TIDMPRD
RNS Number : 7569E
Predator Oil & Gas Holdings PLC
08 July 2019
Predator Oil & Gas Holdings Plc
("Predator" or the "Company" and together with its subsidiaries
"the Group")
Irish Offshore Operators' Association Statement
Implications for Indigenous Gas at Ram Head, Celtic Sea,
Ireland
Highlights
-- Pragmatic approach to indigenous gas exploration and development
-- Discovered gas at Ram Head is a good fit with current strategic objectives
-- Mid to Best Estimate net Prospective Gas Resources of 508 to 1,370 BCF
-- Well-placed with respect to gas infrastructure
Predator Oil & Gas Holdings Plc (PRD), the Jersey-based Oil
and Gas Company, has responsibly reflected upon the statement made
by the Irish Offshore Operators' Association ('IOOA') on 5 July
2019 regarding the decision by the Government of Ireland not to
proceed with the Climate Emergency Bill. The full text of the
statement can be found using the following link
https://www.iooa.ie/government-takes-important-step-to-ensure-energy-security/
Background
Predator's management, who have 20 years' experience exploring
for, appraising and producing gas offshore Ireland, has been
advocating the case for indigenous gas development since 2016
focussing on four critical issues:
-- Security of Energy Supply in an increasingly volatile Brexit landscape
-- Transition to a lower-carbon economy by pragmatic means using
indigenous gas, which has a lower carbon footprint, to replace
imported coal
-- Maintaining the potential for tax revenues from gas
developments to support the investment needed in expanding
renewable energy
-- Ensuring energy remains affordable and accessible to all
Predator remains fully committed to Ireland and is encouraged by
the pragmatic approach now being adopted.
Predator C02 Footprint Strategy
Predator only operates and works closely with environmental
agencies and regulators in countries where there is a commitment to
reducing CO2 emissions.
In this respect the Company is focussed on exploring for gas in
Morocco, which has a high dependency on coal for electricity
generation, and Trinidad, where the Company is addressing the
potential for C02 sequestration as part of our near-term programme
of operations. CO2 from Trinidad's ammonia plants is currently
vented into the atmosphere.
Recent Ram Head Competent Person's Report ("CPR")
With this new political development our focus on the gas
discovered in 1984 by Marathon, 40 kilometres east of the Kinsale
platforms at Ram Head in the Celtic Sea, becomes of even greater
significance. Unlike the majority of new gas opportunities around
Ireland the Ram Head gas has already been discovered and is now a
strategic fit with stated energy policy.
Mid and Best Estimates Prospective Gas Resources net to the
Company of 508 to 1,370 BCF respectively have been previously
reported in the Company's published CPR.
The decision by the Government of Ireland not to proceed with
the Climate Emergency Bill may be the catalyst for investment
decisions regarding the development of proven gas in the Celtic
Sea.
Next Step
Seismic reprocessing is being undertaken to potentially improve
the definition of the Ram Head gas structure and the fault
compartment tested by the 49/19-1 Marathon discovery well.
A further operational update will be given upon completion of
the seismic reprocessing.
Paul Griffiths, Chief Executive of Predator, commented:
" We are encouraged by the pragmatic approach being adopted with
respect to the importance of developing indigenous gas offshore
Ireland. Ram Head contains two gas discoveries and lies in an area
of the Celtic Sea that has a long tradition of gas production and
was the catalyst for the development of the gas industry in
Ireland. The Ram Head prize is potentially large enough to attract
interest from substantive parties. Conditions are right in Ireland
now to re-approach some parties."
Enquiries:
Predator Oil & Gas Holdings Tel: +44 (0)1534 834600
plc
Paul Griffiths, Chief Executive
Officer
Sarah Cope, Non-Executive Chairman
Brandon Hill Capital Tel: +44 (0)20 3463 5000
Jonathan Evans / Oliver Stansfield
Follow us also on VOX Market
https://www.voxmarkets.co.uk/
This announcement contains inside information for the purposes
of Article 7 of the Regulation (EU) No 596/2014 on market abuse
Notes to Editors:
Predator is an oil and gas exploration company with the
objective of participating with FRAM Exploration Trinidad Ltd. in
further developing the remaining oil reserves in the producing
Inniss Trinity oil field onshore Trinidad, primarily through the
application of C02 EOR technology. Potential for cash flow exists
by executing a Pilot Enhanced Oil Recovery project using
locally-sourced carbon dioxide for injection into the oil
reservoirs ("C02 EOR"). Near-term expansion and growth potential is
focussed on upscaling the C02 EOR operations in the Inniss-Trinity
oil field and potential acquisitions of assets suitable for C02 EOR
development, subject to all necessary approvals.
In addition, Predator also owns and operates exploration and
appraisal assets in current licensing options offshore Ireland, for
which Successor Authorisations have been applied for, adjoining
Shell's Corrib gas field in the Slyne Basin on the Atlantic Margin
and east of the Kinsale gas field and Barryroe oil field in the
Celtic Sea. A Successor Authorisation has been granted for the
Celtic Sea asset whilst the result of an application for a Frontier
Exploration Licence over the Slyne Basin exploration asset is is
pending.
Predator is operator of the Guercif Petroleum Agreement onshore
Morocco which is initially prospective for Tertiary gas in
prospects less than 10 kilometres from the Maghreb gas
pipeline.
The Company has a highly experienced management team with a
proven track record in the oil and gas industry.
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END
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