Predator Oil & Gas
Predator has announced an update on its CO2 EOR operations in Trinidad. It states that Columbus has announced the extension of the Inniss-Trinity IPSC to allow for the implementation of the Pilot CO2 EOR Project and the substitution of the existing minimum work obligations for the drilling of 7 development wells with the pilot CO2 EOR Project.
The project costs have the added advantage of being able to be offset against SPPT increasing the project economics attributable to the WPA. The WPA itself has also been amended to extend the period to ac quire FRAM to 30 September 2020 or 30 June subject to the work programme.
There is no change to the operations schedule with initial results from the pilot project expected in Q1 2020. All in all this is good news for all concerned, clearly Predator are in a strong position to potentially develop CO2 EOR which should it work will have been a massive success in such a short timeframe. Columbus also deserves credit for securing the extension which should also be profitable for them. Finally, the Government will be keen to see significant production from mature fields whilst ‘sequestrating’ significant CO2 volumes and advance a reduction in their carbon footprint. Another gain for CEO Paul Griffiths and team at Predator which is looking most attractive.
SDX has announced the commencement of production at South Disouq in Egypt. Gas has been flowing since 7th November through each of the four discovery wells and produced at between 8MMscf/d and 15 MMscf/d. It will ramp up to expected gross production plateau of 59 MMscf/d during 2020.
Whilst the bringing on of South Disouq is painfully late it will be an important milestone and investors can look forward to an exciting exploration programme in Morocco over the next few months.