Last checked at 28 Jul 2021 07:00
FOR IMMEDIATE RELEASE
28 July 2021
Predator Oil & Gas Holdings Plc / Index: LSE / Epic: PRD / Sector: Oil & Gas
Predator Oil & Gas Holdings Plc
("Predator" or the "Company" and together with its subsidiaries "the Group")
Near-term operations and board change
Predator Oil & Gas Holdings Plc (PRD), the Jersey-based Oil and Gas Company with operations in Trinidad, Morocco and Ireland provides the following update.
Morocco
The Company's primary operational focus will be to implement its work programme to build on the success of the MOU-1 drilling programme. Planning for MOU-4 is underway with long lead materials being identified to ensure material delivery in ample time prior to the spud date of MOU-4. Further developing the potential for a Floating Storage and Regassification Unit ("FRSU") for LNG imports will also be discussed with suitable local off-takers of gas and other more carbon-intensive fuels that are active in the downstream energy sector in Morocco. The Company is pleased to be working with the Schulte Group (https://www.schultegroup.com) to develop the project concepts.
Together this will expand the Company's options to enter at the earliest opportunity the Moroccan gas market, which currently provides a very attractive commercial proposition.
Trinidad and Ireland
The Company's recently appointed Chief Operating Officer ("COO"), Lonny Baumgardner, has been tasked with overseeing the next stage of C02 EOR operations in Trinidad as the impact of current COVID restrictions is gradually relaxed and the ability to carry out well workovers safely and efficiently improves. In the meantime C02 is continuing to be injected into the AT-4 block in the Inniss-Trinity field.
Opportunities have been identified to potentially realise the investment made to date in C02 EOR in Trinidad through consolidation with in-country producers expressing an interest in C02 EOR services provided by Predator Oil & Gas Trinidad Ltd.
An opportunity to capitalise on the progress made on the Mag Mell Kinsale FSRU project in Ireland through consolidation with a potential acquirer or acquirers of a producing gas asset in Ireland is also being pursued.
Board change
After some three years with the Company, Ronald Pilbeam is stepping down from the Board with immediate effect to pursue other interests
Paul Griffiths, Chief Executive of Predator, commented:
"The recent appointment of our COO Lonny Baumgardner has provided us with the ability to refresh our operational and executive management team. Lonny has significant expertise in identifying and realising commercial potential by improving the efficiency of operations and focussing resources on production and producing opportunities. This will become increasingly significant as the Company transitions to AIM"
This announcement contains inside information for the purposes of Article 7 of the Regulation (EU) No 596/2014 on market abuse
For more information please visit the Company's website at www.predatoroilandgas.com:
Enquiries:
Predator Oil & Gas Holdings Plc Dr. Stephen Staley Non-executive Chairman Paul Griffiths Chief Executive Officer Lonny Baumgardner Chief Operating Officer | Tel: +44 (0) 1534 834 600 Info@predatoroilandgas.com
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Novum Securities Limited Jon Belliss
Optiva Securities Limited Christian Dennis | Tel: +44 (0) 207 399 9425
Tel: +44 (0) 203 137 1902 |
Flagstaff Strategic and Investor Communications Tim Thompson Mark Edwards Fergus Mellon | Tel: +44 (0) 207 129 1474 predator@flagstaffcomms.com
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Notes to Editors:
Predator is an oil and gas exploration company participating with FRAM Exploration Trinidad Ltd. in further developing the remaining oil reserves and sequestrating anthropogenic carbon dioxide in the producing Inniss Trinity oil field onshore Trinidad, primarily through the application of C02 EOR technology. Potential for cash flow exists by pursuing Enhanced Oil Recovery using locally sourced liquid carbon dioxide for injection into and storage within the oil reservoirs ("C02 EOR"). Near-term expansion and production growth potential is focussed on upscaling the C02 EOR operations in the Inniss-Trinity oil field, subject to all necessary approvals.
Predator is operator of the Guercif Petroleum Agreement onshore Morocco which is prospective for Tertiary gas in prospects less than 10 kilometres from the Maghreb gas pipeline. The MOU-1 well has been completed and a follow-up drilling programme is under review..
In addition, Predator also owns and operates exploration and appraisal assets in licensing options offshore Ireland, for which Successor Authorisations have been applied for, adjoining Vermilion's Corrib gas field in the Slyne Basin on the Atlantic Margin and east of the Kinsale gas field and Barryroe oil field in the Celtic Sea.
The Company has a highly experienced management team with a proven track record in the oil and gas industry.