Predator Oil & Gas Holdings PLC Operations Update (4526J)

TIDMPRD

RNS Number : 4526J

Predator Oil & Gas Holdings PLC

13 December 2022

FOR IMMEDIATE RELEASE

13 December 2022

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")

Operations Update

Highlights

   --    Initial mobilisation of drilling rig and equipment to MOU-2 
   --    Procurement and delivery now almost complete 
   --    Drilling operations expected to take 12 - 15 days 
   --    Progress in Ireland and Trinidad 

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 provide an update on progress towards the commencement of drilling of the high impact/high reward MOU-2 well in Guercif onshore northern Morocco.

Initial mobilisation of the Star Valley Rig 101 equipment to the MOU-2 drilling location has commenced and long lead items, including wellheads and other well equipment and materials, have been successfully imported and delivered to the Group's secure warehouse facilities in Guercif. Remaining materials and inventory are in transit and will arrive on location in the coming days.

Pre-drilling procurement and delivery is now almost complete. Upon the conclusion of this process a firm spud date will be announced. This will be later than the previous guidance of mid-December as some remaining well inventory was delayed as a result of having to be trucked by road when previously negotiated transport by sea was withdrawn at short notice due to the competition for vessel capacity created by market conditions generated by the ongoing Ukraine-Russia war.

The well will be drilled to 1,500 metres TVD below ground level and is expected to take between 12 to 15 Days to complete. The primary gas target is anticipated to be reached within 10 days of the commencement of drilling, subject to no unexpected operational delays. The possible presence of high pressure gas in the primary target has been prudently allowed for in the well design and for the operational procedures.to be adopted whilst drilling into this potential gas reservoir.

The Company is also pleased to announce an update on activities relating to Ireland and Trinidad.

Ireland

Mag Mell Energy Ireland Ltd. presented its Mag Mell Floating Storage and Regasification Project to the Security of Supply, Markets and Retail Energy Division at a meeting that took place at the Department of the Environment, Climate and Communications offices at Adelaide Road, Dublin on 2 December 2022. The meeting was extremely constructive and allowed each respective party to be better informed ahead of a decision on various options that may or may not be adopted following the conclusion of the public consultation process on Ireland's security of supply review. The Company believes that these options may be clarified by the end of January 2023.

The Company wishes to sincerely thank the DECC for giving their time to review what the Mag Mell project potentially has to offer Ireland.

The Company expects to be able to update the market in the next few weeks on whether the party that has expressed an interest in the Predator Oil and Gas Ventures Ltd.'s application for a successor authorisation for Corrib South will proceed to the next stage or not following the completion of preliminary due diligence.

Trinidad

The Company will shortly update the market on its plans for re-establishing CO2 EOR operations in Trinidad in 2023.

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

"Preparations for drilling MOU-2 are now almost complete following a protracted logistical exercise dictated by the disruption of supply chains and transport resulting from changing priorities created by the Ukraine-Russia war. These have been overcome and we are confident that drilling will commence as planned in accordance with our drilling and geological programmes for MOU-2.

Whilst Moroccan gas remains our focus unexpected progress in Ireland and Trinidad has opened up the potential to create additional shareholder value in 2023. We do not apologise for pursuing these growth opportunities as they are potentially capable of being funded by other parties in order to preserve cash resources for our primary business focus, which is creating value out of successful drilling for Moroccan gas."

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 
 
 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 beginning in 2022.

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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December 13, 2022 02:00 ET (07:00 GMT)