Page 17 - AfrOil Week 33 2022

AfrOil NEWS IN BRIEF AfrOil

INVESTMENT
Predator Oil & Gas raises

GBP3.3mn for Morocco’s
Guercif operations

London Stock Exchange-based energy firm
Predator Oil & Gas has raised GBP3.3mn
($4mn) by increasing its shares by 60mn at
GBP0.055 each as it eyes undertaking fur-
ther operations in Morocco to meet increased
demand, it said in a statement on Wednesday,
August 17.
The new drilling operation will take place in
the Moulouya Fan gas field penetrated in MOU- Disouq earlier in the year already contributing In West Gharib the MSD-21, -25, -24 and -23
1, in southern Morocco’s Guercif exploration to cashflows. Whilst mechanical issues with a rig wells have been successfully completed and are
permit, which includes four exploration areas at West Gharib mean that production is slightly on production. Today, the Company is pleased to
stretching for a total of 7.269 square km. lower than forecast, our success with the remain- announce the completion of drilling at the MSD-
Predator said that it is now fully funded to der of the wells, including as announced today, 27 infill development well. The well encountered
complete and test the MOU-2 well and to test MSD-27, means that we are now achieving gross 137.3 feet of good-quality, net oil pay sandstone,
the MOU-1 well at the same time from its own production of approximately 2,400-2,500 bpd with an average porosity of 22.8% in the Asl For-
cash resources. from this concession, and we are set to continue mation reservoir. MSD-27 will now be tied-in
In July, Predator said it will commence drill- to add valuable barrels to our production mix as to the existing facilities and flow tested. Oper-
ing a second well in Guercif, planning to start the year progresses. ations at MSD-20, which had been temporarily
civil engineering works in the same month. “We believe that continued strong oper- halted due to the replacement of a rig, have now
MOU-2, which will have 295bn cubic feet ational performance from the Company has recommenced and, assuming trouble free oper-
(8.35bn cubic metres) of gas reserves, is set to been overshadowed to some degree by corpo- ations, the well should reach its target horizon by
be ready for testing between September and rate news in the past quarter, with the proposed mid-September. The development drilling cam-
October this year. According to the company’s combination with Tenaz Energy ultimately not paign is aimed at growing production to circa
estimates, the amount of gas in MOU-2 will progressing and the introduction onto the Com- 3,500-4,000 bpd by mid-2023.
serve the needs of nearly 3mn households in the pany’s register of a new group of shareholders led In Morocco, the SAK-1 exploration well
region. by Aleph Commodities Ltd. We are very pleased was spudded on August 6, 2022, and is target-
Predator announced it is looking for partners to welcome the Aleph shareholders as long-term ing the Guebbas Formation reservoir at around
to source the necessary funding to develop the investors who are aligned with Management’s 1,108 metres MD (1,095 metres TVDSS). The
gas well. The company holds a 75% interest in the strategy of growth and increasing returns for all well will also fulfil the remaining commitment
Guercif gas exploration licence, while Morocco’s SDX stakeholders. We look forward to updating on the Lalla Mimouna Sud Concession. SAK-1
National Office for Hydrocarbons and Mining the market further as we work with our share- is the first of a fully-funded, two-well drilling
(ONHYM) owns the remaining 25% stake. holders to map out what will be an exciting campaign on the SDX Gharb Basin acreage
Predator Oil & Gas has operations in Trini- future for the Group.” which is expected to take place during Q3-2022
dad, Ireland and Morocco. Operations Highlights: H1-2022 entitlement with three further wells being considered for
bna/IntelliNews, August 18 2022 production of 3,724 boepd was 2% higher than Q4-2022.
recently increased 2022 midpoint guidance of Corporate Highlights: On May 25, 2022,
3,638 boepd, driven by strong performances in it was announced that the boards of directors
PERFORMANCE Morocco and at South Disouq, with West Ghar- of Tenaz Energy Corp. (Tenaz) and SDX had
ib’s production lower than expected due to the reached agreement on the terms of a recom-
SDX Energy announces mechanical issues with a previous rig that has mended share-for-share combination pursuant
now been replaced. West Gharib production is to which Tenaz would acquire the entire issued
results for Q2-2022 expected to increase in the second half of the ordinary share capital of SDX, which was pro-
year.
posed to be effected by means of a Scheme of
and H1-2022 carbon intensity of 3.8kg CO2e/boe in H1-2022, Act 2006. On June 30, 2022, Tenaz announced
The Company’s operated assets recorded a Arrangement under Part 26 of the Companies
AIM-listed SDX Energy, the EMEA-focused oil which is one of the lowest rates in the industry. the introduction of a cash alternative that was
and gas company, has announced its unaudited In South Disouq, the planned three-well made available under the terms of the Com-
financial and operating results for the three and drilling campaign has been successfully com- bination, through which shareholders of SDX
six months ended June 30, 2022. pleted. The SD-5X and SD-12_East discoveries could elect to receive cash instead of some or all
Mark Reid, CEO of SDX, commented: “The have been brought online ahead of schedule and of the share consideration to which they would
results for the last quarter have been both pos- are now contributing to production and cash otherwise be entitled to under the terms of the
itive and encouraging with our production flow. The MA-1X gas discovery well is in the Combination. On July 29, 2022, SDX convened
from Morocco and South Disouq ahead of our process of being evaluated to determine a com- the Court Meeting and General Meeting in con-
guidance and the drilling success seen at South mercialisation strategy. nection with the Combination.

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