ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for discussion Register to chat with like-minded investors on our interactive forums.

PRD Predator Oil & Gas Holdings Plc

10.15
0.40 (4.10%)
21 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Predator Oil & Gas Holdings Plc LSE:PRD London Ordinary Share JE00BFZ1D698 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.40 4.10% 10.15 9.80 10.50 10.15 9.75 9.75 717,328 16:20:55
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Crude Petroleum & Natural Gs 0 -2.56M -0.0045 -22.56 57.36M

Predator Oil & Gas Holdings PLC Phase 1 Rigless Testing Update

20/02/2024 7:00am

RNS Regulatory News


RNS Number : 6808D
Predator Oil & Gas Holdings PLC
20 February 2024
 

FOR IMMEDIATE RELEASE

20 February 2024

 

               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")

 

                                         Phase 1 rigless testing update

                     

                                                        Highlights

 

·    Phase 1 rigless testing with small perforating guns confirms formation damage

 

·    Phase 2 Sandjet testing, always the preferred perforating option, will proceed with design parameters modified to take into account the depth of formation damage

 

·    The Company is confident that Sandjet will achieve its objective to establish gas flow

 

·    Analysis of gas samples confirms up to 99.57% methane suitable for CNG development

 

·    MOU-5 Jurassic well planning on track

 

·    No change to available discretionary working capital to carry out Sandjet testing programme

 

 

 

Predator Oil & Gas Holdings Plc (LSE: PRD), the Jersey based Oil and Gas Company with near-term operations focussed on Morocco and Trinidad, provides an update on its Phase 1 rigless testing programme onshore Morocco.

 

Phase 1 rigless testing programme.

 

Objective

 

The Phase 1 rigless testing programme was designed to confirm potential formation damage caused by heavy drilling muds used whilst drilling and estimate the minimum depth of penetration of drilling mud into the potential reservoir formations.

 

This information was critical for designing the Phase 2 Sandjet programme, including perforating parameters, and for evaluating additional potential reservoir intervals interpreted by NuTech but where conventional wireline logs were potentially impacted by deep invasion of drilling mud into these intervals.

 

In order to carry out Phase 1 rigless testing, conventional 111/16" perforating guns, being the only option available at the time to allow Phase 1 rigless testing to commence before 5 February 2024 and the end of the extension of the Initial Period of the Guercif Petroleum Agreement facilitated by Amendment #3, were used.

 

It was recognised that the perforating guns were likely to be under-sized but a third party analysis indicated a maximum 12" penetration into the reservoir formation versus their interpreted zone of formation damage for the TGB-2 Sand in MOU-1 of 8".

 

Therefore it was assessed that the Phase 1 rigless testing programme would at least establish a minimum extent for formation damage around the wellbore of 8 inches based on the above third party information. This would assist in designing more appropriate Sandjet perforating parameters.

 

Operations summary

 

Phase 1 rigless testing operations commenced on 10 February 2024 after arrival at the well

site of the explosives required for the perforating guns and allowing for adverse weather

conditions caused by severe gusts of wind that prevented crane work to ameliorate.

 

All four zones in MOU-1 and MOU-3 to be tested were perforated and operations were completed on 19 February 2024 with the crews and equipment being demobilised. Operations took 10 days versus the pre-testing forecast of up to 14 days.

Results

For all four zones tested the under-sized 111/16" perforating guns failed to penetrate beyond the zone of formation damage caused by the necessity to use heavy drilling muds whilst drilling.

 

Gas analysis of isotube gas samples from MOU-3

 

Seven gas samples collected in isotubes in MOU-3 whilst drilling at measured depths of 446, 508, 555, 750, 817, 846 and 1395 metres  have now been analysed by Applied Petroleum Technology (UK) Ltd. ("APT") in their Oslo laboratory. Gas composition is in the range 98.04 to 99.57% methane, making it ideal for a Compressed Natural Gas development with minimum processing. Isotope analysis indicates the gas is biogenic in origin.

 

Phase 2 rigless testing programme

 

The results of the Phase 1 rigless testing programme allows the design parameters for the Sandjet testing programme to be set with a higher degree of confidence in relation to achieving key objectives as follows:

 

·    to penetrate sufficiently beyond the formation damage: and

 

·    to perforate multiple potential reservoir zones recognised by NuTech but for which conventional wireline logs may be adversely impacted by invasion of drilling mud.

 

Conventional larger 27/8" perforating guns are modelled by a third party to penetrate 25 - 28" into a formation, beyond the zone of formation damage. Sandjet design parameters will be modelled to achieve this minimum objective.

 

Forward programme

 

Phase 2 rigless well testing

 

Phase 1 rigless testing information has confirmed Sandjet as the preferred choice for perforating multiple zones in MOU-1, MOU-3 and MOU-4 for rigless testing.

 

The Sandjet rigless well testing programmes for MOU-1, MOU-3 and MOU-4 will be finalised and thereafter Sandjet will be mobilised to carry out the testing operations.

 

Mobilisation of the Sandjet crew and equipment will occur shortly after Petroleum Agreement Amendment #4 has been ratified and all necessary regulatory approvals for Sandjet rigless testing have been received. The time framework for the Phase 2 rigless testing programme will at that time be updated.

 

MOU-5 well planning activities

 

The Company will continue to progress planning activities for the drilling of the MOU-5 well to test a large Jurassic structure updip from MOU-4. These will include finalising the well prognosis, well design, geological programme and drilling programme for regulatory approvals.

 

The ongoing geochemical characterisation by APT of the interpreted Jurassic section penetrated in MOU-4 is encouraging as preliminary thermal maturity studies indicate the section is mature for thermogenic gas generation and with some potential for condensate too.

 

 

Paul Griffiths, Executive Chairman of Predator, commented:

"The Phase 1 rigless testing programme has confirmed our long-standing plans to use Sandjet to better target a number of zones of interest identified by the NuTech petrophysical interpretation. The presence of potentially deep formation damage caused by heavy drilling mud has re-confirmed the necessity to test these zones for which the wireline logs are likely to have been  impacted by the invasive drilling mud.

 

We are very confident that we can design the Sandjet testing parameters to extend beyond the zone of formation damage.

 

The analysis of gas collected from multiple levels whilst drilling MOU-3 is encouraging as it indicates gas from a biogenic origin with up to 99.57% methane content, which is ideally suited to a CNG development.

 

Planning activities to drill MOU-5 are progressing smoothly and we are encouraged by the preliminary results from the geochemical characterisation of the Jurassic section in MOU-4.

 

Resources estimates remain unchanged and there are no changes to available discretionary working capital to carry out the Sandjet testing programme. We are however fully aware that we need to flow gas from our main zones in the most effective manner after accounting for formation damage, and we have confidence in Sandjet achieving that objective."

 

 

For further information visit www.predatoroilandgas.com

 

Follow the Company on X@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

Paul Griffiths                Executive Chairman

Lonny Baumgardner    Managing Director

Tel: +44 (0) 1534 834 600

Info@predatoroilandgas.com



 

Novum Securities Limited

David Coffman / Jon Belliss

 

Oak Securities

Jerry Keen                                                                                                                                                

 

Fox Davies Capital

Daniel Fox-Davies/James Hehn

 

 

Tel: +44 (0)207 399 9425

 

 

Tel: +44 (0)203 973 3678

Jerry.keen@oak-securities.com

 

Tel: +44 (0)203 884 9388

 



Flagstaff Strategic and Investor Communications

Tim Thompson 

Mark Edwards

Fergus Mellon

 

Tel: +44 (0)207 129 1474

 predator@flagstaffcomms.com

 

Notes to Editors:  

 

Predator is operator of the Guercif Petroleum Agreement onshore Morocco which is prospective for Tertiary and Jurassic gas.  The current focus of the exploration and appraisal drilling programme is located less than 10 kilometres from the Maghreb gas pipeline.  The MOU-1 well drilled in 2021 and the MOU-3 and MOU-4 wells drilled in 2023 have been completed for rigless testing in early 2024. Near-term focus is on supplying compressed natural gas ("CNG") to the Moroccan industrial market. A Collaboration Agreement for potential CNG gas sales of up to 50 mm cfgpd has been executed with Afriquia Gaz. Further drilling activity is anticipated in 2024 to further evaluate the MOU-4 Jurassic prospect.

 

Predator is seeking in the medium term to apply CO2 EOR techniques onshore Trinidad which have the advantage of sequestrating anthropogenic carbon dioxide. The acquisition of T-Rex Resources (Trinidad) Ltd. ("T-Rex") is a first step to realising this objective. T-Rex holds the Cory Moruga Production Licence. Cory Moruga is a largely undeveloped near-virgin oil field of similar potential size to the nearby Moruga West and Inniss-Trinity mature oil fields. The Cory Moruga Production Licence is a potentially significant asset for the Company with the capability of generating positive operating profits in the near-term. Capital required for staged field development can be implemented potentially utilising operating profits generated from an increasing level of gross production revenues.

 

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. The applications for successor authorisations remain "under consideration" by the DECC.

 

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.

Further progress for the Mag Mell FSRUP will be dependent on government policy in relation to security of energy supply. A generalised FSRUP concept has now been recognised by the government as an option for security of energy supply.

 

The Company has a small but highly experienced management team with a proven track record in successfully executing drilling operations in the oil and gas sector and in acquiring assets where there is a potential to generate multiple returns for relatively low and manageable levels of investment.

 

 

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 rns@lseg.com 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
 
 
UPDGPUUUPUPCPUB

1 Year Predator Oil & Gas Chart

1 Year Predator Oil & Gas Chart

1 Month Predator Oil & Gas Chart

1 Month Predator Oil & Gas Chart

Your Recent History

Delayed Upgrade Clock