Operations update and Board Changes

RNS Number : 7935D

Predator Oil & Gas Holdings PLC

24 October 2022

 

FOR IMMEDIATE RELEASE 

24 October 2022

  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")

  Operations update & Board Changes

  Highlights

· Rig contract signed 

· Rig mobilised to holding location

· MOU-2 targeting contingent resources 295 - 708 BCF

· Location for MOU-NE well confirmed on site visit

· MOU-NE CPR being commissioned to determine prospective oil resources

Predator Oil & Gas Holdings Plc (LSE: PRD), the Jersey based Oil and Gas Company with near-term gas operations focussed on Morocco, is pleased to announce that it has executed a rig contract with Star Valley Drilling Ltd. to use its Rig 101, which successfully drilled and completed for rigless testing the MOU-1 gas discovery well, to drill the upcoming MOU-2 well in the Guercif Licence onshore northern Morocco.

Rig 101 has been mobilised to a rack site (holding location) en route to Guercif for rig preparations whilst the access tracks and roads to the MOU-2 location have been upgraded and the well pad construction has been completed following a recent site visit by the management team to the drilling location.

MOU-2 is a high impact/high reward well  to test the range of Best Estimate and High Estimate net contingent gas resources to the Company of between 295 BCF to 708 BCF respectively, as defined in the independent SLR Consulting Ireland Ltd. ("SLR") Competent Persons Report ("CPR"), (February 2020 and January 2022 "MOU-4" updated).

It is intended that MOU-2 will be completed for rigless testing followed by rigless testing of MOU-1.

Results from rigless testing will allow a decision on the initiation of a Compressed Natural Gas development to be made.

A location for the MOU-NE well (now designated MOU-3) was finalised during the recent site visit.

MOU-3 will be the next well in the drilling sequence and will test a 35km² area within a larger Jurassic oil prospect.

A Competent Persons Report is being commissioned to define the range of potential prospective oil resources for the MOU-3 trap.

Board changes

Thomas Evans is stepping down from the Board as a Non-executive Director with immediate effect to spend more time on his other existing commitments. The Board thanks Tom for his helpful and constructive input during his time with the Company.

Carl Kindinger has been appointed Non-executive Director with immediate effect. Carl is a former Non-executive Chairman of the Company who stepped down in 2020 to focus on family matters. Carl's biography can be accessed on the Company's website at www.predatoroilandgas.com . Carl importantly has many years of experience in the Moroccan oil and gas sector which will enable him to provide critical oversight of the Company's business objectives as it enters a critical phase in implementing its development strategy.

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

"No-one can deny that these are extremely challenging times, both from the political, financial, economic and supply chain perspectives, created by a set of circumstances that no-one could have foreseen.

However we are pleased to be taking the positive steps forward announced today needed to unlock the value of the gas potential of the Guercif Basin. The sequence of drilling and testing operations has been designed to establish the case for an early decision on a Compressed Natural Gas development.

We are looking ahead too to the exciting additional potential offered by the MOU-NE oil prospect. Guercif is possibly the only area of Morocco where this particular oil play can be tested in an optimal geological setting.

Management remains highly focussed and committed to delivering its carefully constructed strategic plan for developing the potential oil and gas resources of this large licence area and unlocking shareholder value.

Strong management with firm credible objectives is what is needed to navigate through these challenging times and I am delighted to welcome Carl Kindinger back to the Board."

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 Jon Belliss David Coffman 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 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 beginning in 2022.

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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