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(Alliance News) - Predator Oil & Gas Holdings PLC on Wednesday provided an update to its recent operations, including a rigless testing programme in Morocco, and the sale of the Cory Moruga asset in Trinidad.
Predator said its proposed rigless testing programme has now been presented to the Office National des Hydrocarbures et des Mines in Morocco, with MOU-1 the first well to be tested.
The oil and gas company explained that the MOU-1 well will establish Sandjet rigless testing procedures and will adjust the operating parameters to optimise the depth of penetration into the reservoirs of interest, if and where required.
This is on track and scheduled to be executed and completed in September, according to Chair Paul Griffiths.
After that, the updip appraisal of the Jurassic target encountered in MOU-4 is a key objective of the company, with a field trip being planned for the autumn to evaluate the reservoir potential of the entire interval of interest in Jurassic surface exposures to the south of the Guercif licence area.
Predator said that a dialogue continues with the Ministry of Energy & Energy Industries in Trinidad regarding the sale of the Cory Moruga asset.
Back in March, Predator entered into an agreement with Challenger Energy Group PLC for the sale of the Cory Moruga asset. The sale was conditional on the consent of the Trinidadian Ministry of Energy & Energy Industries to a revised work programme for the licence, a revision of future fees for the licence and a settlement or cancellation of past claimed dues.
The agreement had a long stop date of August 31 for securing the relevant consent and agreements from Trinidadian Ministry of Energy & Energy Industries. As completion will now not be possible by this date, Challenger and Predator have agreed to extend the date to November 30.
Elsewhere, Predator said Corrib South in Ireland remains an "attractive commercial proposition" for gas whilst also potentially contributing to the "longevity and commerciality" of the Corrib infrastructure through the energy transition.
"The company remains active on three fronts and will continue to deliver shareholder value as and when the opportunity arises within its portfolio of projects," said Chair Paul Griffiths.
Shares in Predator were down 0.7% at 11.42 pence on Wednesday afternoon in London.
By Heather Rydings, Alliance News senior economics reporter
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