Predator Oil & Gas Holdings PLC Progress Update Trinidad (1205L)
September 05 2019 - 3:00AM
UK Regulatory
TIDMPRD
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 Tel: +44 (0)1534 834600
plc
Paul Griffiths, Chief Executive
Officer
Carl Kindinger, Non-Executive
Chairman
Brandon Hill Capital Tel: +44 (0)20 3463 5000
Jonathan Evans / Oliver Stansfield
Novum Securities Limited Tel: +44(0) 207 399 9425
Jon Bellis
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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