REG - Predator O&G Hldgs - Operations update and Board Changes

Predator Oil & Gas HoldingsAnnouncement

24/10/2022 07:00

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RNS Number : 7935D  Predator Oil & Gas Holdings PLC  24 October 2022

FOR IMMEDIATE RELEASE

24 October 2022

 

               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")

 

 

 
Operations update & Board Changes

 

         Highlights

 

 

·    Rig contract signed

 

·    Rig mobilised to holding location

 

·    MOU-2 targeting contingent resources 295 - 708 BCF

 

·    Location for MOU-NE well confirmed on site visit

 

·    MOU-NE CPR being commissioned to determine prospective oil resources

 

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 that it has executed a rig contract with Star Valley Drilling Ltd. to
use its Rig 101, which successfully drilled and completed for rigless testing
the MOU-1 gas discovery well, to drill the upcoming MOU-2 well in the Guercif
Licence onshore northern Morocco.

Rig 101 has been mobilised to a rack site (holding location) en route to
Guercif for rig preparations whilst the access tracks and roads to the MOU-2
location have been upgraded and the well pad construction has been completed
following a recent site visit by the management team to the drilling location.

MOU-2 is a high impact/high reward well  to test the range of Best Estimate
and High Estimate net contingent gas resources to the Company of between 295
BCF to 708 BCF respectively, as defined in the independent SLR Consulting
Ireland Ltd. ("SLR") Competent Persons Report ("CPR"), (February 2020 and
January 2022 "MOU-4" updated).

 

It is intended that MOU-2 will be completed for rigless testing followed by
rigless testing of MOU-1.

 

Results from rigless testing will allow a decision on the initiation of a
Compressed Natural Gas development to be made.

A location for the MOU-NE well (now designated MOU-3) was finalised during the
recent site visit.

MOU-3 will be the next well in the drilling sequence and will test a 35km²
area within a larger Jurassic oil prospect.

A Competent Persons Report is being commissioned to define the range of
potential prospective oil resources for the MOU-3 trap.

Board changes

Thomas Evans is stepping down from the Board as a Non-executive Director with
immediate effect to spend more time on his other existing commitments. The
Board thanks Tom for his helpful and constructive input during his time with
the Company.

 

Carl Kindinger has been appointed Non-executive Director with immediate
effect. Carl is a former Non-executive Chairman of the Company who stepped
down in 2020 to focus on family matters. Carl's biography can be accessed on
the Company's website at www.predatoroilandgas.com
(http://www.predatoroilandgas.com) . Carl importantly has many years of
experience in the Moroccan oil and gas sector which will enable him to provide
critical oversight of the Company's business objectives as it enters a
critical phase in implementing its development strategy.

 

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

"No-one can deny that these are extremely challenging times, both from the
political, financial, economic and supply chain perspectives, created by a set
of circumstances that no-one could have foreseen.

 

However we are pleased to be taking the positive steps forward announced today
needed to unlock the value of the gas potential of the Guercif Basin. The
sequence of drilling and testing operations has been designed to establish the
case for an early decision on a Compressed Natural Gas development.

 

We are looking ahead too to the exciting additional potential offered by the
MOU-NE oil prospect. Guercif is possibly the only area of Morocco where this
particular oil play can be tested in an optimal geological setting.

 

Management remains highly focussed and committed to delivering its carefully
constructed strategic plan for developing the potential oil and gas resources
of this large licence area and unlocking shareholder value.

 

Strong management with firm credible objectives is what is needed to navigate
through these challenging times and I am delighted to welcome Carl Kindinger
back to the Board."

 

 

 

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

 Jon Belliss

 David Coffman

                                                                 Tel: +44 (0) 203 137 1902

 Optiva Securities Limited

 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 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 beginning in 2022.

 

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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