{"id":10599,"date":"2021-07-20T08:43:43","date_gmt":"2021-07-20T08:43:43","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=10599"},"modified":"2021-07-20T08:43:43","modified_gmt":"2021-07-20T08:43:43","slug":"predator-oil-gas-raises-1-3m-for-mou-1-well-appraisal","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/predator-oil-gas-raises-1-3m-for-mou-1-well-appraisal\/","title":{"rendered":"Predator Oil & Gas Raises \u00a31.3M for MOU-1 Well Appraisal"},"content":{"rendered":"

Predator Oil & Gas has announced that it has conditionally placed<\/span>\u00a026,000,000\u00a0<\/span>\u00a0<\/span>new ordinary shares of no par value in the Company at a placing price of 5 pence each to raise \u00a31.3 million before expenses.<\/span><\/p>\n

The Company is intent on rapidly building upon the safe and successful MOU-1 drilling campaign to further appraise, in consultation with its partner, the large MOU-4 Target. The Company has an existing option to use the Star Valley Rig 101 for the drilling of MOU-4 during Q4 2021. Commercial discussions will be advanced with gas off-takers in the industrial sector in Morocco to seek \u00a0joint venture partnerships to secure first rights for a future potential Gas Offtake Agreement. \u00a0The work programme below will address these strategic objectives.<\/span><\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u00a0\u00a0\u00a0 WORK PROGRAMME<\/span><\/p>\n<\/td>\n

\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 REASONS<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

MOU-1<\/span><\/p>\n

Perforating & testing programme<\/span><\/p>\n<\/td>\n

\n

TGB-2 target successfully reached according to pre-drill prognosis.<\/span><\/p>\n

Higher log resistivity and dry gas readings in TGB-2 unit over a gross interval of 75 metres despite significant increase in mud weight required whilst drilling.<\/span><\/p>\n

Perforating and testing warranted to evaluate commercial flow potential.<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

MOU-1<\/span><\/p>\n

Petrophysical log analysis after testing<\/span><\/p>\n<\/td>\n

\n

Further evaluate potential pay thicknesses and quality for input into MOU-4 Target upside\u00a0 prospective resources estimates.<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

MOU-1 to MOU-4 Target Seismic modelling<\/span><\/p>\n<\/td>\n

\n

MOU-1 validated the pre-drill seismic “bright spot” anomaly.<\/span><\/p>\n

MOU-1 will help calibrate MOU-4 Target seismic “bright spots” to adjust a final well location to appraise the MOU-1 drilling results.<\/span><\/p>\n

Preliminary seismic re-correlation of the TGB-2 objective to the MOU-4 Target confirms that MOU-1 successfully proved up and substantially de-risked the MOU-4 Target.<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

MOU-4 Target<\/span><\/p>\n

Updated CPR incorporating MOU-1 results<\/span><\/p>\n<\/td>\n

\n

MOU-1 preliminary results have enhanced the P10 Case for MOU-4 Target prospective gas resources by identifying a potential structural\/stratigraphic closure of up to 60 kms<\/span>\u00b2<\/span>.<\/span><\/p>\n

Updated CPR to reflect new positive information on potential area of trap.<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\u00a0Compressed Natural Gas Study<\/span><\/p>\n

(“CNG”)<\/span><\/p>\n

Update<\/span><\/p>\n<\/td>\n

\n

Presence of dry gas in MOU-1 reduces development costs for CNG.<\/span><\/p>\n

Facilitates commercial discussions with off-takers of gas in Morocco in relation to first right of refusal for potential future Gas Offtake Agreement.<\/span><\/p>\n

\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

MOU-4 Target Environmental Impact Assessment<\/span><\/p>\n

(“EIA”)<\/span><\/p>\n<\/td>\n

\n

MOU-1 has confirmed the basis for a proposed step-out well for the MOU-4 Target – the location for which is not covered by the current EIA.<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

MOU-4 Target<\/span><\/p>\n

Well inventory purchase<\/span><\/p>\n<\/td>\n

\n

Import long-lead consumables (cement and mud chemicals, casing and well heads) in advance of drilling MOU-4 (targeted Q4 2021) to replenish MOU-1 well inventories.<\/span><\/p>\n

Due to COVID manufacturing capacity has been curtailed.<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

General working capital<\/span><\/p>\n<\/td>\n

\n

Advance commercial discussions with Moroccan gas off-takers in the downstream industrial sector – off-take via a CNG development concept with potential joint venture partnerships.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

Evaluate opportunity to complete an existing well for gas production in another basin in Morocco.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

Progress AIM admission to increase the opportunity to further develop the downstream LNG and CO2 sequestrations sectors of the Company’s portfolio. These represent growth opportunities during the Energy Transition with the potential to divest at the right time to larger peer companies specialising in these specific sectors.<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Current working capital<\/span><\/p>\n<\/td>\n

\n

Current working capital is sufficient for existing commitments and corporate overheads through 2021. These include closing out of drilling costs for MOU-1; LNG desk-top studies and public consultation requirements; and ongoing CO2 injection in Trinidad with reactivation of wells for production based on currently observed rising reservoir pressures. Timing of well workovers has been influenced by a difficult operating environment in Trinidad caused by the resurgence of COVID.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\n

Paul Griffiths, CEO of\u00a0Predator Oil & Gas Holdings Plc\u00a0commented<\/span>:<\/span><\/p>\n

“MOU-1 was safely and successfully drilled within the Company’s pre-drill budget estimates and completed for proposed rigless testing after presentation of results to our partner. Our immediate priority is to incorporate the positive results of the MOU-1 well into the evaluation of the MOU-4 Target to optimise the location for a step-out well. The recent appointment of Lonny Baumgardner as Chief Operating Officer following the completion of MOU-1 includes the portfolio to develop the Company’s ties with the Moroccan downstream gas sector for which he is uniquely placed. Significant potential exists for joint venture partnerships with gas-offtakers as the requirement for gas in Morocco becomes an increasing priority . MOU-1 delivered a result that allowed us to de-risk the MOU-4 Target whilst unexpectedly validating the pre-drill seismic “bright spot”, related to the presence of gas, as being attributable to the western limit of the MOU-4 Target and not an isolated\u00a0 target as previously interpreted above what was thought to be the pre-drill MOU-4 Target equivalent section.”<\/span><\/p>\n

\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Predator Oil & Gas has announced that it has conditionally placed\u00a026,000,000\u00a0\u00a0new ordinary shares of no par value in the Company at a placing price of 5 pence each to raise … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":9261,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,7446,11],"tags":[9440,1629,8543,8542,8541],"class_list":["post-10599","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-north-africa","category-top-news","tag-gas-offtake-agreement","tag-morocco","tag-mou-1","tag-mou-4","tag-predator-oil-gas","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Morocco-Predator-Oil-Gas.jpg?fit=1767%2C1222&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-2KX","jetpack-related-posts":[{"id":13988,"url":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-predator-oil-gas-provides-update-on-gas-offtake-development-financing-rigless-testing\/","url_meta":{"origin":10599,"position":0},"title":"MOROCCO: Predator Oil & Gas Provides Update on Gas Offtake, Development Financing & Rigless Testing","author":"","date":"October 6, 2023","format":false,"excerpt":"Predator Oil & Gas has opened exploratory discussions with a group focussed on the downstream energy business to potentially sell its share of gas produced at the well head subject to an approved CNG development plan. In order to accelerate the timing of substantive negotiations for the sale of its\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/10\/morocco-GUERCIF.jpg?fit=1200%2C830&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/10\/morocco-GUERCIF.jpg?fit=1200%2C830&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/10\/morocco-GUERCIF.jpg?fit=1200%2C830&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/10\/morocco-GUERCIF.jpg?fit=1200%2C830&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/10\/morocco-GUERCIF.jpg?fit=1200%2C830&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":13768,"url":"https:\/\/www.oilnewskenya.com\/index.php\/predator-oil-gas-commences-mou-4-drilling-operations\/","url_meta":{"origin":10599,"position":1},"title":"MOROCCO: Predator Oil & Gas Commences MOU-4 Drilling Operations","author":"","date":"July 5, 2023","format":false,"excerpt":"Predator Oil & Gas\u00a0with near-term gas operations focussed on Morocco, is pleased to announce that the MOU-4 well commenced drilling on\u00a029 June 2023\u00a0at the start of the Eid holiday in Morocco. The well is currently setting the 95\/8\" casing. Predator is operator of the Guercif Petroleum Agreement onshore Morocco which\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/morocco-GUERCIF.jpg?fit=1200%2C830&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/morocco-GUERCIF.jpg?fit=1200%2C830&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/morocco-GUERCIF.jpg?fit=1200%2C830&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/morocco-GUERCIF.jpg?fit=1200%2C830&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/morocco-GUERCIF.jpg?fit=1200%2C830&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":13068,"url":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-predator-oil-gas-prepares-for-mou-2-drilling\/","url_meta":{"origin":10599,"position":2},"title":"MOROCCO: Predator Oil & Gas Prepares for MOU-2 Drilling","author":"","date":"January 3, 2023","format":false,"excerpt":"Predator Oil & Gas Holdings has announced that the Star Valley Rig 101 is now on the MOU-2 well location. Final preparations are being made to commence drilling. A further update will be given, which is subject to partner approval, when MOU-2 reaches its intended pre-drill total depth of 1,500\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Morocco-Predator-Oil-Gas.jpg?fit=1200%2C830&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Morocco-Predator-Oil-Gas.jpg?fit=1200%2C830&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Morocco-Predator-Oil-Gas.jpg?fit=1200%2C830&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Morocco-Predator-Oil-Gas.jpg?fit=1200%2C830&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Morocco-Predator-Oil-Gas.jpg?fit=1200%2C830&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":9900,"url":"https:\/\/www.oilnewskenya.com\/index.php\/predator-oil-and-gas-provides-guercif-mou-1-drilling-programme\/","url_meta":{"origin":10599,"position":3},"title":"Predator Oil and Gas Provides Guercif MOU-1 drilling programme","author":"","date":"February 15, 2021","format":false,"excerpt":"Guercif MOU-1 drilling programme \u00b7\u00a0\u00a0\u00a0\u00a0Operational planning for the MOU-1 well in the Guercif Petroleum Agreement area has commenced and is on schedule.\u00a0 \u00b7\u00a0\u00a0\u00a0\u00a0The\u00a0MOU-1 well pad construction is being prepared for\u00a0April 2021.\u00a0 \u00b7\u00a0\u00a0\u00a0\u00a0The drilling and well engineering program is being reviewed internally before release for the purposes of third party audit\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10576,"url":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-predator-oil-and-gas-reports-gas-find-at-the-mou-1\/","url_meta":{"origin":10599,"position":4},"title":"MOROCCO: Predator Oil and Gas Reports Gas Find at the MOU-1","author":"","date":"July 6, 2021","format":false,"excerpt":"Predator Oil & Gas\u00a0 has announced completion of the drilling of MOU-1.\u00a0Predator (75%) operates Guercif in joint venture with the Office National des Hydrocarbures et des Mines (ONHYM) acting on behalf of the State (25%). Initial results Formation gas shows were recorded\u00a0 in a shallow sand at 605 metres measured\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/morocco-guercif.jpg?fit=1200%2C830&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/morocco-guercif.jpg?fit=1200%2C830&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/morocco-guercif.jpg?fit=1200%2C830&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/morocco-guercif.jpg?fit=1200%2C830&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/morocco-guercif.jpg?fit=1200%2C830&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":10464,"url":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-predator-oil-gas-commences-mou-1-drilling\/","url_meta":{"origin":10599,"position":5},"title":"MOROCCO: Predator Oil & Gas Commences MOU-1 Drilling","author":"","date":"June 22, 2021","format":false,"excerpt":"Predator Oil & Gas Holdings Plc (PRD) has announced that the MOU-1 well was spudded at 0100 hours on Sunday 20th June 2021 with drilling ahead in progress to the first planned 133\/8\" casing point. The well is forecast to take up to 20 days to drill and to run\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10599","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=10599"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10599\/revisions"}],"predecessor-version":[{"id":10600,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10599\/revisions\/10600"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/9261"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=10599"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=10599"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=10599"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}