Business
MOU-2 Well Preparations
MOU-2 Well Preparations.
About this update from Predator Oil & Gas Holdings Plc
[{"type":"text","content":"\n \n \n \n FOR IMMEDIATE RELEASE \n \n \n \n 8 November 2022\n \n \n \n \n \n Predator Oil & Gas Holdings Plc / Index: LSE / Epic: PRD / Sector: Oil & Gas\n \nLEI 213800L7QXFURBFLDS54\n \n \n \n Predator Oil & Gas Holdings Plc\n \n \n \n \n (\"Predator\" or the \"Company\" and together with its subsidiaries \"the Group\")\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n MOU-2 well preparations\n \n \n \n \n \n Highlights\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n ·\n Estimated MOU-2 will commence drilling within the first two weeks of December\n \n \n \n \n \n ·\n Well costs prudently managed and as for MOU-1 despite cost inflation\n \n \n \n \n \n ·\n Gas sales and CNG financing agreements triggered by release of test results\n \n \n \n \n \n ·\n Corporate transaction to monetise shareholder value will be considered\n \n \n \n \n \n after MOU-2 and MOU-1 rigless testing\n \n \n \n \n \n Predator Oil & Gas Holdings Plc (LSE: PRD), the Jersey based Oil and Gas Company with near-term gas operations focussed on Morocco,\n is pleased to provide an update on progress towards finalising its drilling operation to enable the MOU-2 well to commence drilling.\n \n \n Currently it is estimated that the well will commence drilling within the first two weeks of December. The exact date will be determined by when all pre-ordered drilling materials have cleared Moroccan customs in the coming weeks. Materials have been sourced from Canada, Egypt, France, the UK and the Middle East, reflecting the pressure on logistics and the supply chain that the war in Ukraine has created for the larger drilling services companies.\n \n \n Re-assessing and adjusting the components of the drilling mud system and carefully adjusting mud weights based on the information gathered from MOU-1 is anticipated to afford greater reservoir protection whilst drilling and to facilitate a successful rigless testing programme.\n \n \n Optimisation of the overall drilling programme by using the MOU-1 experience together with our ability to connect to multiple service providers to overcome supply chain issues has enabled the Company to make significant cost savings such that the budgeted cost of MOU-2 remains very close to the final well cost for MOU-1. This is despite the significant ...