REG - Predator O&G Hldgs - Operations Update

Predator Oil & Gas HoldingsAnnouncement

13/12/2022 07:00

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RNS Number : 4526J  Predator Oil & Gas Holdings PLC  13 December 2022

FOR IMMEDIATE RELEASE

13 December 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

 

      Highlights

 

·    Initial mobilisation of drilling rig and equipment to MOU-2

 

·    Procurement and delivery now almost complete

 

·    Drilling operations expected to take 12 - 15 days

 

·    Progress in Ireland and Trinidad

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
provide an update on progress towards the commencement of drilling of the high
impact/high reward MOU-2 well in Guercif onshore northern Morocco.

Initial mobilisation of the Star Valley Rig 101 equipment to the MOU-2
drilling location has commenced and long lead items, including wellheads and
other well equipment and materials, have been successfully imported and
delivered to the Group's secure warehouse facilities in Guercif. Remaining
materials and inventory are in transit and will arrive on location in the
coming days.

Pre-drilling procurement and delivery is now almost complete. Upon the
conclusion of this process a firm spud date will be announced. This will be
later than the previous guidance of mid-December as some remaining well
inventory was delayed as a result of having to be trucked by road when
previously negotiated transport by sea was withdrawn at short notice due to
the competition for vessel capacity created by market conditions generated by
the ongoing Ukraine-Russia war.

The well will be drilled to 1,500 metres TVD below ground level and is
expected to take between 12 to 15 Days to complete. The primary gas target is
anticipated to be reached within 10 days of the commencement of drilling,
subject to no unexpected operational delays. The possible presence of high
pressure gas in the primary target has been prudently allowed for in the well
design and for the operational procedures.to be adopted whilst drilling into
this potential gas reservoir.

The Company is also pleased to announce an update on activities relating to
Ireland and Trinidad.

 

Ireland

Mag Mell Energy Ireland Ltd. presented its Mag Mell Floating Storage and
Regasification Project to the Security of Supply, Markets and Retail Energy
Division at a meeting that took place at the Department of the Environment,
Climate and Communications offices at Adelaide Road, Dublin on 2 December
2022. The meeting was extremely constructive and allowed each respective party
to be better informed ahead of a decision on various options that may or may
not be adopted following the conclusion of the public consultation process on
Ireland's security of supply review. The Company believes that these options
may be clarified by the end of January 2023.

The Company wishes to sincerely thank the DECC for giving their time to review
what the Mag Mell project potentially has to offer Ireland.

The Company expects to be able to update the market in the next few weeks on
whether the party that has expressed an interest in the Predator Oil and Gas
Ventures Ltd.'s application for a successor authorisation for Corrib South
will proceed to the next stage or not following the completion of preliminary
due diligence.

Trinidad

The Company will shortly update the market on its plans for re-establishing
CO2 EOR operations in Trinidad in 2023.

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

"Preparations for drilling MOU-2 are now almost complete following a
protracted logistical exercise dictated by the disruption of supply chains and
transport resulting from changing priorities created by the Ukraine-Russia
war. These have been overcome and we are confident that drilling will commence
as planned in accordance with our drilling and geological programmes for
MOU-2.

Whilst Moroccan gas remains our focus unexpected progress in Ireland and
Trinidad has opened up the potential to create additional shareholder value in
2023. We do not apologise for pursuing these growth opportunities as they are
potentially capable of being funded by other parties in order to preserve cash
resources for our primary business focus, which is creating value out of
successful drilling for Moroccan gas."

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

 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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