Predator Oil & Gas Holdings PLC has released a corporate update, highlighting its activities in Morocco, Trinidad, and Ireland. In Morocco, the company has commenced the Sandjet rigless testing program on the MOU-3 well, targeting a gross perforating interval of 104 meters. The program aims to reach beyond the zone of formation damage to enable gas flow. The company also plans to source an additional rig for future appraisal drilling and will commence drilling MOU-5 upon entry into the First Extension Period.
In Trinidad, Predator has executed a Sale and Purchase Agreement for the assignment of a further 16.2% interest in the Cory Moruga. In Ireland, the company has agreed in principle to farm-in terms on successor authorization to Licencing Option 16/26 "Corrib South," with a gross unrisked GIIP of 303 BCF net to Predator's 50% interest and a 44% chance of success.
The company is fully financed for all its near-term operations. The MOU-3 perforating procedures in Morocco will involve up to three intervals being separately perforated, with pressure data collected and analyzed for each interval to determine the extent of any connected potential gas volume. The MOU-5 well in Morocco will target an Early Jurassic carbonate sequence, with the company determining a better than 50% chance of success based on its proximity to MOU-4.
Overall, the update provides insight into Predator Oil & Gas Holdings PLC's ongoing operations and future plans in Morocco, Trinidad, and Ireland, demonstrating the company's strategic focus and commitment to its near-term hydrocarbon operations.