rns -cpr Guercif Permits25 Apr 2019 08:14
"SLR has reported that the Miocene Tortonian reservoir in the Moulouya Prospect has a Best Estimate gross gas in place of 646 BCF with recoverable Best Estimate prospective resources of 320 BCF net to Predator using only a 66% recovery factor (High Estimate 659 BCF net to Predator based on higher in-place gas).
Unrisked NPV per BCF of Miocene discovered gas is estimated by SLR to be US$1.95 million, generating an unrisked estimated NPV for the Best Estimate net Predator gas resources of US$624 million.
For the sub-salt TAGI reservoir in the Triassic Prospect, SLR has a Best Estimate gross gas in place of 515 BCF with recoverable Best Estimate prospective resources of 155 BCF net to Predator using only a 40% recovery factor (High Estimate 283 BCF net to Predator based on higher in-place gas).
Unrisked NPV per BCF of Triassic discovered gas is estimated by SLR to be US$1.34 million generating an unrisked estimated NPV for the Best Estimate net Predator gas resources of US$207.7 million.
Paul Griffiths, CEO of Predator Oil & Gas Holdings Plc said:
"This is another very positive step for Guercif. This third party prospective resources audit by SLR validates the significant volumetric and recoverable gas resources potential whilst importantly indicating too that there is no significant impediment to monetising discovered gas. The CPR also references additional hydrocarbon potential over the entire Guercif area demonstrated by multiple prospective leads in diverse geological settings in the Miocene, Jurassic and Triassic. This will facilitate a rolling drilling programme to create economies of scale in respect of costs which could be expected to lead to sustained exploration activity over several years. The CPR is therefore an important tool and catalyst for attracting potential drilling partners necessary to advance rapidly a multi-well drilling programme to fully evaluate the large inventory of prospective leads developed in Guercif, as now referenced independently by the CPR."
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