MOU-1 Commences Drilling

RNS Number : 4677C

Predator Oil & Gas Holdings PLC

21 June 2021

 

FOR IMMEDIATE RELEASE

 21 June 2021

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

  LEI 213800L7QXFURBFLDS54

Predator Oil & Gas Holdings Plc

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

MOU-1 commences drilling

Predator Oil & Gas Holdings Plc (PRD), the Jersey-based Oil and Gas Company with operations in Trinidad, Morocco and Ireland is pleased to announce that the MOU-1 well was spudded at 0100 hours on Sunday 20th June 2021 with drilling ahead in progress to the first planned 13 3/8 " casing point.

The well is forecast to take up to 20 days to drill and to run wireline logs.

MOU-1 has been given a "tight hole" status and therefore, unless circumstances  dictate otherwise, there will be no more information released until wireline logs have been evaluated.

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

"We are delighted to have completed the rig mobilisation, rigging up and spudding of the MOU-1 well safely and in complete alignment with the pre-drill schedule. This is an exciting well for the Company and its shareholders and represents the culmination of work over the last 18 months, during the COVID crisis,  to create the opportunity to drill in Guercif at this time. We are very appreciative of the many people within the Company and especially those contracted to the Company who have worked together as a team to execute the initiation of the drilling programme. We are also grateful for the unwavering support given to us by our partner ONHYM to help facilitate the commencement of operations. Pictures from the MOU-1 well site can be found at www.predatoroilandgas.com "

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 Dr. Stephen Staley Non-executive Chairman Paul Griffiths  Chief Executive Officer	Tel: [phone] [e-mail]
Novum Securities Limited Jon Belliss Optiva Securities Limited Christian Dennis	Tel: [phone] Tel: [phone]
Flagstaff Strategic and Investor Communications Tim Thompson  Mark Edwards Fergus Mellon	Tel: [phone] [e-mail]

Notes to Editors:

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 and sequestrating anthropogenic carbon dioxide in the producing Inniss Trinity oil field onshore Trinidad, primarily through the application of C02 EOR technology. Potential for cash flow exists by executing a successful Pilot Enhanced Oil Recovery project using locally sourced liquid carbon dioxide for injection into and storage within the oil reservoirs ("C02 EOR"). Near-term expansion and production growth potential is focussed on upscaling the C02 EOR operations in the Inniss-Trinity oil field, subject to all necessary approvals. 

Predator is operator of the Guercif Petroleum Agreement onshore Morocco which is prospective for Tertiary gas in prospects less than 10 kilometres from the Maghreb gas pipeline.  A drilling programme, subject to the lifting of COVID-19 restrictions, targeting material prospective gas resources is scheduled for Q2 2021.

In addition, Predator also owns and operates exploration and appraisal assets in licensing options offshore Ireland, for which Successor Authorisations have been applied for, adjoining Vermilion'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.

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

 

END

 

 

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