• Initial mobilisation of drilling rig and equipment to MOU-2
• Procurement and delivery now almost complete
• Drilling operations expected to take 12 - 15 days 
• Progress in Ireland and Trinidad

Predator Oil & Gas, the Jersey based Oil and Gas Company with near-term gas operations focussed on Morocco, provides an update on progress towards the commencement of drilling of the high impact/high reward MOU-2 well in Guercif onshore northern Morocco.

Initial mobilisation of the Star Valley Rig 101 equipment to the MOU-2 drilling location has commenced and long lead items, including wellheads and other well equipment and materials, have been successfully imported and delivered to the Group's secure warehouse facilities in Guercif. Remaining materials and inventory are in transit and will arrive on location in the coming days.

Pre-drilling procurement and delivery is now almost complete. Upon the conclusion of this process a firm spud date will be announced. This will be later than the previous guidance of mid-December as some remaining well inventory was delayed as a result of having to be trucked by road when previously negotiated transport by sea was withdrawn at short notice due to the competition for vessel capacity created by market conditions generated by the ongoing Ukraine-Russia war.

The well will be drilled to 1,500 metres TVD below ground level and is expected to take between 12 to 15 Days to complete. The primary gas target is anticipated to be reached within 10 days of the commencement of drilling, subject to no unexpected operational delays. The possible presence of high pressure gas in the primary target has been prudently allowed for in the well design and for the operational procedures.to be adopted whilst drilling into this potential gas reservoir.

The Company also provides an update on activities relating to Ireland and Trinidad.

Ireland

Mag Mell Energy Ireland Ltd. presented its Mag Mell Floating Storage and Regasification Project to the Security of Supply, Markets and Retail Energy Division at a meeting that took place at the Department of the Environment, Climate and Communications offices at Adelaide Road, Dublin on 2 December 2022. The meeting was extremely constructive and allowed each respective party to be better informed ahead of a decision on various options that may or may not be adopted following the conclusion of the public consultation process on Ireland's security of supply review. The Company believes that these options may be clarified by the end of January 2023.

The Company wishes to sincerely thank the DECC for giving their time to review what the Mag Mell project potentially has to offer Ireland.

The Company expects to be able to update the market in the next few weeks on whether the party that has expressed an interest in the Predator Oil and Gas Ventures Ltd.'s application for a successor authorisation for Corrib South will proceed to the next stage or not following the completion of preliminary due diligence.

Trinidad 

The Company will shortly update the market on its plans for re-establishing CO2 EOR operations in Trinidad in 2023.

Paul Griffiths, Executive Chairman of Predator Oil & Gas Holdings Plc commented:
"Preparations for drilling MOU-2 are now almost complete following a protracted logistical exercise dictated by the disruption of supply chains and transport resulting from changing priorities created by the Ukraine-Russia war. These have been overcome and we are confident that drilling will commence as planned in accordance with our drilling and geological programmes for MOU-2.

Whilst Moroccan gas remains our focus unexpected progress in Ireland and Trinidad has opened up the potential to create additional shareholder value in 2023. We do not apologise for pursuing these growth opportunities as they are potentially capable of being funded by other parties in order to preserve cash resources for our primary business focus, which is creating value out of successful drilling for Moroccan gas." 

KeyFacts Energy: Predator Oil & Gas Morocco country profile