12th Nov 2019 13:36
(Alliance News) - Columbus Energy Resources PLC said Tuesday that the incremental production service contract on the Inniss Trinity oil field, onshore Trinidad, has been extended to December 2021 from January 2020.
Predator Oil & Gas PLC, which partners Columbus in the pilot carbon dioxide enhanced oil recovery project, also noted the announcement.
Predator Chief Executive Paul Griffiths said: "We are pleased that the extension to the incremental production service contract has been secured by Columbus."
The extension was granted to allow for the implementation of the carbon dioxide pilot project and replace the existing minimum work obligations for the drilling of seven development wells with the pilot project.
The extension will be granted so long as Columbus implements the first phase of the project.
"The company is pleased to have secured an extension to the Inniss Trinity IPSC to allow for the implementing of the CO2 pilot project. We believe the CO2 pilot project 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 Columbus Executive Chair Leo Koot.
"In recognition of this, implementation of the CO2 pilot project will replace the existing minimum work obligation of drilling seven development wells. We look forward to working with the Ministry, Heritage and Predator to implement the CO2 pilot project," Koot added.
Predator shares were 0.1% higher at 3.63 pence each in London on Tuesday afternoon. Columbus Energy shares were flat at 3.50p apiece.
By Dayo Laniyan; [email protected]; Updated by: Eric Cunha; [email protected]
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