Execution of Amendment rig contract to drill MOU-6
Predator Oil & Gas Holdings Plc has amended its rig contract for Rig 101 to facilitate drilling operations for the MOU-6 well in Morocco, extending the contract from August 1, 2026, to October 1, 2026. This amendment is part of an extensive drilling and potential testing program scheduled over the next three months, which will also include the Snowcap-3 well in Trinidad. The company is confident in its well planning and operational programs, aiming to de-risk gas and oil resources for potential production.
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Highlights
- Extensive drilling and potential testing programmes scheduled to be completed over the next 3 months in Morocco (MOU-6) and Trinidad (Snowcap-3).
- MOU-6 will be the first well in the planned programme, followed by Snowcap-3.
- Rig 101 contracted to start operations after 1 August 2026 following final delivery of remaining third-party consumables and long-lead equipment, currently in transit, to the MOU-6 well site.
Predator Oil & Gas Holdings Plc (LSE: PRD), the Jersey-based Oil and Gas Company with producing hydrocarbon operations and exploration activity focussed on Trinidad and Morocco, announces the execution of an amendment (the "Amendment") to the existing rig contract with Intrepid Drilling Limited (formerly Star Valley Drilling Limited) for Rig 101, which is currently stacked at the Company's MOU-5 well site.
The Amendment to the existing drilling contract, dated 24 October 2022, allows for an extension to facilitate MOU-6 well operations for a period from 1 August 2026 to 1 October 2026.
Paul Griffiths, Chief Executive Officer of Predator Oil & Gas Holdings Plc commented:
"We are pleased to be entering into a new and exciting phase of drilling activity on two continents for gas and oil during the next 3 months.
The last 15 months have been spent re-building our well-delivery team using all the expertise available to us in Trinidad, Morocco, Tunisia and Canada.
We are very confident that our well planning and pre-drill operational programmes are now compatible with the expected subsurface conditions, defined by our initial drilling in 2021 to 2023, that we are likely to encounter whilst drilling the MOU-6 well.
Successful drilling and potential testing of our geological objectives may facilitate the de-risking of gas and oil resources that are capable of being brought into potential production within a short time framework, subject to the necessary regulatory approvals and technical and commercial due diligence."
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Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.