Drilling/Production Report

RNS Number : 6393I

Predator Oil & Gas Holdings PLC

12 August 2019

 

FOR IMMEDIATE RELEASE

12 August 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")

  Progress Update Trinidad - Carbon Dioxide Enhanced Oil Recovery ("C02 EOR")

HIGHLIGHTS

·    Well workover operations at AT-4 and AT-5X have started

Predator Oil & Gas Holdings Plc (PRD), the Jersey-based Oil and Gas Company, today provides an operations update on its progress onshore Trinidad.

Fram Exploration Trinidad Ltd. ("FRAM"), the operator of the Inniss-Trinity field and a wholly-owned subsidiary of Columbus Energy Resources PLC has commenced workover operations to survey downhole the AT-4 and AT-5X wells to ensure there are no obstructions that would prevent Predator's preferred downhole completion design from being installed across the Herrera sand interval chosen for the first injectivity and production test.

AT-4 and AT-5X are the wells chosen for initial Pilot C02 Enhanced Oil Recovery operations.

A further operational update will be issued once the downhole well survey results have been assessed.

Paul Griffiths, Chief Executive of Predator, commented:

We are pleased that operations have begun to potentially clear the way for the next stage of the C02 EOR Pilot Project to begin. Simultaneously we are accelerating our plans to drill in Morocco and expect to conclude an option on a rig in the near future, subject to acceptable commercial terms, based on current discussions with several parties. We are looking forward to a very busy and exciting period of sustained operations over the next 6 months with Morocco potentially offering a transformational opportunity for near-term value creation for our shareholders.

Enquiries:

Predator Oil & Gas Holdings plc Paul Griffiths, Chief Executive Officer Carl Kindinger, Non-Executive Chairman	Tel:  [phone]
Brandon Hill Capital Jonathan Evans / Oliver Stansfield Novum Securities Limited                            Jon Bellis	Tel:  [phone] Tel: [phone]

This announcement contains inside information for the purposes of Article 7                   of the Regulation (EU) No 596/2014 on market abuse

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 a 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, for which Successor Authorisations have been applied for, adjoining Shell's Corrib gas field in the Slyne Basin on the Atlantic Margin and east of the Kinsale gas field and Barryroe oil field in the Celtic Sea. A Successor Authorisation has been granted for the Celtic Sea asset whilst the result of an application for a Frontier Exploration Licence over the Slyne Basin exploration asset is is pending.

Predator is operator of the Guercif Petroleum Agreement onshore Morocco which is initially prospective for Tertiary gas in prospects less than 10 kilometres from the Maghreb gas pipeline.

The Company has a highly experienced management team with a proven track record in the oil and gas industry.

 

END

 

 

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