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Predator Oil & Gas Holdings PLC - operator of Guercif petroleum agreement onshore Morocco and developer of onshore fields in Trinidad - Signs rig contract with Canada-based Star Valley Drilling Ltd to use its Rig 101. Says Rig 101 has successfully drilled and completed for rigless testing the MOU-1 gas discovery well to drill the upcoming MOU-2 well in the Guercif licence onshore northern Morocco.
Expects that MOU-2 will be completed for rigless testing followed by rigless testing of MOU-1. Says the results from rigless testing will allow a decision on the initiation of a Compressed Natural Gas development to be made.
Chair Paul Griffiths says: "No-one can deny that these are extremely challenging times, both from the political, financial, economic and supply chain perspectives, created by a set of circumstances that no-one could have foreseen. The sequence of drilling and testing operations has been designed to establish the case for an early decision on a Compressed Natural Gas development."
Current stock price: 7.50 pence, up 3.5% on Friday afternoon in London
12-month change: up 14%
By Xindi Wei; xindiwei@alliancenews.com
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