Predator Oil & Gas Announces MOU-1 Update

Source: 7/6/2021, Location: Africa

Predator Oil & Gas Holdings Plc (PRD) announces completion of the drilling of MOU-1. Predator (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 in a shallow sand at 605 metres measured depth ("MD") comprising 2.35% or 19,392 ppm C1 methane.

Total background, exclusively dry gas, increased from 0.6% to 1.7% (5,232 to 13,800 ppm C1) down to 1,159 metres MD. Formation gas shows of 1.8% and 3.8% (13,355 to 36,035 ppm C1) were encountered whilst drilling this section.

Below 1,159 metres in the lower Guebbas and Hoot (using the stratigraphic nomenclature of the Rharb Basin) total background gas was from 0.7% to 1.5% (5,000 to 11,996 ppm C1) but with traces of heavier gases C2, C3 and C4. Formation gas shows of up to 1.67% (13,643 ppm total gases) were also recorded.

Wireline logs were run from 724 to 1487.4 metres MD over the interval with gas shows.

Wireline logs will require detailed interpretation to take into account borehole conditions caused by borehole enlargement where washouts have occurred in the open-hole section.

MOU-1 drilling operations were completed and a cemented completion was run whilst the well is being evaluated.

Forward plans

The occurrence of good gas shows in MOU-1 with evidence of thermogenic gas migration supports in this part of the Guercif Basin the pre-drill geological interpretation for a deep gas "kitchen" connected to shallower reservoirs by large faults.

Based on these positive results the Company will be proposing to its partner to drill the previously defined MOU-4 location later this year to the northeast of MOU-1, and to commission an Environmental Impact Assessment (EIA) over the prospective area around the MOU-4 location which will also incorporate information from the existing EIA.

Paul Griffiths, CEO of Predator Oil & Gas Holdings Plc commented:

"We are pleased to have completed the MOU-1 drilling operations which was our first operated well in the Kingdom of Morocco. We sincerely thank those contracted to the Company who have worked tirelessly to execute our drilling programme. We are also grateful for the support and practical assistance given to us by our partner ONHYM during and leading up to drilling.

Based on the positive indications of the presence of gas in MOU-1 we are now proposing to drill again later this year."

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