REG - Predator O&G Hldgs - MOU -1 Testing Update

Predator Oil & Gas HoldingsAnnouncement

07/03/2023 07:00

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RNS Number : 0524S  Predator Oil & Gas Holdings PLC  07 March 2023

FOR IMMEDIATE RELEASE

7 March 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")

 

       Highlights

·    MOU-1 rigless well testing programme submitted for regulatory
approvals.

 

·    Planning of the next stage of drilling operations likely to be
completed soon after MOU-1 rigless testing

 

 

         MOU-1 Testing Update

Predator Oil & Gas Holdings Plc (LSE: PRD), the Jersey based Oil and Gas
Company with near-term gas operations focussed on Morocco, announces an update
on the proposed testing of the MOU-1 well drilled and completed in 2021 in the
area of the the Guercif Petroleum Agreement onshore Morocco.

In conformance with the current Moroccan regulatory procedures for rigless
well testing, the Company has expressed in writing to the Office National des
Hydrocarbures et des Mines ("ONHYM") the intention to test MOU-1.

The testing program has been outlined together with the intervals to be tested
and the quantities of explosive required.

A letter from ONHYM has been sent to the Ministry of the Energy Transition and
Sustainable Development and to the Governor of the Guercif region to inform
them of the proposed testing operations.

After receipt of the ONHYM letter has been acknowledged, the Company is
required to send a letter to the Regional Director of Energy and Mines to
request a meeting with the committee in charge of the explosive authorisation.
This is to agree in the meeting on the date when the explosives will be
transported under police escort from the bunker in Casablanca to the MOU-1
well site and the date when the rigless well test will be held. This is so
that the local authorities will be able to track the explosive quantities
used.

Given that well perforating operations have only been carried out once before
in the last 51 years in the area of the Guercif Petroleum Agreement, the
Company will also hold  a meeting with the local authorities in Guercif to
explain the rigless well test perforating procedures and the proposed
timescale.

This is the normal practice in Morocco for the use of explosives in well
operations.

 

 

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

"Once the regulatory process has been fully complied with the Company will
begin MOU-1 rigless testing at the very earliest opportunity.

Options for the implementation of the next stage of drilling operations in
Guercif are in the process of being finalised but are unlikely to be completed
before the rigless MOU-1 well testing commences."

 

 

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

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

 Christian Dennis, CEO

 Ben Maitland, Corporate Finance                                 Tel. +44 (0) 203 034 2707

 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 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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