REG - Predator O&G Hldgs - MOU-3 well intervention and rigless testing update

Predator Oil & Gas HoldingsAnnouncement

01/08/2025 07:00

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RNS Number : 5024T  Predator Oil & Gas Holdings PLC  01 August 2025

FOR IMMEDIATE RELEASE

 

1 August 2025

 

                          Predator Oil & Gas
Holdings Plc / Index: LSE / Epic: PRD / Sector: Oil & Gas

Predator Oil & Gas Holdings Plc

("Predator" or the "Company" and together with its subsidiaries "the Group")

 

                         MOU-3 well intervention and
rigless testing operations interim update

 

 
                    Highlights

 

·    MOU-3 "A" Sand successfully perforated by the larger perforating guns

 

·    Samples from nitrogen lift from the zone of formation damage

 

·    Well shut in to assess potential for clean-up and pressure build-up
over time

 

·    New well design and mud programme to mitigate formation damage being
prepared for  MOU-6 well

 

·    Operations successfully completed under-budget

 

·    No change in pre-testing resources

 

 

Predator Oil & Gas Holdings Plc (PRD), the Jersey-based Oil and Gas
Company with near-term hydrocarbon operations and production focussed on
Morocco and Trinidad announces a preliminary update for the rigless testing
operations at the MOU-3 well at Guercif in Morocco.

 

Operations summary

 

The "A" Sand was successfully perforated using for the first time the larger
27/8" power jet NOVA perforating guns.

 

A Coiled Tubing Unit pumped nitrogen into the well to assist well clean-up by
lifting to the surface heavier drilling mud filtrate (SG 1.26 density), used
to control gas inflow from the "A" Sand whilst setting the 95/8" casing at 779
metres measured depth from surface. The "A" Sand section was initially drilled
with lighter mud (SG 1.15 density). Potential sands from the perforated
reservoir interval could also be identified if present.

 

Whilst drilling through the "A" Sand in 2023 natural gas flow into the well
was noted, with the well approximately 50 psi under-balanced at 341 metres
measured depth from surface.

 

Initial results

 

Samples recovered at surface by nitrogen lift contained progressively less
dense drilling mud filtrate and eventually very fine grained, unconsolidated
sand. Comparison of the sand samples with well cuttings collected whilst
drilling MOU-3 gave a high level of confidence that the "A" Sand had been
successfully perforated.

 

The perforations may however have extended close to, but not beyond, the
maximum limit of probable formation damage caused during drilling.

 

The well is currently filled with nitrogen and shut in to facilitate any
potential slow pressure build-up and clean up close to the possible limits of
the formation damage.

 

Forward programme

 

Drilling

 

Desktop studies have commenced to generate a new well design and drilling mud
programme incorporating the valuable information gathered from the drilling of
MOU-1, MOU-2, MOU-3 and MOU-4 and testing of some of the wells. These wells
were designed based on the established drilling history of the Gharb Basin.

 

Current well design, mud programmes and drilling practices are not optimal for
the nature of the reservoir geology now established. Formation damage is a key
issue.

 

Preparations are progressing to drill and log this year an MOU-6  well, with
a surface location at the MOU-3 well pad. The well will evaluate all the sands
seen in MOU-3 above 950 metres.

 

Focus will be on minimising formation damage in respect of the reservoir's
ability to produce hydrocarbons by using specialised drilling fluids, if
necessary, and drilling as far as possible on balance to account for the fine
grained and unconsolidated sand intervals that are susceptible to wash out.

 

Choice of perforating guns

 

The MOU-3 testing programme has shown that only the larger 27/8" perforating
guns are suitable for rigless testing in this area. Sandjet is not being
considered any more as a perforating option.

 

Budget

 

The MOU-3 rigless testing programme was executed under budget.

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

"We are pleased that by accessing the larger perforating guns for the first
time that we have managed to collect valuable information to improve our
understanding of the extent and nature of the formation damage caused by
over-balanced drilling.

 

Whilst the perforating has been successful, thus far it has not been able to
completely overcome the formation damage to allow the well to flow. Pressure
build up in the well is being monitored to see if with time the damage can be
overcome.

 

The new well, MOU-6, is being designed to mitigate for formation damage and is
crucial for evaluating potential well productivity  and reservoir performance
at several levels.

 

We will seek to execute the MOU-6 drilling programme at the earliest
opportunity this year in order to maintain momentum."

 

 

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

 

Follow the Company on X @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                Chief Executive Officer                                                                                                                                                                                                                                                  Info@predatoroilandgas.com (about%3Ablank)

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

 David Coffman / Jon Belliss

 Oak Securities                                                                                                                                                                                                                                                                                         Tel: +44 (0)203 973 3678

 Jerry                                                                                                                                                                                                                                                                                                  Jerry.keen@oak-securities.com (mailto:Jerry.keen@oak-securities.com)
 Keen

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

 Tim Thompson                                                                                                                                                                                                                                                                                            predator@flagstaffcomms.com (about%3Ablank)

 Mark Edwards

 Fergus Mellon

Notes to Editors:

 

Predator is an oil & gas company with a diversified portfolio of assets
including unique and highly prospective onshore Moroccan gas exposure and
production, appraisal and exploration projects onshore Trinidad.

 

Morocco offers a potentially faster route to commercialisation of shallow
biogenic gas through different  development options. Moroccan gas prices are
high, and the fiscal terms are some of the best in the world.

 

Trinidad offers the security of a mature onshore oil province that has been
producing hydrocarbons for over 50 years. Predator is assembling a portfolio
of onshore producing fields with opportunities for production enhancement and
additional infill development and appraisal drilling. Significant legacy tax
losses, economies of scale and the application of new low-cost technologies
are factors that can improve profit margins per barrel of oil produced.

 

Predator has an experienced management team with particular knowledge of the
Moroccan and Trinidad sub- surface and operations.

 

Predator Oil & Gas Holdings plc is listed on the Equity Shares
(transition) category of the Official List of the London Stock
Exchange's main market for listed securities (symbol: PRD).

 

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

 

 

 

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