Licensing Legislation Offshore Ireland

RNS Number : 7875N

Predator Oil & Gas Holdings PLC

03 February 2021

 

FOR IMMEDIATE RELEASE

 03 February 2021

  Predator Oil & Gas Holdings Plc / Index: LSE / Epic: PRD / Sector: Oil & Gas

   LEI 213800L7QXFURBFLDS54

Predator Oil & Gas Holdings Plc

("Predator" or the "Company" and together with its subsidiaries "the Group")

   Licensing Legislation Offshore Ireland

Predator Oil & Gas Holdings Plc, the Jersey-based Oil and Gas Company with operations in Trinidad, Morocco and Ireland, welcomes yesterday's renewed commitment by the Irish Government to honour existing licences issued by the State for oil and gas.

All options for energy security in the future that utilise existing oil and gas infrastructure should be explored.

Subsurface oil and gas reservoirs provide a potentially valuable asset for safe CO2 sequestration during the transition to green energy dominance.

Predator remains focussed on promoting CO2 sequestration projects based on our extensive experienced gathered through interaction with government policy makers, regulators and the environmental management authority in Trinidad. Our practical operational experience and extensive data gathered to date during CO2 injection are valuable assets to assist policy makers in framing future legislation and regulation of CO2 sequestration from an environmental and investment perspective.   

 Paul Griffiths, CEO of Predator Oil & Gas Holdings Plc commented:

"With the natural transition to greener energy, it is incumbent on policy makers and regulators to be inclusive, in order to utilise  all the available expertise and practical knowledge to develop a workable policy for CO2 sequestration along the way to a sustainable energy future. To facilitate such developments Predator will work with regulators, where invited to do so, to promote enabling legislation that facilitates CO2 sequestration. We have pioneered a new era of CO2 injection in Trinidad and de-risked the potential for larger scale CO2 sequestration. Why not Ireland?"

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

For more information, please visit the Company's website at  www.predatoroilandgas.com : 

Enquiries:

Predator Oil & Gas Holdings Plc Dr. Stephen Staley Non-executive Chairman Paul Griffiths  Chief Executive Officer	Tel: [phone] [e-mail]
Novum Securities Limited Jon Belliss Optiva Securities Limited Christian Dennis	Tel: [phone] Tel: [phone]
Flagstaff Strategic and Investor Communications Tim Thompson  Mark Edwards Fergus Mellon	Tel: [phone] [e-mail]

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 and sequestrating anthropogenic carbon dioxide 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 successful Pilot Enhanced Oil Recovery project using locally sourced liquid carbon dioxide for injection into and storage within the oil reservoirs ("C02 EOR"). Near-term expansion and production growth potential is focussed on upscaling the C02 EOR operations in the Inniss-Trinity oil field, subject to all necessary approvals. 

Predator is operator of the Guercif Petroleum Agreement onshore Morocco which is prospective for Tertiary gas in prospects less than 10 kilometres from the Maghreb gas pipeline.  A drilling programme, subject to the lifting of COVID-19 restrictions, targeting material prospective gas resources is scheduled for Q2 2021.

In addition, Predator also owns and operates exploration and appraisal assets in licensing options offshore Ireland, for which Successor Authorisations have been applied for, adjoining Vermilion'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.

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

 

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