Predator Oil & Gas Holdings PLC - operator in Trinidad, Morocco and Ireland - Says executing the Moroccan drilling programme simultaneously with the MOU-1 rigless testing remains at the "forefront" its business development plans. Rigless testing of MOU-1 will be aligned with the presence of in-country drilling services, materials and equipment mobilised from overseas for the start of the 2022 drilling programme. Further, MOU-4 and MOU-5 wells are seeking to prove up the currently defined best estimate gross contingent gas resources of 295 billion cubic feet, net attributable to Predator's 75% interest, which is based on a conservative 66% gas recovery over 13 years. Advisor SLR Consulting Ireland Ltd indicated a high estimate of 708 BCF net attributable to Predator's 75% interest based on a higher gas in place estimate for thicker reservoirs that are the targets for these wells, it explains. Company adds is fully-funded to meet all the above well planning and preparation activities in Morocco.
Chief Executive Officer Paul Griffiths says: "Management has been proactive in taking all the necessary steps to ensure that we remain on track to deliver an exciting 2022 for our shareholders. This has been achieved against a background of a vastly different set of new post-COVID logistical challenges brought about by the situation between Ukraine and Russia by using management's significant industry experience and professional network. No-one should be under any illusion that there will continue to be potentially significant challenges ahead for everyone in the energy sector, including renewables.
"Management's job is to rise to such challenges. We are pleased to be progressing potential partner participation in our projects, particularly Morocco, however we have set terms for a period of farmin exclusivity that we believe reflect the value of the opportunity we present and will not cause the company to waste valuable man-time pursuing parties that are not aligned with our commercial proposition."
Current stock price: 9.07 pence
Year-to-date change: down 44%
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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Predator Oil (PRD)