Business
Extension to Licencing Option 16/30 (Ram Head)
Extension to Licencing Option 16/30 (Ram Head).
About this update from Predator Oil & Gas Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 6849V Predator Oil & Gas Holdings PLC 10 April 2019 \n\n10 April 2019\n \nPredator Oil & Gas Holdings Plc\n(\"Predator\" or the \"Company\" and together with its subsidiaries \"the Group\")\n \nExtension to the Term of Licensing Option 16/30 (\"Ram Head\")\n \n \nHighlights\n \n· Licensing Option 16/30 extended to 30 November 2019\n· Updated Competent Person's Report (\"CPR\") commissioned to assess and validate development concept\n· Previous CPR (2018) Best Estimate and High Estimate Prospective Gas resources net to the Company of 508 and 1,370 BCF respectively\n· Scoping initial production rate 400 mm cfgpd to recover 1 TCF of gross gas in 11 years\n \n \nPredator Oil & Gas Holdings Plc (PRD), the Jersey-based Oil and Gas Company, is pleased to announce today its acceptance of a one year extension of the term of Licensing Option 16/30 (\"LO 16/30\") to 30 November 2019 subject to the carrying out of the work programme agreed with the Department of Communications, Climate Action and Environment, the conditions that are attached to Licensing Option 16/30 and the Licensing Terms for Offshore Oil and Gas Exploration and Development and Production 2007 respectively.\n \nA decision by the Company to proceed to an application for a follow-on Exploration Licence as provided for under the terms of the Licensing Option will be made on or before 60 days prior to the end of the Licensing Option.\n \nLO 16/30 is operated by Predator Oil and Gas Ventures Ltd. (POGVL 50%), a wholly-owned Predator Oil & Gas Holdings Plc subsidiary, on behalf of its partner Theseus Ltd. (\"Theseus\" 50%).\n \nThe work programme agreed with the Department of Communications, Climate Action and Environment includes inter alia the purchase and reprocessing of existing 2D seismic data and ongoing desk-top studies, principally focused on re-evaluating the Marathon 49/19-1 gas discovery made in 1984 by applying modern technology, new development concepts and an understanding of the future requirements for gas in Ireland. \n \nAn updated Competent Person's Report (\"CPR\") has been commissioned to incorporate the Company's most recent independent reservoir engine...