Predator Oil & Gas Holdings PLC MOU-4 Update (8593F)

TIDMPRD

RNS Number : 8593F

Predator Oil & Gas Holdings PLC

13 July 2023

FOR IMMEDIATE RELEASE

13 July 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")

MOU-4 update with results of NuTech petrophysical analysis

Highlights

   --    64 metres of likely gas sands interpreted by NuTech in MOU-4 
   --    Likely gas reservoir at top of Jurassic carbonate target 
   --    Rigless testing programme will now include the Jurassic 
   --    Significant Jurassic gas potential if rigless testing is successful 

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 an update for the MOU-4 well.

NuTech wireline log analysis and reservoir characterisation of the MOU-4 well has highlighted the following intervals to be likely gas sands that will form the primary objectives in a rigless testing programme.

519 to 713 metres TVD MD, including the M1 sands.

50 metres of likely gas sands.

778 to 879 metres TVD MD, including the Moulouya fan and Lower Fan.

12 metres of likely gas sands.

1139 to 1143 metres TVD MD, including the top of the Jurassic carbonates.

2 metres of likely gas reservoir with average porosity 19.9% (maximum 20.6%) and average gas saturation 56% (maximum 73%).

As previously announced the culmination of the Jurassic carbonate target lies 2.6 kilometres to the southeast of the MOU-4 well location and significantly higher than at the MOU-4 well location. Therefore a positive rigless testing result in this zone would help to de-risk the larger Jurassic structural closure in respect of reservoir development and migration of gas. These were two of the most significant pre-drill exploration risks.

Paul Griffiths, Executive Chairman of Predator Oil & Gas Holdings Plc commented :

"The MOU-4 NuTech petrophysical analysis has has highlighted a number of intervals to be likely gas sands, including some shallow sands that were not previously considered to be potential drilling targets.

The recognition by NuTech of likely good quality thin gas reservoirs at the top of the Jurassic carbonate is particularly significant in the context of the large Jurassic structural closure that MOU-4 was purposely located at the edge of, so as to successfully penetrate the primary pre-drill target which was the Moulouya Fan.

Rigless testing of the Jurassic interval will be an important step in evaluating the significant Jurassic potential within our core area of interest."

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] 
 
 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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

UPDRTMBTMTMBTBJ

(END) Dow Jones Newswires

July 13, 2023 02:00 ET (06:00 GMT)