Predator Oil & Gas Holdings PLC
4 March 2020
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")
Approval of Guercif Drilling Environmental Impact Assessment
Predator Oil & Gas Holdings Plc (PRD), the Jersey-based Oil and Gas Company, is pleased to provide a further update on its drilling plans for the Guercif Permits I, II, III and IV ("Guercif") onshore Morocco. Predator (75%) operates Guercif in joint venture with the Office National des Hydrocarbures et des Mines ("ONHYM") acting on behalf of the State (25%).
Approval of Environmental Impact Assessment ("EIA")
Environmental approval by the National Committee of Environment for the EIA covering the drilling of exploration wells for petroleum exploration in the Onshore Guercif permits located in Guercif province, as presented by Predator Gas Ventures Ltd., has been ratified by the Ministry of Energy and Mines and Environment.
The EIA approval is valid for 5 years from the effective date of issue of 29 January 2020.
Paul Griffiths, CEO of Predator Oil & Gas Holdings Plc said:
"The Company has achieved another important step in progressing its drilling plans in Guercif with the approval of the EIA. Importantly there is scope for further drilling to rapidly follow-up a potentially successful initial campaign. Morocco represents an exciting opportunity for phased monetisation of gas combining near-term demand, supported by very attractive in-country gas prices, from large domestic industries desiring to switch to gas if available, and the medium-term ability to develop gas-to-power. New gas resources will carry a premium and may prove attractive to an acquirer. We look forward to updating the market on further progress."
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 Carl Kindinger Chairman Paul Griffiths Chief Executive Officer |
Tel: +44 (0) 1534 834 600 [email protected] |
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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 |
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Qualified Person's statement:
The information contained in this document has been reviewed and approved by Mr. Paul Griffiths, Chief Executive Officer. Mr Griffiths has a BSc in Geology from Imperial College London and is an Associate of the Royal School of Mines. Mr. Griffiths has over 43 years of relevant experience in the upstream oil industry.
Background to Guercif Drilling Plans
The initial drilling programme will comprise the drilling of the Moulouya-1 Prospect, subject to all regulatory consents and approvals, to a depth of 2,000 metres. The drilling rig mobilisation and drilling operations are expected to take up to 30 days.
Completion of the first well will release US$ 1 million of PGVL's US$ 1.5 million bank guarantee with ONHYM, subject to final delivery of all the data from the well to ONHYM.
At PGVL's sole option, and subject to ONHYM approval and all regulatory consents being received, PGVL shall have the option to extend the drilling programme by the drilling of either an appraisal well, if required, or a follow-up exploration well to capitalise on significantly reduced mobilisation and well services costs attributable to having an active rig available for immediate use.
Notes to Editors:
Predator is operator of the Guercif Petroleum Agreement onshore Morocco which is prospective for Tertiary gas in a prospect 4 kilometres from the Maghreb gas pipeline, and deeper Triassic gas. A well location has been selected for drilling in Q2 2020 and a rig option agreement has been exercised.
Predator is an oil and gas exploration company with the objective of participating with FRAM Exploration Trinidad Ltd. in further developing the remaining oil reserves in the producing Inniss Trinity oil field onshore Trinidad, primarily through the application of C02 EOR technology. Potential for cash flow exists by executing the Pilot Enhanced Oil Recovery project using locally sourced carbon dioxide for injection into the oil reservoirs ("C02 EOR"). Near-term expansion and growth potential is focussed on upscaling the C02 EOR operations in the Inniss-Trinity oil field.
In addition, Predator also operates exploration and appraisal assets in licensing options offshore Ireland, for which Successor Authorisations have been applied for, adjoining Shell'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. Ireland however remains a very challenging regulatory environment for business investment in the oil and gas sector and is not the immediate focus of the Company's near-term operations.
The Company has a highly experienced management team with a proven track record in the oil and gas industry.
