The British oil and gas company Predator Oil&Gas Holdings Plc (PRD), through its subsidiary T-Rex Resources (Trinidad) Limited (TRex), has completed the acquisition of a 51% stake in CRL. This is reported in a PRD press release.
As part of the deal, TRex purchased a controlling stake in the Bonasse Field on the SW Peninsular Peninsula in Trinidad, which is CRL's only asset with a production license until 2039.
The deal includes equipment at the Bonasse field and oil storage tanks necessary for the overhaul and development of the Cory Moruga field.
The deal is in line with Predator Oil&Gas Holdings' strategy of focusing on hydrocarbon production in Morocco and Trinidad and strengthening its strategic position in the region. The investments offset the cost of acquiring production facilities for the Jacobin-1 and Snowcap-1 fields, eliminating the need for expenses at the expense of the company's working capital.
The Bonasse field includes seven wells that have recently been closed for contractual reasons.
Predator Oil&Gas Holdings is a British company engaged in the exploration and development of oil and gas assets in Africa, Europe and the Caribbean. The company manages a portfolio of oil and gas projects, including a project to enhance oil recovery using CO2 in Trinidad, 2 offshore gas exploration and evaluation projects in Ireland, and a gas exploration project in Morocco. The headquarters is located in St. Helier (Jersey, UK).
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