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2.875 0.025 (0.88%)

Bid:

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Spread: 0.15 (5.357%)

Market Cap: £25.89m

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Predator Oil notes congested activity as awards construction contract

Tue, 04th Apr 2023 11:45

(Alliance News) - Predator Oil & Gas Holdings PLC on Tuesday said that its Morocco branch has allocated the MOU-3 well construction contract, as it works to progress additional objectives in a "congested" period of activity.

Predator is a Jersey-based oil and gas company with near-term gas operations focussed on Morocco.

The contract for the construction of the MOU-3 well pad platform and the improvement of access roads to the site has been awarded to the Moroccan company, Skayavers Sarl.

Civil works are expected to start on or before next Monday, in order to facilitate the start of drilling activities before the end of May.

The exact timing of drilling operations is dependent on transit times for long-lead well items. Predator Gas Ventures' Morocco branch said it has ordered "the most critical" outstanding long lead items.

The materials and logistical requirements for a potential re-entry of the suspended well MOU-2 are being evaluated, but it is not expected that any such operation would be executed before the completion of drilling at the MOU-3 location.

"This is an extremely congested period of operational activity in Morocco for the company during the next two to three months that has to be carefully managed and scheduled to ensure execution in an efficient and cost-effective manner," said Executive Chair Paul Griffiths.

"Separately we are working to secure the acquisition of TRex Holdings Trinidad Ltd and the Cory Moruga asset, subject to the Ministry of Energy and Energy Industries consent, after the completion of the MOU-3 drilling programme. This is another key objective for our shareholders to see realised as it creates the opportunity to establish production, independent of the later application of our CO2 EOR expertise, and cash flow from early reactivation of wells that have demonstrated the ability to flow oil at attractive rates but have never been taken to full development status."

Predator Oil & Gas shares were trading 2.5% higher at 7.48 pence each in London on Tuesday morning.

By Holly Beveridge, Alliance News reporter

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