RNS update6 Jun 2024 07:04
FOR IMMEDIATE RELEASE
6 June 2024
Predator Oil & Gas Holdings Plc / Index: LSE / Epic: PRD / Sector: Oil & Gas
LEI 213800L7QXFURBFLDS54
Predator Oil & Gas Holdings Plc
("Predator" or the "Company" and together with its subsidiaries the "Group")
Corporate update
Highlights
· Morocco
o Commencement of Sandjet rigless testing programme on MOU-3
o Initial well MOU-3 to target gross perforating interval of 104 metres
o Plans to source additional rig for future appraisal drilling
o MOU-5 will commence drilling upon entry into the First Extension Period
· Trinidad
o Sale and Purchase Agreement executed for assignment of a further 16.2% interest in the Cory Moruga
· Ireland
o Agreed in principle, farm-in terms on successor authorisation to Licencing Option 16/26 "Corrib South"
o Gross unrisked GIIP 303 BCF net to Predator's 50% interest with a 44% chance of success
· Company fully financed for all its near-term operations
Predator Oil & Gas Holdings Plc (LSE: PRD), the Jersey based Oil and Gas Company with near- term hydrocarbon operations focussed on Morocco and Trinidad, is pleased to announce a corporate update.
Morocco
Commencement of Sandjet rigless testing programme
The early stages of the Sandjet rigless testing programme have commenced with the arrival of some well services equipment at the MOU-3 well site and the preparation of the well for re-entry and perforating.
Extensive operations at MOU-3 are anticipated to last for at least five weeks before moving to the next well in the Sandjet testing programme.
As a reminder to shareholders, the primary objective of the Sandjet is to effectively reach beyond the zone of formation damage caused by the requirement for over-balanced drilling during drill operations, which prevented the well from flowing gas.
MOU-3 perforating procedures
Up to three intervals will be separately perforated. Each interval will be isolated with a retrievable plug after testing to prevent cross-flow of any produced gas at different pressures between deeper and shallower reservoir sands. Pressure data will be collected and analysed for each interval to determine the extent of any connected potential gas volume compared to pre-test volumes estimated to be in place in the 13.9 km2 MOU-3 structure (the "Moulouya" structure).
Several Sandjet perforating runs may or may not be required to perforate additional sands depending on the outcome of the initial perforating results.
Interval objectives for MOU-3
· TGB-6 and Ma Sand ("middle sequence") will be perforated over a gross interval of 80 metres with initially 13 perforating points.
· Estimates of potential gas resources for this interval are as previously defined in the Independent Technical Report ("ITR") dated 24 January 2024 by Scorpion Geoscience Limited.
· Subject to successful
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