REG - Predator O&G Hldgs - MOU-3 Drilling Update

Predator Oil & Gas HoldingsAnnouncement

04/04/2023 07:00

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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
(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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