REG - Predator O&G Hldgs - MOU-4 Update

Predator Oil & Gas HoldingsAnnouncement

13/07/2023 07:15

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RNS Number : 8593F  Predator Oil & Gas Holdings PLC  13 July 2023

FOR IMMEDIATE RELEASE

13 July 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-4 update with results of NuTech
petrophysical analysis

 

Highlights

 

·    64 metres of likely gas sands interpreted by NuTech in MOU-4

 

·    Likely gas reservoir at top of Jurassic carbonate target

 

·    Rigless testing programme will now include the Jurassic

 

·    Significant Jurassic gas potential if rigless testing is successful

 

 

 

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 an update for the MOU-4 well.

 

NuTech wireline log analysis and reservoir characterisation of the MOU-4 well
has highlighted the following intervals to be likely gas sands that will form
the primary objectives in a rigless testing programme.

 

519 to 713 metres TVD MD, including the M1 sands.

 

50 metres of likely gas sands.

 

778 to 879 metres TVD MD, including the Moulouya fan and Lower Fan.

 

12 metres of likely gas sands.

 

1139 to 1143 metres TVD MD, including the top of the Jurassic carbonates.

 

2 metres of likely gas reservoir with average porosity 19.9% (maximum 20.6%)
and average gas saturation 56% (maximum 73%).

 

As previously announced the culmination of the Jurassic carbonate target lies
2.6 kilometres to the southeast of the MOU-4 well location and significantly
higher than at the MOU-4 well location. Therefore a positive rigless testing
result in this zone would help to de-risk the larger Jurassic structural
closure in respect of reservoir development and migration of gas. These were
two of the most significant pre-drill exploration risks.

 

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

"The MOU-4 NuTech petrophysical analysis has has highlighted a number of
intervals to be likely gas sands, including some shallow sands that were not
previously considered to be potential drilling targets.

The recognition by NuTech of likely good quality thin gas reservoirs at the
top of the Jurassic carbonate is particularly significant in the context of
the large Jurassic structural closure that MOU-4 was purposely located at the
edge of, so as to successfully penetrate the primary pre-drill target which
was the Moulouya Fan.

Rigless testing of the Jurassic interval will be an important step in
evaluating the significant Jurassic potential within our core area of
interest."

 

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)

 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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