Predator Oil & Gas Holdings PLC Completion of MOU-3 Drilling and Logging (9614D)

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: [phone] 
  Paul Griffiths Executive Chairman                 [e-mail] 
  Lonny Baumgardner Managing Director 
 
 
   Novum Securities Limited                          Tel: [phone] 
   David Coffman / Jon Belliss 
 
   Fox-Davies Capital                                Tel [phone] 
   Jerry Keen                                        [e-mail] 
 
   Optiva Securities Limited                         Tel: [phone] 
   Christian Dennis 
 
 Flagstaff Strategic and Investor Communications   Tel: [phone] 
  Tim Thompson                                      [e-mail] 
  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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June 27, 2023 02:00 ET (06:00 GMT)