Stronger..12 Dec 2023 19:37
Paul Griffiths, Executive Chairman of Predator, commented:
"We have worked diligently to plan the necessary sequence of activities required to highlight the gas potential of the area and to be in a position after rigless testing to submit an application for an Exploitation Concession.
Unfortunately an unforeseen administrative regulatory issue totally out of the Company's control caused a delay in the execution of the rigless testing programme. It is not possible to keep well services, equipment and personnel on standby indefinitely. Such services are in high demand at present elsewhere in North Africa. The costs that would have been incurred by the Company are simply not justifiable when prudent management of cash resources is essential during a time of uncertainty in the equity markets in the oil and gas sector.
However the additional time that is being accumulated before rigless testing can commence has enabled us to execute a Memorandum of Understanding in relation to Gas Sales with Afriquia Gaz.
Furthermore the Company was able to conclude the acquisition of TRex and oversee the transfer of a large quantity of technical and commercial data to enable us to begin to plan the initial Cory Moruga workover programme for early in 2024.
The Cory Moruga Project is equally as exciting as Morocco, which will be demonstrated through the publication of an Independent Technical Report expected by the end of this year summarising potential resources.
We are extremely fortunate in these difficult times not only to be fully funded but also to have two projects competing for the generation of production revenues in the near-term.
Administratively it has been a difficult couple of months, but we are ‘’exiting 2023 stronger” and even more “resilient and secure”in the knowledge that the Company has been transformed over the past 12 months. "
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