TIDMPRD
RNS Number : 5658F
Predator Oil & Gas Holdings PLC
11 July 2023
FOR IMMEDIATE RELEASE
11 July 2023
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")
Completion of MOU-4 drilling and logging operations
Highlights
-- MOU-4 drilled and completed for rigless testing
-- Moulouya Fan anomaly extends further to the southeast than previously map
-- Potential for sealed Jurassic carbonate target substantiated by MOU-4
-- 43 metres of likely gas sands interpreted by NuTech in MOU-3
Predator Oil & Gas Holdings Plc (LSE: PRD), the Jersey based
Oil and Gas Company with near-term gas operations focussed on
Morocco, is pleased to announce the successful completion of
drilling and logging operations for the MOU-4 well.
MOU-4 preliminary drilling results
A preliminary summary of the results from the zones of interest
is given below pending further NuTech petrophysical wireline
analysis and reservoir characterisation. .
1. M1 Sand interval and deeper
Within the interval from 540 to 589 metres TVD MD, 26.5 metres
of sands were encountered.
No structural closure was mapped pre-drill within this interval.
Pending the results of the NuTech wireline log analysis this
interval may be re-mapped and re-assessed. It had not previously
been considered as a potential target and this is the first time
that the Company has acquired wireline logs over this shallow
interval.
2. Moulouya Fan
From 779.5 metres to 809.8 metres TVD MD the Moulouya Fan is
present as prognosed pre-drill. The wireline logs over one interval
of 16 metres of sand are impacted by poor borehole conditions with
possible washouts. NuTech wireline log analysis will be run over
this interval.
The presence of the Moulouya Fan in MOU-4 has extended the
overall area of the feature to the southeast beyond the previously
mapped limit.
3. Lower Fan
From 860.5 to 879.5 metres TVD MD 13 metres of gross sands are
developed which justify further log analysis by NuTech.
4. Top Jurassic carbonates
The top Jurassic carbonate objective was reached at 1135 metres
TVD MD, 253 metres deeper than the estimated depth pre-drill based
on no well control.
A thick section of 175 metres of claystones capped the Jurassic
carbonate section confirming the presence of an excellent seal
separating the section from the overlying Moulouya Fan sequence.
This has eliminated a significant pre-drill seal risk.
The culmination of the Jurassic carbonate target now lies 2.6
kilometres to the southeast of the MOU-4 well location and
significantly higher than at the MOU-4 well location.
Results of MOU-3 NuTech wireline log analysis
NuTech wireline log analysis and reservoir characterisation of
the MOU-3 well has highlighted 43 metres to be likely gas sands
that will form the primary objectives in a rigless testing
programme.
Rigless well testing
Following the completion of the MOU-4 drilling and logging
operations the next planned activities will be an extensive rigless
testing programme details of which will be announced in the coming
weeks.
. Paul Griffiths, Executive Chairman of Predator Oil & Gas
Holdings Plc commented :
"The MOU-4 well has confirmed the presence of the Moulouya Fan
southeast of its previously mapped extent. The M1 Sand interval had
not previously been considered as a reservoir target and therefore
the results of the NuTech wireline log analysis over this interval
will be of particular interest to determine whether it may or may
not be a new candidate for rigless well testing.
The speculative pre-drill Jurassic carbonate horizon has now
been validated in MOU-4. Seismic remapping and evaluation of the
Jurassic using the new MOU-4 well control point and data yet to be
analysed from the well will be required to further de-risk the
Jurassic objective. The initial well results are however
promising.
The MOU-3 drilling results also confirmed the potential to
extend the presence of possible shallow gas to the west of MOU-3
and northwest of MOU-1.
We are pleased with our drilling results this year and look
forward to an extensive rigless testing programme to help determine
potential gas flow rates and gas volumes connected to the current
inventory of wells."
For further information visit www.predatoroilandgas.com
Follow the Company on twitter @PredatorOilGas.
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 Tel: +44 (0) 1534 834 600
Paul Griffiths Executive Chairman Info@predatoroilandgas.com
Lonny Baumgardner Managing Director
Novum Securities Limited Tel: +44 (0)207 399 9425
David Coffman / Jon Belliss
Fox-Davies Capital Tel +44 (0)203 884 7447
Jerry Keen jerry@fox-davies.com
Flagstaff Strategic and Investor Communications Tel: +44 (0)207 129 1474
Tim Thompson predator@flagstaffcomms.com
Mark Edwards
Fergus Mellon
Notes to Editors:
Predator is operator of the Guercif Petroleum Agreement onshore
Morocco which is prospective for Tertiary gas less than 10
kilometres from the Maghreb gas pipeline. The MOU-1 well drilled in
2021 is being prepared for a follow-up testing programme to
coordinate with a further drilling programme to move the project to
a CNG development stage.
Predator is seeking to further develop the remaining oil
reserves of Trinidad's mature onshore oil fields through the
application of CO2 EOR techniques and by sequestrating
anthropogenic carbon dioxide.
Predator 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
decommissioned Kinsale gas field in the Celtic Sea.
Predator has developed a Floating Storage and Regasification
Project ("FSRUP") for the import of LNG and its regassification for
Ireland and is also developing gas storage concepts to address
security of gas supply and volatility in gas prices during times of
peak gas demand.
The Company has a highly experienced management team with a
proven track record in operations in the oil and gas industry.
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