Predator Oil & Gas Holdings PLC has announced the extension of its 2022 rig contract for the use of the Star Valley Rig 101, which will facilitate the drilling of the MOU-5 well in Morocco. The well is set to target the 177km² Jurassic structural closure, with drilling expected to take place between April and May 2024. The company is fully-funded for this drilling, utilizing discretionary cash on its balance sheet.
The extension of the rig contract allows Predator to accelerate the cost-effective and fully-funded drilling of the large Jurassic structure adjacent to its area of focus for rigless well testing. The primary objective of the MOU-5 well is to evaluate potentially thick development of porous and permeable, early Jurassic carbonate reservoirs sealed by overlying claystones. The company has expressed its commitment to generating activity and newsflow in the coming weeks and months, seeking to take the company to another level through continued drilling success.
In addition to its operations in Morocco, Predator has made significant progress towards establishing an operating and administrative presence in Trinidad. The company has identified additional workover opportunities on the Cory Moruga licence area and evaluated opportunities for re-perforating wells using the Sandjet testing technology to pinpoint missed oil pays in some of the legacy wells.
Predator is the operator of the Guercif Petroleum Agreement onshore Morocco, which is prospective for Tertiary and Jurassic gas. The company's near-term focus is on supplying compressed natural gas to the Moroccan industrial market, with further drilling activity anticipated in 2024 to evaluate the MOU-4 Jurassic prospect. Additionally, Predator is seeking to apply CO2 EOR techniques onshore Trinidad, with the acquisition of T-Rex Resources (Trinidad) Ltd. being a step towards realizing this objective.
Overall, the extension of the rig contract and the upcoming drilling of the MOU-5 well in Morocco, along with the progress in Trinidad, demonstrate Predator's commitment to advancing its operations and exploring new opportunities for growth and development.