Predator Oil & Gas (PRD), the Jersey-based Oil and Gas Company with operations in Trinidad, Morocco and Ireland, notes the announcement today by Columbus Energy Resources, that the Petroleum Operations Management Division of the Ministry of Energy and Energy Industries ("MEEI") has granted approval for the AT-5X carbon dioxide and injection system to start injecting for a period of 90 days. This will allow the maximum carbon dioxide injection rate and pressure, as determined by the reservoir engineering forecasts, to be achieved.

Inniss Trinity location (Source: KeyFacts Energy)

The carbon dioxide injection and delivery system and site layout has been independently inspected to ensure that the highest HSE standards possible are applied to enable operations to continue uninterrupted during the COVID-19 public health emergency.

Paul Griffiths, Chief Executive of Predator, commented:
"This is an important operational development that allows us to increase our ability to sequestrate anthropogenic carbon dioxide whilst accelerating the point at which revenues are generated. Enhancing the scale of return on investment can be achieved by maximising well deliverability. We are pleased that continuing to execute our CO2 EOR strategy by increasing CO2 injection volumes is helping us to reach our near-term goal of developing a carbon-neutral energy business. At the same time, we are maintaining during these difficult times our support for contributing to the local economy, which is significantly dependent on the energy industry."

Background - Trinity Inniss CO₂ Project

As previously announced, the term of the Inniss-Trinity Incremental Production Service Contract ("IPSC") has been extended to allow for the implementation of Pilot CO2 EOR.

The first tranche of CO₂ has now been injected into well AT5X in the Inniss-Trinity field and will over time contribute to the determination of any impact on enhancement of production in offset wells to AT5X. Predator and Columbus, its joint venture partner, will inject further tranches of CO₂ as is required to fully evaluate the potential of CO ₂ injection to increase oil production from the offsetting wells in the AT-4 Block, which is the site of the initial Pilot CO2 EOR.

Predator benefits from a Well Participation Agreement with FRAM Exploration Trinidad Ltd ("FRAM"), a wholly owned subsidiary of Columbus, whereby Predator will help plan and fund the Pilot CO₂ EOR in return for 100% recovery of its project costs from Pilot CO2 EOR profits from oil sales, and thereafter 50% of all profits attributable to the Pilot CO2 EOR. As part of the agreement with FRAM, Predator has the right (until 30 September 2020) to acquire FRAM's interest (the "Interest") in the Inniss-Trinity field for US$4.2m.

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