Completion of MOU-4 drilling and logging

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 Paul Griffiths               Executive Chairman Lonny Baumgardner   Managing Director	Tel: [phone] [e-mail]
Novum Securities Limited David Coffman / Jon Belliss Fox-Davies Capital Jerry Keen	Tel: [phone] Tel   [phone]  [e-mail]
Flagstaff Strategic and Investor Communications Tim Thompson  Mark Edwards Fergus Mellon	Tel: [phone]  [e-mail]

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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