Predator Oil & Gas Holdings plc said it would continue the legal process if issues remain unresolved over a loan for the CO2 enhanced oil recovery (EOR) pilot project at the Inniss-Trinity field, onshore Trinidad.
FRAM LOAN
In June 2022, the company announced it had started a litigation process over the £591,065 FRAM loan for its CO2 (EOR) project.
FRAM Exploration Trinidad Ltd is a wholly owned subsidiary of Challenger Energy Group plc.
Predator maintains that Challenger prematurely terminated the project on 1 August 2021.
The company today said that Challanger had omitted to mention the FRAM loan in its financial statements and annual report, or why the project was terminated with only 24 hours’ notice.
OPTIONS
“The company’s position remains unchanged in respect of the FRAM loan,” added Predator in its statement.
“The company determines that there is an option to resolve the issues between the company and Challenger through collaboration based on certain information stated in the annual report and financial statements for the year ended 31 December 2021.
“However if this option cannot be progressed then the company will have no alternative but to continue with its legal process.”