Progress Update Trinidad

RNS Number : 1205L

Predator Oil & Gas Holdings PLC

05 September 2019

 

FOR IMMEDIATE RELEASE

5 September 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 survey workover operations at AT-4 and AT-13 have 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 well operations to survey downhole the AT-4 and AT-13 wells.

Based on the AT-13 survey results the Herrera #2 Sand has been confirmed as being accessible for CO2 EOR operations.

AT-5X and AT-13 have been selected as the preferred initial wells for CO2 EOR injection and production operations.

The well workover survey results for the Herrera #2 Sand are significant. Based on independent reservoir engineering studies and CO2 EOR resources estimates generated by Dr. John Tingas, the Herrera #2 Sand has the potential to contribute over 50% of the total recoverable CO2 EOR resources within the AT-4 compartment in the Inniss-Trinity field.

Paul Griffiths, Chief Executive of Predator, commented:

This is really excellent news and allows us to focus on the larger resources potential of the Herrera #2 Sand which we originally considered might have been a more difficult operational challenge.

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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