Predator Oil & Gas Holdings plc has secured more time to acquire the Cory Moruga asset and progressed partner talks on carbon dioxide enhanced oil recovery (CO2 EOR) projects in Trinidad.
CONDITIONS
The licence includes the Snowcap oil discovery, with oil previously produced on test from the Snowcap-1 and Snowcap-2ST wells.
The purchase, from Challenger Energy Group plc and conditional on approval from the Ministry of Energy and Energy Industries, was due to complete by 31 August.
Outstanding matters relate to approval of Predator’s proposed revised work programme for Cory Moruga, a revision of future fees and a settlement or cancellation of past claimed dues pertaining to the licence.
The original March agreement timed to coincide with the long stop date of 31 August is now extended to 30 November 2023.
Predator today added that dialogue continued with the ministry and that the parties remained confident of obtaining approvals.
INNISS-TRINITY
The company also agreed a collaboration for CO2 EOR in other areas in Trinidad, and progressed discussions on re-establishing partner arrangements for other assets, particularly the onshore Inniss-Trinity field.
“In the longer term, scaling up of potential CO2 EOR operations and the creation of cost-saving operational synergies are likely to be considered by the company subject to updating of project economics,” added Predator.
“CO2 EOR operations would initially be conducted on an individual well basis to potentially provide a contribution to company overheads and operating costs as a Cory Moruga drilling programme progresses, subject to regulatory consents.”