announced this week that they have received consent from Heritage Petroleum Co., Trinidad’s state-owned oil company, in record time, for their CO2 Enhanced Oil Recovery (EOR) project. The project will take place at the Inniss-Trinity oil field in Trinidad.
The project includes injecting carbon dioxide into wells as part of the company’s enhanced oil recovery mechanisms.
This is set to be Predator’s first operation and, if successful, could open the door for access to Heritage’s full range of reserves, the largest of any holder of oil and gas resources in Trinidad.
The window for the first CO2 gas sales to be delivered to the Inniss-Trinity field site has been extended to the end of April 2019 to “facilitate smooth integration with the operational planning for re-pressurising the reservoirs... using C02 injection.”
A combined scoping production rate of 300 bopd by the end of H1 2019 has been forecast from a pre-pilot reservoir engineering study.
With current WTI oil prices, operations are also forecast to be profitable and generate an average net-back of $10/barrel after taxes, royalties, and other operational costs.
Chief Executive of Predator, Paul Griffiths commented:
“We are pleased to have successfully achieved this important milestone in obtaining conditional approval from Heritage for the C02 EOR Project and are grateful for the support received by Columbus over the past few months in discussions with Heritage.
This will be the first C02 EOR Project for the newly created State entity and its successful execution by Predator may open the door to additional CO2 EOR projects.
Heritage's consent means that this project will have high visibility in Trinidad and internationally and we are excited about the potential opportunities that this may create to enhance our revenue-generating capabilities for our shareholders based on the C02 EOR expertise that the Company is developing."
Hear more about this news from Paul Griffiths on our podcast (16:10)
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