Business
Rigless testing update
Rigless testing update.
About this update from Predator Oil & Gas Holdings Plc
[{"type":"text","content":"\n\nFOR IMMEDIATE RELEASE\n7 August 2024\n \nPredator Oil & Gas Holdings Plc / Index: LSE / Epic: PRD / Sector: Oil & Gas\nLEI 213800L7QXFURBFLDS54\nPredator Oil & Gas Holdings Plc\n(\"Predator\" or the \"Company\" and together with its subsidiaries the \"Group\")\n \n \nMorocco - rigless testing update\n \nPredator Oil & Gas Holdings Plc (PRD), the Jersey-based Oil and Gas Company with near-term hydrocarbon operations focussed on Morocco and Trinidad announces an operations update.\n \n \n· Rigless testing has commenced\n \n· Regulatory granting of the entry into the First Extension Period\n \n· First use of new Sandjet and coiled tubing technology in Morocco\n \n· MOU-3 rigless testing programme unchanged\n \nSandjet rigless testing - CNG to Moroccan industrial market\nSandjet rigless testing tools and chemicals required for rigless testing operations were imported into Morocco following customs clearance documentation issued on 12 June 2024.\nThe remaining rigless testing equipment was imported after customs clearance was granted on 2 August 2024. This comprised primarily the Baker Hughes logging and coiled tubing units which were sourced from the Netherlands. Pictures of the coiled tubing unit, new to Morocco, have been uploaded to the Company's website at www.predatoroilandgas.com to provide context for the scale of the operation being undertaken by the Company.\nThe delay in customs clearance was beyond management's control.\nFirst Extension Period\nRatification of Petroleum Agreement Amendment No. 4 which extended the Initial Period of the Guercif Petroleum Agreement and corresponding Exploration Permits to 61 months until 5 June, 2024 was announced on 1 May 2024.\nAn application to enter the First Extension Period was submitted as required 2 months before the expiry of the Initial Period on 5 June 2024.\nConfirmation of entering the First Extension Period requires obtaining the required statutory approvals under the form of an order executed by the Ministry of Energy approving the extension to the Exploration Permits into the First Extension Period.\nMOU-3 rigless testing programme unchanged\nThe Company's rigless testing operations commenced before 5 June 2024 with site preparations a...