TIDMPRD
RNS Number : 9614D
Predator Oil & Gas Holdings PLC
27 June 2023
FOR IMMEDIATE RELEASE
27 June 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")
Completion of MOU-3 drilling and logging operations
Highlights
-- MOU-3 drilled and completed for rigless testing
-- Multiple zones of interest from 339 to 1435 metres TVD MD
-- Rigless well test planned for 43 metre gross interval in Moulouya Fan
-- Ma Sand gas trap potentially could cover 58km(2)
-- MOU-4 drilling to start shortly
Predator Oil & Gas Holdings Plc (LSE: PRD), the Jersey based
Oil and Gas Company with near-term gas operations focussed on
Morocco, is pleased to announce the successful completion of
drilling and logging operations for the MOU-3 well appraising the
Moulouya Fan primary reservoir target and several secondary
reservoir targets encountered in MOU-1 drilled in 2021.
A preliminary summary of the results from the zones of interest
is given below pending further NuTech petrophysical wireline
analysis that will be commissioned ahead of finalising multiple
intervals for rigless testing .
No logs were acquired over the shallow interval, the results for
which were previously announced, which are behind 9 5/8 "
casing.
1. Ma and TGB-6 sand interval
Within the interval from 815 to 895 metres TVD MD five potential
sands with gas shows were encountered. Individual sands have a
maximum thickness of 3 metres giving an estimated cumulative
thickness of 11.5 metres versus a P10 pre-drill forecast sand
thickness of 10 metres.
The Ma Sand had a 3% formation gas show.
Pre-drill P50 structural closure was determined to be 6km(2) for
the area tested by MOU-3.
MOU-3 well results have confirmed that the Ma to TGB-6 interval
can be correlated with the same gas-bearing interval in MOU-1,
approximately 7 kms. to the southwest. The two well data points now
support a seismically defined sequence covering an area of up to 58
km(2) that potentially forms a combined structural and
stratigraphic trap for gas.
2. TGB-4 sands
Several thin sands of up to one metre in thickness were
encountered in TGB-4 from 1046 to 1070 metres TVD MD. Borehole
geometry was poor and further detailed petrophysical analysis will
be required to determine reservoir quality. At least one of these
sands may be a candidate for rigless testing.
3. Sub-TGB-4 sands
From 1112 to 1140 metres TVD MD. five thin sands, individually
up to one metre-thick, were encountered. As for the TGB-4 sands
further detailed petrophysical analysis will be required to
determine reservoir quality. Rigless testing of at least one sand
will be considered.
4. Moulouya Fan sand
The Moulouya Fan sand was encountered from 1378 to 1437 metres
TVD MD with approximately 50.5 metres of sand versus a pre-drill
P50 forecast of 19 metres.
Elevated background gas readings were recorded whilst drilling
this section.
The interval correlates with the Moulouya Fan interval
penetrated by MOU-1 drilled 7 kms. to the SW and its presence
supports the development of the Moulouya Fan over an area of at
least 30km(2).
A rigless well test over a gross interval of 43 metres within
this section between 1379 to 1422 metres TVD MD is planned to be
carried out.
MOU-3 reached its planned Total Depth of 1,509 metres TVD MD on
21 June 2023.
Wireline logs were run as per the pre-drill logging programme. 4
1/2 " casing was run to the casing shoe at 1494.5 metres TVD MD.
The well has been completed for rigless testing.
Forward plans
MOU-4 drilling
Star Valley Rig 101 has moved on to the MOU-4 well location and
drilling operations are anticipated to commence shortly.
MOU-4 will be targeting the same sequence of the Moulouya Fan as
was found in MOU-3.
In addition this well will test the potential for Jurassic
carbonate reservoir development within a 126 km(2) structure.
Rigless well testing
Following NuTech petrophysical analysis of the wireline logs
from MOU-3 the proposed rigless testing programme will be updated
to include new zones identified in MOU-3.
.
Paul Griffiths, Executive Chairman of Predator Oil & Gas
Holdings Plc commented :
"The MOU-3 well has validated our pre-drill upside forecast for
sand development in respect of the main Moulouya Fan target. A
gross interval of 43 metres will be evaluated by a rigless well
test.
It has increased our inventory of potential gas reservoirs for a
CNG development with the discovery of very shallow over-pressured
gas.
It has demonstrated the possible continuity, subject to rigless
testing results and a future infill well, of gas sands penetrated
in MOU-1 with similar sands encountered in MOU-3. In particular the
Ma Sand potential has been enhanced over a wider area with the
possibility of a larger gas trap being effectively sealed covering
up to 58km(2). The shallow gas potential of MOU-3 has exceeded all
pre-drill expectations.
The focus will now be on drilling and completing MOU-4 where we
do not expect shallow gas to be present. Targets are the Moulouya
Fan and the so far unknown potential of the Jurassic carbonates
within a very large structural closure.
Once the MOU-4 drilling is complete, results from all the wells
drilled in 2023 will be quickly assessed and compared and a
comprehensive and expanded rigless testing programme will then
commence during July."
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
Fox-Davies Capital Tel +44 (0)203 884 7447
Jerry Keen jerry@fox-davies.com
Optiva Securities Limited Tel: +44 (0)203 137 1902
Christian Dennis
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 less than 10
kilometres from the Maghreb gas pipeline. The MOU-1 well drilled in
2021 is being prepared for a follow-up testing programme to
coordinate with a further drilling programme to move the project to
a CNG development stage.
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.
Predator 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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