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Predator Oil & Gas Holdings PLC - Jersey-based oil and gas company focussed on Morocco, Trinidad, and Ireland - Says it expects to begin its rigless testing programmes onshore Morocco on or around Monday next week. The testing programme is forecast to last for up to 14 days. Also provides update on its Guercif block following an independent technical report by Scorpion Geoscience Ltd. Says the report gives unrisked P50 and P10 contingent recoverable gas resources of 109.28 and 234.42 billion cubic feet respectively net to Predator. Notes P50 and P10 Prospective recoverable gas resources of 139.67 and 312.16 billion cubic feet respectively net to Predator. Says the report for scoping potential compressed natural gas development gives undiscounted positive cash flow of USD207.5 million net PRD's economic interest with an internal rate of return of 138%. Also says it is fully funded for all 2024 firm commitments.
Executive Chair Paul Griffiths says: "We are pleased to be finally making progress on the rigless testing programme. The initial phase is important to us for designing and implementing the Sandjet rigless testing programme which will follow on after the Sandjet operational planning work is completed."
Current stock price: 11.16 pence, up 3.8%
12-month change: More than doubled
By Greg Rosenvinge, Alliance News senior reporter
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