Predator Oil & Gas Placing to Fund Morocco Program
Friday, March 18, 2022
The recent placing exercise undertaken by Predator Oil & Gas will allow the company to expand and execute its planned 2022 drilling operations in Morocco. The strengthening of the company’s financial resources facilitates the exercise of an option to drill using the Star Valley Rig 101. A rig inspection will be carried out shortly by the company. The option covers drilling up to three wells in 2022.
Predator also reports the following:
- Civil works to construct the MOU-4 and MOU-5 well pads will commence following receipt of all outstanding regulatory, environmental and partner approvals.
- Rising costs of materials and services impacted by current tensions in Eastern Europe dictate that it is prudent to allow for cost inflation to maintain competitiveness in seeking quotes for well services and equipment and for maintaining aggressive drilling timelines.
- MOU-5 is now being prioritized ahead of MOU-4 for the first well in the drilling program. Following desk-top modelling of seismic response to gas in MOU-1, two shallower gas targets additional to the primary “MOU-4 Fan” appraisal target have been identified at the MOU-5 well location. The shallowest of these targets had strong formation gas shows in MOU-1 (dry gas) and was penetrated in MSD-1 where good quality reservoir was logged.
- The MOU-NE prospective lead is being matured as a potential third well in the planned drilling program. 2D seismic reprocessing over this feature will be completed by the end of May 2022. The primary target following further desk-top studies is now anticipated to be a Lower Jurassic carbonate platform build-up with potential for leached porosity development covering potentially up to 100 sq. km., albeit within an area that lacks extensive seismic coverage. Dry gas shows were encountered in TFR-1X at the top of this interval. MOU-NE will potentially test the play concept some 1500+ meters higher than the TFR-1X structure in an area favorably located for gas charge from the MOU-1 Tertiary basin. It represents a high-risk target but an opportunity to test for Jurassic gas close to infrastructure at a drilling depth of less than 1,450 meters TVD KB
- Additional funding allows the Company to further progress its: FSRU LNG import projects for Ireland and, potentially, Morocco; set-up the next CO2 EOR project in Trinidad; and further develop its concept to seek synergies for green hydrogen and natural gas hybrid developments
- Existing working capital is sufficient to meet the Company’s existing commitments and corporate overheads in 2022, including the testing of MOU-1 which will be synchronized with mobilizing the well services and equipment for MOU-5 to reduce mobilization and demobilization costs. A quote for testing has been received from Schlumberger and has been reviewed.
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