Predator Oil & Gas Holdings PLC MOU -1 Testing Update (0524S)
March 07 2023 - 2:00AM
UK Regulatory
TIDMPRD
RNS Number : 0524S
Predator Oil & Gas Holdings PLC
07 March 2023
FOR IMMEDIATE RELEASE
7 March 2023
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")
Highlights
-- 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
MOU-1 Testing Update
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.
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 :
Enquiries:
Predator Oil & Gas Holdings Plc Tel: +44 (0) 1534 834 600
Paul Griffiths Executive Chairman 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, CEO
Ben Maitland, Corporate Finance Tel. +44 (0) 203 034 2707
Flagstaff Strategic and Investor Communications Tel: +44 (0) 207 129 1474
Tim Thompson 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.
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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