Predator Oil & Gas
An operations update from Predator ahead of its presentation to investors this afternoon.
The company state that the MOU-1 well was successfully drilled and confirmed the pre-drill prognosis by validating a seismic amplitude anomaly covering an area of ‘at least 4 square kilometres. The findings were enough, with data from an analogous offset well from the Rharb Basin, to confirm that 6 zones within the primary target should be evaluated by a rigless well test.
Further studies are taking place to determine the best size for perforating guns and the increased mud weight given the significantly over-pressured section.
Thee experienced local team reputation very similar geological section to that of the Rharb Basin with evidence of gas over several hundred metres of gross section penetrated by the well.
Upon the rigless testing it will be ascertained whether or not MOU-1 has the capability to flow gas at a sustained rate of at least 5 mm cfgpd. It is at this point that an initial CNG development becomes profitable for gas sales to industry at a price of $11/mcf which ignores any increase in the gas price that may result from the current Europen Energy crisis.
Plans are to drill 3 follow up wells as early as possible in Q1. 2022 allowing for import of long lead items. MOU’s 4&5 will test the core area of the MOU-4 tertiary penetrated by MOU-1. Success at 4 or 5 would upscale potential production.
Tyere is also potent MOU-NE which could open up a gas market to Europe though the Maghreb gas pipeline. The company remind us that there is a clear path to first gas with modest capital investment in an uncertain gas market.
In. Trinidad there have even some problems which I will address after listening to the webcast.
in Ireland the Mag Mell offshore LNG project continues to make progress and its interests would make it an ‘ideal junior partner in Ireland. More after the presentation.