Project\n \nPredator 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.\n \nInniss-Trinity Incremental Production Service Contract (\"Inniss-Trinity IPSC\") Extension \nColumbus Energy Resources PLC (\"Columbus\") has today announced the extension of the Inniss-Trinity IPSC to allow for the implementation of the Pilot CO2 EOR Project and the substitution of the existing minimum work obligations for the drilling of 7 development wells with the Pilot CO2 EOR Project.\nThe two-year extension from January 2020 to 31 December 2021 was a condition precedent to the Well Participation Agreement between FRAM Exploration Trinidad Ltd., a wholly owned subsidiary of Columbus, and Predator, as amended effective 31 May 2018 to facilitate the replacement of infill drilling by a Pilot CO2 EOR Project of sufficient duration to allow for an extended period of potential enhanced oil production and analysis of the production data.\n \nProject Costs and Supplementary Petroleum Profit Tax (\"SPPT\")\nThe CO2 EOR Project costs, given the regulatory classification of the investment, are able to be offset against SPPT by FRAM, thereby improving project economics attributable to the Well Participation Agreement.\n \n \nWell Participatio...