TIDMPRD
RNS Number : 7482N
Predator Oil & Gas Holdings PLC
25 January 2023
FOR IMMEDIATE RELEASE
25 January 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")
Highlights
-- MOU-2 well suspended above Moulouya Fan target.
-- Re-evaluation of drilling mud programme required for
unexpected geological formation before re-entry is considered.
-- Star Valley rig 101 will remain in place on location.
-- Extended MOU-1 perforating and testing programme to proceed.
MOU-2 Drilling Update
Predator Oil & Gas Holdings Plc (LSE: PRD), the Jersey based
Oil and Gas Company with near-term gas operations focussed on
Morocco, announces an update on the drilling of the MOU-2 well in
the Guercif Petroleum Agreement onshore Morocco.
The MOU-2 well has been suspended with an option to re-enter
after reaching a depth of 1,260 metres Measured Depth.
Wireline logs were acquired from the 9 5/8 " casing point at 677
metres to 1,010 metres Measured Depth. The wireline logging tools
were not able to log deeper than this depth due the presence of
extremely sticky clays in a geological formation overlying the
Moulouya Fan primary objective. Photographs of the logging tools
covered in the formation mud have been uploaded to the Company's
website at www.predatoroilandgas.com .
Below the logged interval a gross interval of 165 metres was
penetrated with up to 100 metres of variable quality sand. A strip
log through this interval has been uploaded to
www.predatoroilandgas.com . Presence of significant thicknesses of
sands demonstrate the potential sand source area feeding the
Moulouya Fan below the debris flow.
This geological formation is interpreted to be a slumped basin
margin debris-flow which has not been encountered in previous
drilling in the area. The clays are particularly under-compacted
and sticky due to very rapid deposition within the debris-flow. The
interval presented a drilling challenge with very low rates of
penetration.
Presence of significant thicknesses of sands in the debris-flow
demonstrate the potential sand source area feeding the Moulouya Fan
as mapped pre-drill.
Above the depth at which the well was suspended a detached
transported block of the Moulouya Fan target may have been
penetrated. A gross interval of 28 metres was estimated on the
basis of the well site cutting samples and lithological log. 16
metres of potential reservoir was interpreted from drilling breaks.
This can only be confirmed by wireline logging.
At 1260 metres Measured Depth a decision to suspend the well was
taken as rates of penetration had dropped to below 1
meter/hour.
Forward Plan
The mud programme and its compatibility with the previously not
seen sand-rich geological formation represented by the debris-flow
will require re-evaluation to achieve a more cost effective rate of
penetration.
The debris flow potentially forms a highly effective seal on the
underlying Moulouya Fan. The thickness of the Moulouya Fan
reservoir interval is expected to increase between MOU-1 and MOU-2
based on the sand content of the debris-flow penetrated in MOU-2
allowed an extrapolation across to MOU-1 to be made.
As a result of this the MOU-1 perforating and testing programme
will be more focussed and extensive in the principal zone of
interest to determine potential connectivity with the seismically
defined area of the Moulouya Fan between MOU-1 and MOU-2 that is
interpreted as potentially gas-bearing.
A re-entry and deepening of MOU-2 will be fully evaluated once a
solution to optimising the drilling mud programme and mud
properties has been completed.
Conclusion
The Moulouya Fan target has not been reached yet in MOU-2 as a
consequence of the requirement to re-evaluate the drilling
programme through the unexpected geological formation encountered
in the well.
Until that re-evaluation is complete and a decision to re-enter
MOU-2 has been taken pre-drill objectives remain unchanged as do
potential estimates of gas resources.
The MOU-1 testing programme is being progressed and revised to
gather as much information as possible on connectivity of potential
gas sands over a wide area.
Paul Griffiths, Executive Chairman of Predator Oil & Gas
Holdings Plc commented :
"MOU-2 has been an extremely challenging well to drill due to
the presence of a particular geological formation not previously
encountered.
The prudent and safer option was to suspend the well and leave
it in a state to re-enter once a better understanding of the mud
programme required to drill this particularly complex interval
efficiently and cost-effectively.
Whilst this is not the result we wanted the pre-drill objectives
and potential resources remain unchanged.
The Star Valley rig will remain in place over the well
head."
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
Optiva Securities Limited Tel: +44 (0) 203 137 1902
Christian Dennis, CEO
Ben Maitland, Corporate Finance Tel. +44 (0) 203 034 2707
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 in prospects less
than 10 kilometres from the Maghreb gas pipeline. The MOU-1 well
has been completed and a follow-up testing programme is being
finalised to coordinate with a further drilling programme.
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 to produce "greener" oil.
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 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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END
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