Business
Extension of 2022 Star Valley Rig 101 Contract
Extension of 2022 Star Valley Rig 101 Contract.
About this update from Predator Oil & Gas Holdings Plc
[{"type":"text","content":"\n\nFOR IMMEDIATE RELEASE\n5 February 2024\n \n Predator Oil & Gas Holdings Plc / Index: LSE / Epic: PRD / Sector: Oil & Gas\n LEI 213800L7QXFURBFLDS54\nPredator Oil & Gas Holdings Plc\n(\"Predator\" or the \"Company\" and together with its subsidiaries the \"Group\")\n \nExtension of 2022 Star Valley Rig 101 rig contract\n \nHighlights\n \n· Star Valley Rig 101 contracted to drill MOU-5 during April - May 2024\n \n· MOU-5 will target the 177km² Jurassic structure\n \n· Fully-funded based on reduced well cost and discretionary cash\n \nPredator Oil & Gas Holdings Plc (LSE: PRD), the Jersey based Oil and Gas Company with near-term operations focussed on Morocco and Trinidad, is pleased to announce that it has signed an extension to the Company's 2022 rig contract for the use of the Star Valley Rig 101, which is currently available in Morocco.\n \nThe extension will facilitate, subject to regulatory approvals and consent, the drilling of the MOU-5 well to evaluate the 177km² Jurassic structural closure in a crestal location, the limit of which was penetrated in MOU-4 in 2023.\n \nMOU-5 is expected to be drilled between 1 April to 31 May 2024 in order to avail of in-country well services that will remain following the completion of the Company's rigless testing programme, which is currently underway, thereby reducing mobilisation costs for well equipment and services.\n \nThe majority of the critical long lead items required for drilling are available from the Company's surplus well inventory stored in its Guercif warehouse, thereby potentially further reducing drilling costs.\n \nMOU-5 is not expected to be drilled over-balanced with heavier drilling mud as the problematic mobile clay formations present in MOU-1, MOU-2 and MOU-3 are not expected to be developed at the MOU-5 well location.\n \nThe primary objective is a potentially thick development of poro...