The Predator Oil & Gas Holdings PLC (LON: PRD) share price jumped 17.9% after releasing the drilling results for its MOU-3 well, where it had completed drilling and logging activities. The company noted that it had appraised the Moulouya Fan primary reservoir target.
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The Jersey-based Oil and Gas Company did not provide logs for the shallow target because they had been provided before and are behind a 95/8 casing. The first data provided was for the Ma and TGB-6 sand interval, in which it encountered five potential sands with gas shows from 815 to 895 metres TVD MD.
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The individual sands had a maximum thickness of 3 metres giving an estimated cumulative thickness of 11.5 metres versus a P10 pre-drill forecast sand thickness of 10 metres. The Ma Sand had a 3% formation gas show. The pre-drill P50 structural closure was determined to be 6km² for the area tested by MOU-3.
The MOU-3 well results have confirmed that the Ma to TGB-6 interval can be correlated with the same gas-bearing interval in MOU-1, approximately 7 km to the southwest. Several thin sands of up to one metre in thickness were encountered in TGB-4 from 1046 to 1070 metres TVD MD.
From 1112 to 1140 metres TVD MD, the company encountered five thin sands, individually up to one metre-thick. As for the TGB-4 sands, further detailed petrophysical analysis will be required to determine reservoir quality.
Paul Griffiths, Executive Chairman of Predator Oil & Gas, commented: “The MOU-3 well has validated our pre-drill upside forecast for sand development in respect of the main Moulouya Fan target. A gross interval of 43 metres will be evaluated by a rigless well test. It has demonstrated the possible continuity, subject to rigless testing results and a future infill well, of gas sands penetrated in MOU-1 with similar sands encountered in MOU-3. In particular the Ma Sand potential has been enhanced over a wider area with the possibility of a larger gas trap being effectively sealed covering up to 58km². The shallow gas potential of MOU-3 has exceeded all pre-drill expectations.”
*This is not investment advice.
Predator Oil & Gas (PRD) share price.
The Predator Oil & Gas (PRD) share price jumped 17.87% to trade at 13.26p, from Monday’s closing price of 11.25p.
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