2023-08-30 11:20:06
(Alliance News) – Predator Oil & Gas Holdings PLC on Wednesday provided an update on its recent operations, including a rig-less test program in Morocco and the sale of the Cory Moruga asset in Trinidad.
Predator said its draft rig-less testing program has been presented to Morocco’s National Office of Hydrocarbons and Mines, with the MOU-1 well being the first to be tested.
The oil and gas company explained that the MOU-1 well will establish Sandjet’s rigless testing procedures and adjust operating parameters to optimize the depth of penetration into reservoirs of interest, if and where needed.
According to Paul Griffiths, Chairman of the Board, this project is on track and should be executed and completed in September.
After that, the up-dip evaluation of the Jurassic target encountered in MOU-4 is a key objective of the company, with a field trip scheduled for the fall to assess the reservoir potential of the entire interval of interest in Jurassic surface exposures south of the Guercif license area.
Predator said dialogue continues with the Trinidad Department of Energy and Power Industries regarding the sale of the Cory Moruga asset.
Last March, Predator reached an agreement with Challenger Energy Group PLC for the sale of the Cory Moruga asset. The sale was subject to the consent of the Trinidadian Ministry of Energy and Energy Industries to a revised work program for the license, a review of future royalties for the license and the settlement or cancellation of royalties claimed in the past .
The agreement included a long deadline, August 31, for obtaining consent and relevant agreements from the Ministry of Energy and Power Industries of Trinidad and Tobago. Since it will not be possible to complete the process by this date, Challenger and Predator have decided to push this date to November 30.
Separately, Predator said Corrib South in Ireland remained an “attractive business proposition” for gas, while potentially contributing to the “longevity and commerciality” of Corrib’s infrastructure as part of the energy transition.
“The company remains active on three fronts and will continue to create shareholder value as the opportunity arises in its portfolio of projects,” said Paul Griffiths, Chairman of the Board.
Predator shares were down 0.7% at 11.42 pence on Wednesday followingnoon in London.
By Heather Rydings, Alliance News business reporter
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