Progress Update Trinidad

RNS Number : 8283J

Predator Oil & Gas Holdings PLC

22 August 2019

 

FOR IMMEDIATE RELEASE

22 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-5X successfully completed

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 successfully completed workover operations to survey downhole the AT-5X well in preparation for future CO2 injection and enhanced oil production.

The preferred Predator downhole completion design to potentially achieve optimum efficiency for CO2 EOR injection by isolating specific reservoir sands was determined as being operationally viable. In preparation for CO2 EOR operations a key interval of reservoir section chosen for the first CO2 injectivity test was successfully isolated from the deeper reservoirs with the setting of a Cast Iron Bridge Plug.

The workover rig will now move on to survey the AT-4 well.

A further operational update will be issued once the downhole well survey results have been assessed for AT-4.

Paul Griffiths, Chief Executive of Predator, commented:

We are pleased that the workover of AT-5X has been successfully completed and that the first stage of the operational strategy for focussed CO2 injection has been proven to be possible to implement in old producing wells. This strategy is unique in terms of what has previously been attempted using C02 in Trinidad and we are excited about the possibilities that lie ahead. We thank the Columbus Energy operating team for their significant efforts in achieving a challenging task that helps to de-risk the Pilot CO2 EOR Project.

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.

 

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