Predator Oil & Gas Holdings Plc (LSE: PRD), the Jersey based Oil and Gas Company with near-term gas operations focussed on Morocco, announces an update on the proposed testing of the MOU-1 well drilled and completed in 2021 in the area of the the Guercif Petroleum Agreement onshore Morocco.
· MOU-1 rigless well testing programme submitted for regulatory approvals.
· Planning of the next stage of drilling operations likely to be completed soon after MOU-1 rigless testing
In conformance with the current Moroccan regulatory procedures for rigless well testing, the Company has expressed in writing to the Office National des Hydrocarbures et des Mines (“ONHYM”) the intention to test MOU-1.
The testing program has been outlined together with the intervals to be tested and the quantities of explosive required.
A letter from ONHYM has been sent to the Ministry of the Energy Transition and Sustainable Development and to the Governor of the Guercif region to inform them of the proposed testing operations.
After receipt of the ONHYM letter has been acknowledged, the Company is required to send a letter to the Regional Director of Energy and Mines to request a meeting with the committee in charge of the explosive authorisation. This is to agree in the meeting on the date when the explosives will be transported under police escort from the bunker in Casablanca to the MOU-1 well site and the date when the rigless well test will be held. This is so that the local authorities will be able to track the explosive quantities used.
Given that well perforating operations have only been carried out once before in the last 51 years in the area of the Guercif Petroleum Agreement, the Company will also hold a meeting with the local authorities in Guercif to explain the rigless well test perforating procedures and the proposed timescale.
This is the normal practice in Morocco for the use of explosives in well operations.
Paul Griffiths, Executive Chairman of Predator Oil & Gas Holdings Plc commented :
“Once the regulatory process has been fully complied with the Company will begin MOU-1 rigless testing at the very earliest opportunity.
Options for the implementation of the next stage of drilling operations in Guercif are in the process of being finalised but are unlikely to be completed before the rigless MOU-1 well testing commences.”
For further information visit 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 :
Predator Oil & Gas Holdings Plc
Paul Griffiths Executive Chairman
Lonny Baumgardner Managing Director
Tel: +44 (0) 1534 834 600
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