RE: RNS excellent news12 Jul 2021 08:24
Wow, how did the market get this so wrong? Today's RNS has clarified the position:
"Paul Griffiths, Chief Executive of Predator, commented:
"Today's appointment is significant and reinforces the Company's position and commitment to developing gas in Morocco. The first step was achieved by successfully finding gas in the MOU-1 well some 49 years after the last exploration well was drilled in this part of the Guercif Basin. MOU-1 established the pre-drill geological comparison with the Hoot and Guebbas gas-producing sequences of the Rharb Basin and most importantly de-risked the pathway required for dry gas from a thermogenic origin to charge the primary targets in a prospective area of over 100 km². MOU-1 therefore further enhanced the CPR prospective gas resources assigned to the proposed MOU-2 and MOU-4 drilling targets whilst adding some additional potential shallow targets that had previously not been considered. MOU-1 was left in a condition to facilitate rigless testing. In common with best practice in the Rharb Basin this will be considered as part of the proposed programme for follow-up drilling that will be building on the success of MOU-1 in order to reduce mobilisation cost of equipment and well services. The latter was only achievable for the drilling of MOU-1 because of the ability to "piggy-back" an existing multi-well drilling programme by SDX Energy Morocco. Success is not final : it is the courage to continue that counts."
Lonny Baumgardner, Chief Operating Officer of Predator, commented:
"I am excited to be joining Predator today. The success of MOU-1 in finding gas is, in my extensive experience of management of drilling operations and a downstream gas business in Morocco, the beginning of the journey to appraise and develop gas for early monetisation. I very much look forward to being part of a successful team and to contribute to growing the Company's business to the next level.""
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