Predator Oil & Gas Holdings PLC MOU -1 Testing Update (0524S)

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: [phone] 
  Paul Griffiths Executive Chairman                 [e-mail] 
  Lonny Baumgardner Managing Director 
 
 Novum Securities Limited                          Tel: [phone] 
  David Coffman / Jon Belliss 
 
  Optiva Securities Limited                         Tel: [phone] 
  Christian Dennis, CEO 
  Ben Maitland, Corporate Finance                   Tel. [phone] 
 
 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 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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March 07, 2023 02:00 ET (07:00 GMT)