February oil sales and strengthening oil price
Predator Oil & Gas Holdings Plc reported gross oil sales of $337,071 for February from its four onshore Trinidad fields, with an average price of $60.21 per barrel. The company anticipates March oil sales prices to be 25% to 35% higher due to strengthening global oil prices. Production enhancement efforts include logging the BON-20 well across three zones, bringing six offline wells back online, and implementing increased swabbing frequency. Predator is also evaluating an aggressive drilling program to capitalize on the current oil price spike, which could lead to a reduced Petroleum Profit Tax rate of 12.5% by utilizing legacy tax losses.
Select text to share a quote on X · sign in to keep highlights & notes in your PRD notes
Highlights
- Cumulative gross oil sales for February US$337,071
- Forecast March oil sales price expected to be 25 to 35% higher
- BON-20 logged over three separate oil zones
- Well interventions and increased swabbing frequency to enhance production
- Aggressive back-to-back drilling programme being evaluated to increase production coinciding with oil price spike
Predator Oil & Gas Holdings Plc (LSE: PRD), the Jersey based Oil and Gas Company with hydrocarbon operations focussed on production in Trinidad and appraisal and near-term development in Morocco, announces gross sales revenues from production for the month of February from its four oil fields onshore Trinidad.
| Field | Barrels sold | US$/barrel | Total US$ gross revenue |
|---|---|---|---|
| Goudron | 4360 | 197,378 | |
| Inniss-Trinity | 3912 | 95,377 | |
| Icacos | 277 | 16,679 | |
| Bonasse¹ | 459 | 27,637 | |
| CUMULATIVE | 9,008 | 60.213 | 337,071 |
¹ Out of 1,077 barrels produced during February - balance to storage
During February two new development wells, BON-18 and 19, have been drilled and completed in the Bonasse field and are online and producing.
Six offline wells in the Inniss-Trinity and Goudron fields have been brought back on production.
Forward plan
The new infield development well BON-20 has been logged and completed for perforating in several zones.
6 well workovers are planned in the Inniss-Trinity and Goudron fields.
A schedule for increasing the frequency of swabbing cycles and the number of wells being swabbed has been put in place.
Jacobin-1 will be added to the swabbing programme as soon as the scheduling of a workover rig permits.
New development well locations for the Bonasse field are being evaluated to support a back-to-back drilling programme to maximise rig use whilst mobilised on site.
Scheduling of the SC-3 Snowcap appraisal/development well is progressing as previously guided.
The current strengthening of oil price on the global markets is expected to see the February sales oil price for March increase by 25 to 35%, if current pricing trends persist in the short term.
Paul Griffiths, Chief Executive Officer of Predator Oil & Gas Holdings Plc commented:
"We continue to focus on development drilling activity in Trinidad and enhancing production to capture increased sales revenues during the current spike in oil prices. Increased sales revenues and profits allows us to bring forward the utilisation of legacy tax losses to reduce our Petroleum Profit Tax to an effective rate of 12.5% ."
Follow the Company on X @PredatorOilGas.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.