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Predator Exercises Guercif Rig Option

Source: 2/19/2020, Location: Africa

Predator Oil & Gas Holdings Plc (PRD) is pleased to provide an update on its drilling plans for the Guercif Permits I, II, III and IV (Guercif) onshore Morocco. Predator (75%) operates Guercif in joint venture with the Office National des Hydrocarbures et des Mines (ONHYM) acting on behalf of the State (25%).

Rig Option Agreement exercised

Predator Gas Ventures Ltd. (PGVL), a wholly owned subsidiary of the Company, has exercised its previously announced Rig Option with Star Valley Drilling Ltd. ("Star"), together the "Parties", a Canadian drilling company currently undertaking an extensive drilling programme for SDX Energy Plc in the Rharb Basin west of the Guercif using its Rig No. 101.

Rig mobilisation can occur within a window commencing 15 March 2020 and ending 30 April 2020, unless otherwise agreed by mutual consent of the Parties.

A further update will be given in due course summarising the commercial terms of the rig contract.

Paul Griffiths, CEO of Predator Oil & Gas Holdings Plc said:

"The Company is excited to be taking another major step towards executing its Guercif drilling plans by exercising our option to take up the drilling rig. The high proportion of commercial gas discoveries recently announced by SDX Energy Plc in the geologically similar Rharb Basin demonstrates the attractiveness of the Company's investment case for the potentially larger drilling targets at Guercif. We look forward to updating the market on further progress as we enter a news-rich period."

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