BON-18 spud marks start of Predator’s Trinidad drilling programme

Predator Oil & Gas Holdings Plc (LON: PRD) has commenced its Trinidad drilling programme with the spudding of the BON-18 well in the Bonasse Field. The well is expected to take around two weeks to drill and will target zones with a history of strong legacy production.

Upon completion of BON-18, the company plans to drill BON-19, which will test the BON-14 trend. Success could support the drilling of between five and seven shallow development wells, forecast to add between 200 and 300 barrels of oil per day.

In parallel, a heavy workover programme at the Goudron field is scheduled to begin next month and is expected to contribute a further 100 barrels of oil per day.

Highlights

·    BON-18 commenced in Bonasse Field

·    Expected to take two weeks to drill

·    Next well BON-19 to prove up BON-14 producing trend

·    5 to 7 shallow development wells in Bonasse to follow BON-19

·    6 – 8 Heavy Workover programme commencing in Goudron field in February

·    Combined programmes forecasted to add between 300 and 400 bopd

·    Ties into existing production facilities and sales arrangements

·    Culminates in drilling Snowcap-3

·    Recent funding ensures Company retains 100% of substantial flow rate potential

Combined, the drilling and workover programmes are projected to increase production by approximately 300 to 400 barrels of oil per day. All new output will be tied into existing facilities and sales arrangements. The company said the programmes are fully funded, allowing it to retain 100% exposure to the resulting production uplift.

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

“We are entering an intense period of operational activity over the next 3 months in Trinidad which at the end of which could potentially double our current production output.

We have chosen the option to fund, operate and drill the Snowcap-3 appraisal/development well on a 100% basis as our wholly owned subsidiary (T-Rex Resources) is the exclusive Operator of the Cory Moruga block, where we shall  demonstrate our in-house operational capabilities to ensure we are well-placed and qualified to acquire any new attractive opportunities that may or may not become available long-term.”

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