13th Mar 2019 14:41
LONDON (Alliance News) - Columbus Energy Resources PLC said Wednesday that work is continuing with its Inniss-Trinity contract onshore Trinidad in the Caribbean.
The incremental production service contract will see Predator Oil & Gas Ltd fund and build a carbon dioxide enhanced oil recovery project pilot project.
Columbus' wholly-owned subsidiary, FRAM Exploration Ltd, is party to the contract with Heritage Petroleum Co Ltd.
If the project is a success, Predator will have an option to buy FRAM for USD4.2 million.
The first injections of carbon dioxide from the project are expected in the second quarter.
"The company looks forward to working with Heritage and Predator to advance the carbon dioxide pilot project. We believe the carbon dioxide pilot project on Inniss-Trinity will give all parties a valuable insight into an alternative enhanced oil recovery mechanism for Trinidad and has the potential to transform oil & gas operations in the Inniss-Trinity field and in similar fields in Trinidad," said Executive Chair Leo Koot.
Shares in Columbus Energy Resources were flat Wednesday at 2.40 pence each.
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