REG - Predator O&G Hldgs - Completion of MOU-3 Drilling and Logging

Predator Oil & Gas HoldingsAnnouncement

27/06/2023 07:15

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RNS Number : 9614D  Predator Oil & Gas Holdings PLC  27 June 2023

FOR IMMEDIATE RELEASE

27 June 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")

 

             Completion of MOU-3 drilling and logging operations

 

Highlights

 

·    MOU-3 drilled and completed for rigless testing

 

·    Multiple zones of interest from 339 to 1435 metres TVD MD

 

·    Rigless well test planned for 43 metre gross interval in Moulouya Fan

 

·    Ma Sand gas trap potentially could cover 58km²

 

·    MOU-4 drilling to start shortly

 

 

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 the successful completion of drilling and logging operations for the
MOU-3 well appraising the Moulouya Fan primary reservoir target and several
secondary reservoir targets encountered in MOU-1 drilled in 2021.

 

A preliminary summary of the results from the zones of interest is given below
pending further NuTech petrophysical wireline analysis that will be
commissioned ahead of finalising multiple intervals for rigless testing .

 

No logs were acquired over the shallow interval, the results for which were
previously announced, which are behind 95/8" casing.

 

 

1.   Ma and TGB-6 sand interval

 

Within the interval from 815 to 895 metres TVD MD five potential sands with
gas shows were encountered. Individual sands have a maximum thickness of 3
metres giving an estimated cumulative thickness of 11.5 metres versus a P10
pre-drill forecast sand thickness of 10 metres.

 

The Ma Sand had a 3% formation gas show.

 

Pre-drill P50 structural closure was determined to be 6km² for the area
tested by MOU-3.

 

MOU-3 well results have confirmed that the Ma to TGB-6 interval can be
correlated with the same gas-bearing interval in MOU-1, approximately 7 kms.
to the southwest. The two well data points now support a seismically defined
sequence covering an area of up to 58 km² that potentially forms a combined
structural and stratigraphic trap for gas.

 

2.   TGB-4 sands

 

Several thin sands of up to one metre in thickness were encountered in TGB-4
from 1046 to 1070 metres TVD MD. Borehole geometry was poor and further
detailed petrophysical analysis will be required to determine reservoir
quality. At least one of these sands may be a candidate for rigless testing.

 

3.   Sub-TGB-4 sands

 

From 1112 to 1140 metres TVD MD. five thin sands, individually up to one
metre-thick, were encountered. As for the TGB-4 sands further detailed
petrophysical analysis will be required to determine reservoir quality.
Rigless testing of at least one sand will be considered.

 

4.   Moulouya Fan sand

 

The Moulouya Fan sand was encountered from 1378 to 1437 metres TVD MD with
approximately 50.5 metres of sand versus a pre-drill P50 forecast of 19
metres.

 

Elevated background gas readings were recorded whilst drilling this section.

 

The interval correlates with the Moulouya Fan interval penetrated by MOU-1
drilled 7 kms. to the SW and its presence supports the development of the
Moulouya Fan over an area of at least 30km².

 

A rigless well test over a gross interval of 43 metres within this section
between 1379 to 1422 metres TVD MD is planned to be carried out.

 

MOU-3 reached its planned Total Depth of 1,509 metres TVD MD on 21 June 2023.

 

Wireline logs were run as per the pre-drill logging programme. 41/2" casing
was run to the casing shoe at 1494.5 metres TVD MD. The well has been
completed for rigless testing.

 

 

Forward plans

 

MOU-4 drilling

 

Star Valley Rig 101 has moved on to the MOU-4 well location and drilling
operations are anticipated to commence shortly.

 

MOU-4 will be targeting the same sequence of the Moulouya Fan as was found in
MOU-3.

 

In addition this well will test the potential for Jurassic carbonate reservoir
development within a 126 km² structure.

 

Rigless well testing

 

Following NuTech petrophysical analysis of the wireline logs from MOU-3 the
proposed rigless testing programme will be updated to include new zones
identified in MOU-3.

 

 

.

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

"The MOU-3 well has validated our pre-drill upside forecast for sand
development in respect of the main Moulouya Fan target. A gross interval of 43
metres will be evaluated by a rigless well test.

It has increased our inventory of potential gas reservoirs for a CNG
development with the discovery of very shallow over-pressured gas.

It has demonstrated the possible continuity, subject to rigless testing
results and a future infill well, of gas sands penetrated in MOU-1 with
similar sands encountered in MOU-3. In particular the Ma Sand potential has
been enhanced over a wider area with the possibility of a larger gas trap
being effectively sealed covering up to 58km². The shallow gas potential of
MOU-3 has exceeded all pre-drill expectations.

The focus will now be on drilling and completing MOU-4 where we do not expect
shallow gas to be present. Targets are the Moulouya Fan and the so far unknown
potential of the Jurassic carbonates within a very large structural closure.

Once the MOU-4 drilling is complete, results from all the wells drilled in
2023 will be quickly assessed and compared and a comprehensive and expanded
rigless testing programme will then commence during July."

 

For further information visit www.predatoroilandgas.com
(http://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 (http://www.predatoroilandgas.com/) :

 

 

 

Enquiries:

 Predator Oil & Gas Holdings Plc                                 Tel: +44 (0) 1534 834 600

 Paul Griffiths               Executive Chairman                 Info@predatoroilandgas.com (mailto:Info@predatoroilandgas.com)

 Lonny Baumgardner   Managing Director

 Novum Securities Limited                                        Tel: +44 (0)207 399 9425

 David Coffman / Jon Belliss

 Fox-Davies Capital                                              Tel   +44 (0)203 884 7447

 Jerry Keen                                                       jerry@fox-davies.com (mailto:jerry@fox-davies.com)

 Optiva Securities Limited                                       Tel: +44 (0)203 137 1902

 Christian Dennis

 Flagstaff Strategic and Investor Communications                 Tel: +44 (0)207 129 1474

 Tim Thompson                                                     predator@flagstaffcomms.com (mailto:predator@flagstaffcomms.com)

 Mark Edwards

 Fergus Mellon

 

 

 

 

Notes to Editors:

 

Predator is operator of the Guercif Petroleum Agreement onshore Morocco which
is prospective for Tertiary gas less than 10 kilometres from the Maghreb gas
pipeline.  The MOU-1 well drilled in 2021 is being prepared for a follow-up
testing programme to coordinate with a further drilling programme to move the
project to a CNG development stage.

 

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.

 

Predator 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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