Client News

Predator Oil & Gas Holdings Plc (LSE: PRD), the Jersey based Oil and Gas Company with near-term gas operations focussed on Morocco, announces that Predator Gas Ventures Morocco Branch (“PGVMB”) has awarded the contract for the construction of the MOU-3 well pad platform and the improvement of access roads to Moroccan company Skayavers Sarl.

Completion of permitting and survey requirements are expected to be finalised shortly. Civil works are due to start on or before 10 April 2023 to facilitate the commencement of drilling activities prior to the end of May.

The exact timing of the start of drilling operations is dependent on transit times for the arrival of all outstanding long-lead well items from a number of different international locations. As this becomes defined then the drilling schedule can be amended accordingly.

PGVMB is pleased to confirm that it has managed to source and order for delivery the most critical outstanding long lead items in what is a very competitive and challenging international market at present due to supply chain deficiencies.

An update on the MOU-1 testing programme will be provided in due course and it is expected to be executed in April. It will be scheduled around the MOU-3 pre-drill planning, which is the current priority in order to enable MOU-3 to commence drilling at the earliest opportunity.

The materials and logistical requirements for a potential re-entry of the suspended well MOU-2 are being evaluated, but it is not expected that any such operation would be executed before the completion of drilling at the MOU-3 location.    

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

“This is an extremely congested period of operational activity in Morocco for the Company during the next two to three months that has to be carefully managed and scheduled to ensure execution in an efficient and cost-effective manner.

Separately we are working to secure the acquisition of TRex Holdings Trinidad Ltd. and the Cory Moruga asset, subject to the Ministry of Energy and Energy Industries consent, after the completion of the MOU-3 drilling programme. This is another key objective for our shareholders to see realised as it creates the opportunity to establish production, independent of the later application of our CO2 EOR expertise, and cash flow from early reactivation of wells that have demonstrated the ability to flow oil at attractive rates but have never been taken to full development status.”

MOU-3 Drilling Update – 07:00:04 04 Apr 2023 – PRD News article | London Stock Exchange