REG - Predator O&G Hldgs - Preliminary MOU-5 Drilling Results

Predator Oil & Gas HoldingsAnnouncement

17/03/2025 07:15

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RNS Number : 8641A  Predator Oil & Gas Holdings PLC  17 March 2025

FOR IMMEDIATE RELEASE

 

17 March 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")

 

 
                                Preliminary
MOU-5 drilling results

 

 

·    Domerian carbonate primary target penetrated supporting pre-drill
play concept

 

o  50 metre interval under petrophysical and petrographic review

 

o  100 metres below crest of Domerian carbonate bank culmination

 

·    Helium show above primary target

 

·    Never before seen 30 metre good quality gross sand below Domerian

 

·    MOU-5 drilled and logged in 10 days within budget

 

·    Well suspended to allow for future re-entry

 

·    Forward plan is 3D seismic acquisition through a farmout process

 

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 is pleased to announce an update on the preliminary MOU-5
drilling results in the Guercif Licence onshore Morocco.

Initial drilling results

·    MOU-5 was successfully drilled within pre-drill budget forecast to
the planned target depth and logged in 10 days.

 

·    The top of the Domerian carbonate primary target was encountered
significantly deeper than prognosed due to the presence of mobilised salt
above. Encouragingly this increased the thickness and potential effectiveness
of the topseal.

 

·    Good quality resistivity and sonic wireline logs were acquired over
the top 50 meters of the Domerian carbonate.

 

 

·    This zone will be further evaluated by a petrographic study of well
cutting samples to establish the relationship of the Domerian carbonate
section penetrated downdip by MOU-5 to the main development and culmination of
the carbonate bank to the northwest of the well.

 

·    The helium chromatograph registered a 1557 ppm helium show 16 metres
above the top of the Domerian carbonate. This has been correlated probably
with the presence of a flat-lying fault connecting to the area of salt
diapiric activity to the east of the well.

 

·    Post-well evaluation of the MOU-5 structure on the 2D seismic line
through the well  shows that MOU-5 is located approximately 100 metres below
the culmination of the Domerian carbonate bank to the northwest of the well.

 

·    Below the Domerian carbonate MOU-5 unexpectedly encountered
approximately 30 metres of good quality gross sand that had never been seen
before in the Guercif Basin.

 

 

Forward Plan

·    The MOU-5 well has been suspended to allow for a re-entry at a later
date and Star Valley Rig 101 has been released but will remain stacked at the
MOU-5 location.

 

·    Data from MOU-5 will be analysed and incorporated in a new "Jurassic
Project" that will focus on the core area of the Domerian structure to the
northwest of MOU-5 structure.

 

·    The presence of the Domerian carbonate has now been proven but 3D
seismic will be necessary to characterize the carbonate reservoir in the
area.  A farmout process will be initiated for the 3D seismic acquisition.

 

Paul Griffiths, Chief Executive Officer of Predator, commented:

"The results of the MOU-5 drilling programme have unlocked a new Jurassic
play-opening trend never before tested in the Guercif Basin. A  helium show
has provided the  impetus to further assess the helium potential of the MOU-5
structure.

Confirmation of our pre-drill play concept and seismic inversion modelling
work based on  limited 2D seismic data allows for the acquisition of more
focussed  additional  seismic data to clarify the updip potential.

Penetration of a new, good quality sandstone interval  below the primary
target was  unexpected and provides a new target in the basin.

The way forward from this point on is to evaluate the data from the well and
then to seek a farminee to join the Jurassic Project. The MOU-5 well has
confirmed that the large MOU-5 structure has  to be further investigated
based on new seismic data.

We are very confident, following the MOU-5 drilling results, that a potential
farminee will recognise the value proposition assignable to the Jurassic
Project

Rationalisation and monetisation must be the drivers to support shareholder
value during 2025, which promises to be a particularly volatile year,
potentially dominated by trade wars.

We can focus now on ramping up our Trinidad production in 2025 and completing
an additional  rigless testing programme for MOU-3 for the shallowest sand
encountered in the well and not yet evaluated for a potential CNG initial
development option.

Lastly, I would like to congratulate our Drilling Team and Country Manager for
delivering the MOU-5 drilling project on schedule, within budget, without
incident,  and in a manner that satisfied all of our pre-drill geological
objectives. Simplifying last year our management structure and improving
internal communications with our project teams has delivered the drilling
performance that we had hoped for and has saved costs."

 

 

For further information visit www.predatoroilandgas.com (about:blank)

 

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 (about:blank) :

 

Enquiries:

 Predator Oil & Gas Holdings Plc                                                                                                                                                                                                                                                                        Tel: +44 (0) 1534 834 600

 Paul Griffiths                Chief Executive Officer                                                                                                                                                                                                                                                  Info@predatoroilandgas.com (about:blank)

 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:blank)

 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 a CNG development. The MOU-3 well is currently the focus
of rigless well testing activities. The next step will be to perforate the
shallowest sand seen in this well that has yet to be evaluated. 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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