Business
Updated Pilot Enhanced Oil Recovery Trinidad
Updated Pilot Enhanced Oil Recovery Trinidad.
About this update from Predator Oil & Gas Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 9302A Predator Oil & Gas Holdings PLC 27 January 2020 \n\n \nFOR IMMEDIATE RELEASE\n27 January 2020\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 Pilot Enhanced Oil Recovery Onshore Trinidad \nusing injected Carbon Dioxide (\"Pilot CO2 EOR\")\n \nPredator 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 first injection of CO2 into the Inniss-Trinity field has been successfully achieved.\n \n Paul Griffiths, Chief Executive of Predator, commented:\n\"This is an important operational milestone in the development and execution of our Pilot CO2 EOR project with Columbus. Pilot CO2 EOR is important to Predator for the potential to provide both near term revenues and future growth in revenues. The first injection of CO2 is a practical demonstration of our core commitment to sustainability and helping to reduce CO2 emissions through sequestration in Trinidad. I look forward to updating the market as to further progress of the Pilot CO2 EOR in due course.\"\n \nBackground - Trinity Inniss CO2 Project\nAs 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. \nThe first tranche of CO2 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 CO2 as is required to fully evaluate the potential of CO2 injection to increase oil production from the offsetting wells in the AT-4 Block, which is the site of the initial Pilot CO2 EOR. \nPredator 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 CO2 EOR in return for 100% recovery of its project costs from Pilot CO2 EOR profits f...