Predator Oil & Gas To Develop Ten Wells At Ram Head Discovery

LONDON (Alliance News) - Predator Oil & Gas Holdings PLC on Thursday said it intends to develop ...

Alliance News 2 May, 2019 | 4:28PM
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LONDON (Alliance News) - Predator Oil & Gas Holdings PLC on Thursday said it intends to develop ten wells at its Ram Head gas discovery after it got positive results from its development study.

Licensing option 16/30, offshore Ireland, is operated by Predator Oil & Gas Ventures Ltd, a subsidiary of Predator Oil & Gas Holdings, which holds 50% stake in the licence. The reminder is held by its partner Theseus Ltd.

The oil & gas company said a conceptual Ram Head P50 gas field development study has validated new reservoir quality information.

The data allowed an assessment to be made of reservoir performance, gas well hydraulic performance, and hydraulics of the pipeline to the nearest platform together with potential gas compression requirements.

The study shows the Ram Head gas discovery can be developed with a minimum number of 10 vertical wells completed in three gas zones. The initial gas production rate by 10 production wells is estimated to be 400 million cubic feet of gas per day.

A separate independent study to assess the technical feasibility, cost and risks associated with re-entering and separately testing three gas-bearing zones in the Middle and Upper Jurassic in the 49/19-1 well has shown it is technically feasible. The total cost is estimated to be USD20.2 million.

"The independent competent person's report represents a significant milestone in demonstrating for the first time the potential for the Jurassic gas reservoirs present in the 49/19-1 discovery well to be able to deliver gas flows at significant rates," said Chief Executive Paul Griffiths.

"The next step is to confirm the actual well deliverability through a re-entry of the well and to conduct tests over three gas zones to address the vertical and lateral connectivity of the reservoirs," added Griffiths.

Predator shares were trading 2.8% higher on Thursday at 9.35 pence each.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Predator Oil & Gas Holdings PLC Ordinary Shares 5.85 GBX 0.00 -
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