Predator Oil & Gas (PRD) has announced further progress towards drilling at MOU-1, Morocco, and positive developments in Trinidad. This has been a great short-term trading share tip from us, but more to come?...
In the latter, “based on the real-time downhole reservoir pressure data collected from 1 April to 18 May 2021, the rate of reservoir pressure build-up at AT-5X appears to be moderately more effective than the pre-injection forecasts predicted” and “based on the 2020 Pilot C02 EOR data, the potential impact of C02 injection on enhanced oil production will not be realised until at least 62 days from first C02 injection on 1 April 2021. Further analysis of the results and the impact on enhanced oil production at the monitoring well will therefore be carried out in June”. That potential positive for well workovers is with also in Trinidad heads of agreements for the provision of C02 EOR services for another project and for a joint venture such project also.
In Morocco, there is an expression of interest for a Floating Storage and Regasification Unit project and the further progress towards drilling at MOU-1 is with the awarding of the contract for the construction of the well pad platform and up to 5 kilometres of access roads, with “civil works are to start immediately to facilitate the commencement of drilling activities next month”.
With a further update on progress there expected soon, the noted other developments potential catalysts and also “discussions and negotiations continue regarding the potential for three additional collaboration agreements with European companies specifically in relation to the FSRU concept both in the ROI and Morocco that potentially may lead to further announcements in the coming weeks”, there look clear further potential share price catalysts in the coming weeks despite the shares now up from our 11.3p offer price tip less than two months ago to currently above 15.5p. We noted on the recommendation we were targeting 18p+ particularly as progress is made towards, and the actual, drilling of MOU-1. That remains our stance as both the drilling and such a share price look to move even closer.
Filed under: Predator Oil & Gas, Zoetic, Centamin, Johnson Matthey, Malcolm Stacey, HotStockRockets
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