Business
Update on MOU-5 drilling plans & Helium potential
Update on MOU-5 drilling plans & Helium potential.
About this update from Predator Oil & Gas Holdings Plc
[{"type":"text","content":"\n\nFOR IMMEDIATE RELEASE\n8 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 \nMorocco - Update on MOU-5 drilling plans\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 update on MOU-5 drilling plans. \n \nHighlights\n \n· MOU-5 well planning re-commenced upon ratification of entry into First Extension Period\n \n· High impact Jurassic well targeting gas-to-power in Morocco in a success case\n \n· Updated Independent Technical Report: net P50 Prospective Resources of 5.916 TCF\n \n· Review of the possibility of helium potential to be evaluated by MOU-5 and MOU-4 rigless well testing\n \nMOU-5\nTargeting potential Jurassic gas for the Moroccan gas-to-power market.\nOperational planning for the MOU-5 well has been impacted, as for rigless well testing, by a requirement to enter the First Extension Period, with the necessary statutory approvals under the form of (i) a Ministerial Order executed by the Ministry of Energy granting the entry into the First Extension Period.\nThe Company has been taking steps to delay the mobilisation logistics for final equipment requirements and services to avoid incurring any significant costs whilst waiting on regulatory documentation.\nThere was a new requirement to move the MOU-5 well surface location 277 metres to the northwest to avoid an irrigation system and water well used by local olive tree farms.\nAs a result a new deviated well had to be programmed with a small amount of additional well inventory that was required to be imported and which would require customs clearance documentation.\nThe new location is also located in an area just east of the Moulouya River floodplain belonging to the public hydraulic domain of Oued Moulouya, Saka District, Guercif Province. A licence valid until 6 April 2025 has subsequently been granted to the Company to temporarily occupy the site for MOU...