Guercif Drilling Team Update

RNS Number : 0253E

Predator Oil & Gas Holdings PLC

25 February 2020

 

Predator Oil & Gas Holdings PLC

25 February 2020

  Predator Oil & Gas Holdings Plc / Index: LSE / Epic: PRD / Sector: Oil & Gas

Predator Oil & Gas Holdings Plc

("Predator" or the "Company" and together with its subsidiaries "the Group")

Guercif Drilling Team Update

Predator Oil & Gas Holdings Plc (PRD), the Jersey-based Oil and Gas Company, is pleased to provide a further update on its drilling plans for the Guercif Permits I, II, III and IV ("Guercif") onshore Morocco. Predator (75%) operates Guercif in joint venture with the Office National des Hydrocarbures et des Mines ("ONHYM") acting on behalf of the State (25%).

Project Manager Drilling Appointed

Predator Gas Ventures Ltd. ("PGVL"), a wholly owned subsidiary of the Company with a Moroccan Branch, has appointed, Moyra Scott as consultant Project Drilling Manager, reporting to the Chief Executive Officer, to execute its Guercif drilling operations.

Ms. Scott has 25 years oil and gas experience as a Senior Drilling Engineer and Drilling Manager working on offshore and onshore projects in North Africa. East Africa and the North Sea for Tullow, BP, Lundin, Wintershall, Apache and SDX Energy.

Critically Ms. Scott has relevant and practical experience, through SDX Energy's 2014 drilling programme in the Rharb Basin, of the drilling conditions likely to be encountered in the geologically analogous, much larger gas targets, which are the subject of the Company's Guercif drilling programme.

Ms. Scott has a BSc. in Geology from the world-renowned Imperial College, and is an Associate of the Royal School of Mines, together with an MSc in Petroleum Engineering from the equally well-known Heriot-Watt University.

 Paul Griffiths, CEO of Predator Oil & Gas Holdings Plc said:

"The Company is delighted to have attracted someone of Moyra's exceptional calibre and experience to manage its drilling operations. It further demonstrates the attractiveness of the value proposition the Company is developing at Guercif and the potential seen by others for "running room" based on a successful drilling campaign. Logistical planning has commenced and well services are being sourced. Moyra's specific experience in this area of Morocco allows the Company to confidently plan and execute its drilling operations both cost-effectively and in a manner that maximises the chance of success whilst minimising operational risks."

This announcement contains inside information for the purposes of Article 7 of the Regulation (EU) No 596/2014 on market abuse

For more information please visit the Company's website at  www.predatoroilandgas.com : 

Enquiries:

Predator Oil & Gas Holdings Plc Carl Kindinger Chairman Paul Griffiths  Chief Executive Officer	Tel: [phone] [e-mail]
Novum Securities Limited Jon Belliss Optiva Securities Limited Christian Dennis	Tel: [phone] Tel: [phone]
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Qualified Person's statement:

The information contained in this document has been reviewed and approved by Mr. Paul Griffiths, Chief Executive Officer. Mr Griffiths has a BSc in Geology from Imperial College London and is an Associate of the Royal School of Mines. Mr. Griffiths has over 43 years of relevant experience in the upstream oil industry.

Background to Guercif Drilling Plans:

The initial drilling programme will comprise the drilling of the Moulouya-1 Prospect, subject to all regulatory consents and approvals, to a depth of 2,000 metres. The drilling rig mobilisation and drilling operations are expected to take up to 30 days.

Completion of the first well will release US$ 1 million of PGVL's US$ 1.5 million bank guarantee with ONHYM, subject to final delivery of all the data from the well to ONHYM.

At PGVL's sole option, and subject to ONHYM approval and all regulatory consents being received, PGVL shall have the option to extend the drilling programme by the drilling of either an appraisal well, if required, or a follow-up exploration well to capitalise on significantly reduced mobilisation and well services costs attributable to having an active rig available for immediate use.

Notes to Editors:

Predator is operator of the Guercif Petroleum Agreement onshore Morocco which is prospective for Tertiary gas in a prospect 4 kilometres from the Maghreb gas pipeline, and deeper Triassic gas. A well location has been selected for drilling in Q2 2020 and a rig option agreement has been exercised.

Predator is an oil and gas exploration company with the objective of participating with FRAM Exploration Trinidad Ltd. in further developing the remaining oil reserves in the producing Inniss Trinity oil field onshore Trinidad, primarily through the application of C02 EOR technology. Potential for cash flow exists by executing the Pilot Enhanced Oil Recovery project using locally sourced carbon dioxide for injection into the oil reservoirs ("C02 EOR"). Near-term expansion and growth potential is focussed on upscaling the C02 EOR operations in the Inniss-Trinity oil field.

In addition, Predator also operates exploration and appraisal assets in licensing options offshore Ireland, for which Successor Authorisations have been applied for, adjoining Shell's Corrib gas field in the Slyne Basin on the Atlantic Margin and east of the Kinsale gas field and Barryroe oil field in the Celtic Sea. Ireland however remains a very challenging regulatory environment for business investment in the oil and gas sector and is not the immediate focus of the Company's near-term operations.

The Company has a highly experienced management team with a proven track record in the oil and gas industry.

 

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