Predator Oil & Gas Plc

Home Media Predator Oil & Gas shares rise as enhanced recovery plans get a boost

Predator Oil & Gas shares rise as enhanced recovery plans get a boost

“We are absolutely delighted with the results of the initial reservoir engineering assessment as it tangibly confirms our long-held belief that C02 EOR is the way to enhance oil recovery at commercial rates from Trinidad’s mature oil fields”

Predator Oil & Gas Holdings PLC (LON:PRD) shares gained around 13% in Wednesday’s deals after it updated on its carbon dioxide enhanced oil recovery plans in Trinidad.

It has completed an initial reservoir engineering assessment for the carbon dioxide EOR project, and, the company said it has independently validated the project’s technical case.

READ: Wednesday’s stock market movers

The project is seen to have a combined scoping production rate of 300 bopd for an initial two wells, representing more than six times the output of the present wells.

“We are absolutely delighted with the results of the initial reservoir engineering assessment as it tangibly confirms our long-held belief that C02 EOR is the way to enhance oil recovery at commercial rates from Trinidad’s mature oil fields,” said Paul Griffiths, Predator chief executive.

“We have always been careful to tick the boxes systematically in the lead-up to implementing our pilot project.

“Experience has shown that it is essential to get the planning and understanding as complete as possible prior to executing operations in order not to prematurely throw away the opportunity for our shareholders to participate in an exciting phase in the company’s growth strategy.”

Griffiths added: “A successful pilot project opens the door to expedient upscaling to further develop multi-million barrel producing oil fields onshore Trinidad using the technology and vision being pioneered in practice by your company, potentially establishing a niche position for the company in Trinidad.”