Predator’s CO₂ project at Trinity Inniss kick-starts second phase
told investors this morning that the phase 2 of the CO₂ Pilot Project in the Inniss Trinity field onshore Trinidad has now commenced.
The Jersey-based oil and gas firm confirmed the news this morning alongside its joint venture partner of the project, Columbus Energy Resources.
Predator will help plan and fund the CO₂ EOR and in return will receive 100% recovery of its project costs from the EOR’s profits from oil sales, and thereafter 50% of all profits attributable to the EOR.
The first tank of CO₂ was injected into AT5X at Trinity Inniss earlier in the year and the second phase will aim to maintain CO₂ injection at the optimum peak rate of nine metric tonnes per day.
Shares in Predator Oil & Gas Holdings were trading 1.72% higher at 2.95p on Monday.
Leo Koot, Executive Chairman of Columbus said the second phase of the pilot project “has the potential to materially increase oil production in the field.”
“Acting in conjunction with our partner, Predator Oil and Gas plc, we have already commenced injection of CO₂ into the reservoir and will be building up to continuous injection in the coming weeks,” he said.
Further tranches of CO₂ will be injected to fully evaluate the potential of CO₂ injection to increase oil production from the offsetting wells in the AT-4 Block, which is the site of the initial CO₂ pilot.
Predator previously acknowledged that the increasing of CO₂ injection volumes would contribute towards its near-term goal of developing a carbon-neutral energy business.
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