AUS
NZ
UK
CA
USA
IND
Highlights:
- Acquisition includes three producing fields: Goudron, Inniss Trinity, and Icacos, with current production of 272 barrels of oil per day (bopd).
- The transaction facilitates potential synergies, including tax loss consolidation between CEG Trinidad and T-Rex Resources (Trinidad) Limited.
- Management plans to leverage existing assets and operational expertise to enhance production and efficiency across the portfolio.
Predator Oil & Gas Holdings Plc (LSE:PRD), a Jersey-based oil and gas company with a focus on near-term hydrocarbon operations in Morocco and Trinidad, has entered into a transaction with Challenger Energy ("CEG") to acquire its Trinidadian subsidiary, Columbus Energy (St. Lucia) Limited ("CEG Trinidad"). This acquisition includes the business, producing assets, and operations in Trinidad and Tobago.
Acquisition Details and Strategic Rationale
Caribbean Rex Limited (CRL), a joint venture 51% owned by Predator’s subsidiary T-Rex Resources and 49% owned by the West Indian Energy Group Limited (WIEGL), is leading the acquisition of CEG Trinidad. The deal includes three key producing fields—Goudron, Inniss Trinity, and Icacos—which are held under an Enhanced Production Sharing Contract (EPSC) with Heritage Petroleum. The Icacos field operates under a private mining license with the Ministry of Energy and Energy Industries.
The acquisition is expected to facilitate synergies between T-Rex’s existing assets and CEG Trinidad’s operations. The fixed assets from CEG Trinidad, such as workover rigs, production machinery, and storage tanks, will be used across T-Rex's portfolio without incurring additional costs, maximizing operational efficiency.
Business Development Opportunities
The acquisition aligns with Predator Oil & Gas’ goal of accelerating development in Trinidad. The company plans to expedite the drilling of the Snowcap-3 development and appraisal well, which targets significant oil resources, including 1.4 million barrels from a restored production reservoir and 12.91 million barrels from deeper reservoirs akin to those in the adjacent Moruga West field.
Management’s familiarity with the Inniss-Trinity field, where previous CO2 Enhanced Oil Recovery (EOR) efforts increased production by up to 100%, will be a key asset. Additionally, the application of subsurface geological expertise combined with Predator’s patented SGN Technology for chemical wax treatment is expected to further enhance production across the acquired fields.
