Predator Oil & Gas Holdings Plc (PRD), the Jersey-based Oil and Gas Company with operations in Trinidad, Morocco and Ireland announces that the MOU-1 well remains on schedule to commence drilling during June 2021 in the area of the Guercif Petroleum Agreement, comprising the Permits I, II, III and IV.
Located in the Guercif Basin in northern Morocco. The MOU-1 well location is approximately 250 km due east of and on trend with the Rharb Basin, where shallow commercial gas production has been established for several years.
Well spud during June is dependent upon the completion of drilling operations for three wells for another operator SDX Energy in the Rharb Basin after which the Star Valley Rig 101 will be mobilised to Predator for the Guercif drilling.
Drilling at MOU-1 is expected to take up to 20 days. Subject to the results of wireline logging the well will be completed for rigless testing.
As previously guided, results from MOU-1 may potentially de-risk up to 1,823 BCF of prospective High Estimate gross recoverable gas resources in the Tertiary and in the MOU-4 Prospect to provide the basis for a further drilling programme, including appraisal and exploration wells, when the Star Valley rig becomes available again later in 2021.
Table 1 Prospective Resources Guercif
The Company intends to release its Financial Statements for the period to 31 December 2020 prior to the commencement of the MOU-1 drilling operations together with an updated business development plan for Morocco. This plan will focus on building on the successful planning and imminent execution of the MOU-1 drilling programme as a means of leverage to assess additional value-accretive opportunities that we have identified.
Paul Griffiths, CEO of Predator Oil & Gas Holdings Plc commented :
“This is an exciting and exceptionally busy time operationally for the Company dominated by making preparations on the ground in Morocco for the imminent drilling of the MOU-1 well. Completion of the well will establish Predator as an operator in Morocco and opens up the potential not only for further drilling on a licence covering 7,269 km² and containing multiple prospects, but also to assess additional opportunities where a proven operator can add value. There are a range of development options for gas in Morocco and results from MOU-1 will potentially determine which of these options can be progressed in the near-term and which parties may be the most appropriate candidate partners for a gas development.”
This announcement contains inside information for the purposes of Article 7 of the Regulation (EU) No 596/2014 on market abuse (as in force in the United Kingdom pursuant to the European Union (Withdrawal) Act 2018).
Notes to Editors:
Predator is an oil and gas exploration company with the objective of participating with FRAM Exploration Trinidad Ltd. in further developing the remaining oil reserves and sequestrating anthropogenic carbon dioxide in the producing Inniss Trinity oil field onshore Trinidad, primarily through the application of C02 EOR technology. Potential for cash flow exists by executing a successful Pilot Enhanced Oil Recovery project using locally sourced liquid carbon dioxide for injection into and storage within the oil reservoirs (“C02 EOR”). Near-term expansion and production growth potential is focussed on upscaling the C02 EOR operations in the Inniss-Trinity oil field, subject to all necessary approvals.
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. A drilling programme, subject to the lifting of COVID-19 restrictions, targeting material prospective gas resources is scheduled for Q2 2021.
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 Kinsale gas field and Barryroe oil field in the Celtic Sea.
The Company has a highly experienced management team with a proven track record in the oil and gas industry.
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