Predator Oil & Gas Holdings PLC Operational Update CO2 EOR Trinidad (6293C)

TIDMPRD

RNS Number : 6293C

Predator Oil & Gas Holdings PLC

20 October 2020

FOR IMMEDIATE RELEASE

20 October 2020

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")

   Operational Update   CO2 EOR Trinidad 

Predator Oil & Gas Holdings Plc (Predator), the Jersey-based Oil and Gas Company with operations in Trinidad, Morocco and Ireland, is pleased to announce that the Permanent Secretary for the Ministry of Energy and Energy Industries ("MEEI") has granted approval for the use of the CO2 Recovery system, installed and commissioned by Predator and Massy Gas Products, associated with the CO2 Pilot Project at the FRAM Exploration Gathering Station #4 in the Inniss-Trinity field.

The carbon dioxide injection and delivery system and site layout has been independently inspected to ensure that the highest HSE standards possible are applied to enable operations to continue uninterrupted during the COVID-19 public health emergency.

Paul Griffiths, Chief Executive of Predator, commented:

"This is an important development that allows us to separately process enhanced oil production from CO2 EOR operations for sale and export through the existing pipeline infrastructure."

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

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 liquid 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.

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 [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

UPDFESSWSESSEES

(END) Dow Jones Newswires

October 20, 2020 03:25 ET (07:25 GMT)