Predator Oil & Gas Holdings PLC said Tuesday it has acquired a majority stake in Caribbean Rex Ltd, buying into the Bonasse field in Trinidad as a result.
Predator Oil & Gas said its T-Rex Resources (Trinidad) Ltd subsidiary has acquired 51% of Caribbean Rex for $170,000.
Predator Oil & Gas is focussed on Morocco and Trinidad
‘CRL’s sole asset is a 100% interest in and operatorship of the Bonasse Field in the SW Peninsular, Trinidad. This asset was previously evaluated for acquisition in 2015 by a member of the company’s executive management team. The Bonasse field is directly licenced by the Ministry of Energy & Energy Industries and is a production licence expiring in 2039. There are no remaining work commitments,’ Predator added.
‘The investment in CRL will give TRex ownership of the Bonasse field facilities, including oil storage tanks, some of which will be required for the Cory Moruga workovers and ultimate field development. The value of these assets therefore can be offset against the costs that would have been incurred in purchasing some production facilities required for the Jacobin-1 and Snowcap-1 workovers and the eventual appraisal of the Snowcap oil field. These costs were already factored into the company’s existing working capital requirements therefore this investment removes the need for this expenditure.’
The Bonasse field has seven wells that were in production before ‘being recently shut in for third-party contractual and non-operational reasons’.
The asset is a candidate for the use of patented new SGN Technology chemical wax treatments.This sort of treatment has not been ‘previously applied in Trinidad’.
Chief Executive Officer Paul Griffiths said: ‘The transaction that we have announced today represents another step towards building a robust production portfolio suitable for the application of a new patented chemical wax treatment and rigorous management oversight of field operating and administrative costs to maximise profit margins and avail of substantive inherited tax losses through economies of scale and establishing operational synergies.
‘If the new chemical wax treatment proves to be a ’game changer‘ in the context of improving and maintaining oil flow rates, then further field development by reinvesting production income will be warranted.’
Shares in the company were 2.0% higher at 6.12 pence each in London on Tuesday afternoon.
Copyright 2025 Alliance News Ltd. All Rights Reserved.
