MOU-1 Update

FOR IMMEDIATE RELEASE

6 July 2021

               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")

                           MOU-1 Update  

Predator Oil & Gas Holdings Plc (PRD), the Jersey-based Oil and Gas Company with operations in the area of the Guercif Petroleum Agreement, comprising the Permits I, II, III and IV, located in the Guercif Basin in northern Morocco, announces completion of the drilling of MOU-1. Predator (75%) operates Guercif in joint venture with the Office National des Hydrocarbures et des Mines ("ONHYM") acting on behalf of the State (25%).

Initial results

Formation gas shows were recorded  in a shallow sand at 605 metres measured depth ("MD") comprising 2.35% or 19,392 ppm C1 methane.

Total background, exclusively dry gas, increased from 0.6% to 1.7% (5,232 to 13,800 ppm C1) down to 1,159 metres MD. Formation gas shows of 1.8% and 3.8% (13,355 to 36,035 ppm C1) were encountered whilst drilling this section.

Below 1,159 metres in the lower Guebbas and Hoot (using the stratigraphic nomenclature of the Rharb Basin) total background gas was from 0.7% to 1.5% (5,000 to 11,996 ppm C1) but with traces of heavier gases C2, C3 and C4. Formation gas shows of up to 1.67% (13,643 ppm total gases) were also recorded.

Wireline logs were run from 724 to 1487.4 metres MD over the interval with gas shows.

Wireline logs will require detailed interpretation to take into account borehole conditions caused by borehole enlargement where washouts have occurred in the open-hole section.

MOU-1 drilling operations were completed and a cemented completion was run whilst the well is being evaluated.  

Forward plans

The occurrence of good gas shows in  MOU-1 with evidence of thermogenic gas migration supports in this part of the Guercif Basin the pre-drill geological interpretation for a deep gas "kitchen" connected to shallower reservoirs by large faults.

Based on these positive results the Company will be proposing to its partner to drill the previously defined MOU-4 location later this year to the northeast of MOU-1, and to commission an Environmental Impact Assessment (EIA) over the prospective area around the MOU-4 location which will also incorporate information from the existing EIA. 

Paul Griffiths, CEO of Predator Oil & Gas Holdings Plc commented:

"We are pleased to have completed the MOU-1 drilling operations which was our first operated well in the Kingdom of Morocco. We sincerely thank those contracted to the Company who have worked tirelessly to execute our drilling programme. We are also grateful for the support and practical assistance given to us by our partner ONHYM during and leading up to drilling.

Based on the positive indications of the presence of gas in MOU-1 we are  now proposing to drill again later this year."

This announcement contains inside information for the purposes of Article 7 of the Regulation (EU) No 596/2014 on market abuse (as in force in the United Kingdom pursuant to the European Union (Withdrawal) Act 2018).

For more information, please visit the Company's website at www.predatoroilandgas.com: 

Enquiries:

Notes to Editors:

Predator is an oil and gas exploration company participating with FRAM Exploration Trinidad Ltd. in further developing the remaining oil reserves and sequestrating anthropogenic carbon dioxide in the producing Inniss Trinity oil field onshore Trinidad, primarily through the application of C02 EOR technology. Potential for cash flow exists by pursuing Enhanced Oil Recovery using locally sourced liquid carbon dioxide for injection into and storage within the oil reservoirs ("C02 EOR"). Near-term expansion and production growth potential is focussed on upscaling the C02 EOR operations in the Inniss-Trinity oil field, subject to all necessary approvals. 

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 drilling programme is under review..

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 Kinsale gas field and Barryroe oil field in the Celtic Sea.

The Company has a highly experienced management team with a proven track record in the oil and gas industry.