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Columbus Energy looks forward to start of Inniss-Trinity enhanced recovery pilot

"The company looks forward to working with Heritage and Predator to advance the CO₂ pilot project,” said Leo Koot, Columbus chief executive

oil and gas operations
Columbus could exit the project with US$4.2mln if the pilot is a success

Columbus Energy Resources PLC (LON:CERP) told investors that it is expecting a second-quarter start to gas injections for the pilot project with Predator Oil & Gas and Heritage Petroleum at the Inniss-Trinity IPSC area.

The pilot project aims to inject carbon dioxide into wells as part of an enhanced oil recovery project.

WATCH: 'It's the year we've been waiting for' says Columbus Energy's Leo Koot

Existing agreements enable Predator to acquire the AIM-quoted company’s FRAM Exploration subsidiary, which holds the interest in the Inniss-Trinity, for US$4.2mln. Predator is funding the pilot project.

"The company looks forward to working with Heritage and Predator to advance the CO₂ pilot project,” said Leo Koot, Columbus chief executive.

“We believe the CO₂ 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."

Quick facts: Columbus Energy Resources PLC

Price: 2.629 GBX

AIM:CERP
Market: AIM
Market Cap: £22.3 m
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