FOR
IMMEDIATE RELEASE
30 September 2024
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")
Helium potential MOU-5
prospect at Guercif
Highlights
·
MOU-5 will test effectiveness of a potential He
charge and retention.
·
Potential in-place helium of 104.31 to 598.88
BCF
·
Fully funded for all commitments
Predator Oil & Gas Holdings Plc
(PRD), the Jersey-based Oil and Gas Company with near-term hydrocarbon operations focussed on
Morocco and Trinidad is pleased to announce the completion of an
independent report (the "Report") on Helium ("He") potential by
ScorpionGeoscience Limited.
Report Conclusions
The potential conventional
prospective gross recoverable gas resources for the primary
reservoir target in MOU-5 were previously reported as being 5.916
TCF (P50 upside case), as announced on 8 August 2024.
Potential gross estimates of
in-place He for the P50 upside case are 104.31 BCF based on a
global averaged scenario of 1.298% He and 598.88 BCF for the P10
upside case based on a global averaged scenario of 4.066%
He.
Sources of information
The report draws on global analogues
from a diverse range of available published geological settings to
investigate the distribution and scale of naturally occurring He
resources and seeks to determine to what extent the MOU-5 structure
in Guercif could potentially yield a commercial He
discovery.
Examples quoted include the
supergiant Hassi R'Mel gas field in Algeria to the east of Guercif
and known to contain helium as a byproduct of methane gas
production; and the Hugoton field complex in central
USA.
The geological setting of Guercif
means it is potentially possible He could be sourced from
crystalline basement (Tanzanian analogue), granitic intrusions
(Corsican analogue), or radiogenic volcaniclastic sediments
(Hugoton analogue).
MOU-5 structure
The MOU-5 structure has several
potential migration pathways (fractures and faults); potential
reservoirs (porous limestones) sealed by impermeable rocks; and
adequate trapping in the form of a large structural
closure.
MOU-5 will test the effectiveness of
a potential He charge and retention.
Other considerations
Extracting helium from natural gas
requires energy to cool the gas therefore the proportion of He that
can potentially be produced from natural gas as a commercially
recoverable product will ultimately be dependent on variables such
as price and technology used.
Risking
Risking is as previously reported
for prospective gas resources on 8 August 2024 and relates almost
entirely to hydrocarbon gas carrier presence.
Issuance of shares to advisors
Several advisers have requested to
take shares for services to show their alignment with the Company's
strategy regarding the near-term drilling of MOU-5 and the
assessment of the potential for helium in a large geological
structure based on global settings for the presence of helium
including, but not limited to, the supergiant Hassi R'Mel gas field
in Algeria to the east of Guercif.
Accordingly the Company has issued
1,491,889 new ordinary shares ("Shares") at a price of 0.0925 pence
per Share in lieu of adviser fees totalling £138,000.
Application is being made for the
1,491,889 Shares to be admitted to the Official List and to trading
on the Main Market of the London Stock Exchange which is expected
to be on or around 3 October 2024. These shares rank pari passu with the existing ordinary
shares of the Company.
Following the issue of the 1,491,889
Shares, the Company's issued ordinary share capital shall consist
of 571,874,754 ordinary shares.
This figure of 571,874,754
represents the total voting rights in the Company and should be
used by shareholders as the denominator for the calculation by
which they can determine if they are required to notify their
interest in, or a change to their interest in, the Company under
the Financial Conduct Authority's Disclosure Guidance &
Transparency Rules.
Paul Griffiths, Chief Executive
Officer of Predator, commented:
"Given the potential size of the MOU-5 structure and its
geological setting, this independent report on He potential
enhances the case for the evaluation of potential helium presence
in MOU-5. Although at an early stage of evaluation the opportunity
to assess the ability to add value to an area development
should not be missed.
The Company is delighted to have received an unsolicited
proposal from advisers to take shares as a measure of the
understanding and confidence that exists in the Company's near-term
newsflow activity."
For further information visit
www.predatoroilandgas.com
Follow the Company on X
@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:
Notes to Editors:
Predator is an oil & gas company
with a diversified portfolio of scaled assets including unique and
highly prospective onshore Moroccan gas exposure, with multiple
fully financed upcoming catalysts.
Predator has two high quality,
scalable gas projects in Morocco with fast pace of
commercialisation and blue sky potential. Guercif is a shallow CNG
biogenic gas development with multiple traps and at least 4
separate reservoirs with recently drilled wells due to be flow
tested. The Giant Jurassic Titanosaurus is a shallow thermogenic
gas prospect evaluating 249m of potential gross reservoir thickness
in a trap of 187 km2 for pipeline gas to power, with pipeline
2.5km from wellhead. Moroccan gas prices are high, and
the fiscal terms are some of the best in the world. Predator
also has a diversified portfolio of assets across Ireland and
Trinidad, which is a near-term revenue-generating
project.
Predator has an experienced
management team and consultants with particular knowledge in
Moroccan sub surface and operations. The team specialises in
incorporating modern, proven technologies and processes from Canada
and the US to provinces where the conventional technologies did not
allow their hydrocarbon potential to be revealed.
Predator Oil & Gas Holdings plc
is listed on London Stock Exchange's Main Market with a Standard
Listing (symbol: PRD). For further information, visit
www.predatoroilandgas.com
