MOU-3 Drilling Update

RNS Number : 2280V

Predator Oil & Gas Holdings PLC

04 April 2023

 

FOR IMMEDIATE RELEASE

4 April 2023

  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-3 drilling update

Predator Oil & Gas Holdings Plc (LSE: PRD), the Jersey based Oil and Gas Company with near-term gas operations focussed on Morocco, announces that Predator Gas Ventures Morocco Branch ("PGVMB") has awarded the contract for the construction of the MOU-3 well pad platform and the improvement of access roads to Moroccan company Skayavers Sarl.

Completion of permitting and survey requirements are expected to be finalised shortly. Civil works are due to start on or before 10 April 2023 to facilitate the commencement of drilling activities prior to the end of May.

The exact timing of the start of drilling operations is dependent on transit times for the arrival of all outstanding long-lead well items from a number of different international locations. As this becomes defined then the drilling schedule can be amended accordingly.

PGVMB is pleased to confirm that it has managed to source and order for delivery the most critical outstanding long lead items in what is a very competitive and challenging international market at present due to supply chain deficiencies.

An update on the MOU-1 testing programme will be provided in due course and it is expected to be executed in April. It will be scheduled around the MOU-3 pre-drill planning, which is the current priority in order to enable MOU-3 to commence drilling at the earliest opportunity.

The materials and logistical requirements for a potential re-entry of the suspended well MOU-2 are being evaluated, but it is not expected that any such operation would be executed before the completion of drilling at the MOU-3 location.   

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

"This is an extremely congested period of operational activity in Morocco for the Company during the next two to three months that has to be carefully managed and scheduled to ensure execution in an efficient and cost-effective manner.

Separately we are working to secure the acquisition of TRex Holdings Trinidad Ltd. and the Cory Moruga asset, subject to the Ministry of Energy and Energy Industries consent, after the completion of the MOU-3 drilling programme. This is another key objective for our shareholders to see realised as it creates the opportunity to establish production, independent of the later application of our CO2 EOR expertise, and cash flow from early reactivation of wells that have demonstrated the ability to flow oil at attractive rates but have never been taken to full development status."

For further information visit www.predatoroilandgas.com

Follow the Company on twitter @PredatorOilGas.

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 Paul Griffiths  Executive Chairman Lonny Baumgardner  Managing Director	Tel: [phone] [e-mail]
Novum Securities Limited David Coffman / Jon Belliss Optiva Securities Limited Christian Dennis, CEO Ben Maitland, Corporate Finance	Tel: [phone] Tel: [phone] Tel. [phone]
Flagstaff Strategic and Investor Communications Tim Thompson  Mark Edwards Fergus Mellon	Tel: [phone] [e-mail]

Notes to Editors: 

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.  The MOU-1 well has been completed and a follow-up testing programme is being finalised to coordinate with a further drilling programme.

Predator is seeking to further develop the remaining oil reserves of Trinidad's mature onshore oil fields through the application of CO2 EOR techniques and by sequestrating anthropogenic carbon dioxide to produce "greener" oil.

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 decommissioned Kinsale gas field in the Celtic Sea.

Predator has developed a Floating Storage and Regasification Project ("FSRUP") for the import of LNG and its regassification for Ireland and is also developing gas storage concepts to address security of gas supply and volatility in gas prices during times of peak gas demand.

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

 

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