, today announced its acceptance of a one year extension of the term of its offshore Ireland Licensing Option 16/30 to 30 November 2019.
The acceptance is subject to a work programme agreed with the Department of Communications, Climate Action and Environment.
It includes re-evaluating the Marathon 49/19-1 gas discovery by applying 2D seismic data and ongoing desk-top studies with new modern technology and development concepts.
Paul Griffiths, Chief Executive of Predator, commented: "We are extremely grateful for the award of the extension to LO 16/30. We consider the 49/19-1 gas discovery to potentially represent the largest undeveloped gas discovery offshore Ireland.”
“It is located in the shallow water of the Celtic Sea, where there has been a long history of commercial gas production that facilitated the development of the gas industry and network in Ireland and County Cork in particular.”
Shares in Predator Oil & Gas ticked up 2.91% to 8.850p a share following the announcement
Predator Oil and Gas owns a 50% interest in the license, which is operated by a wholly-owned subsidiary on behalf of its partner Theseus Ltd. who hold a 50% interest.
A 2018 Competent Person’s Report (CPR) gave a Best Estimate Prospective Gas Resources of 508 bcf net to Predator Oil & Gas. The company plans to incorporate its most recent independent reservoir engineering studies into an updated CPR to be released in the next few weeks.
Paul Griffiths, Chief Executive of Predator said: “Gas is an absolutely vital ingredient in the energy mix in the near-term with respect to reducing C02 emissions, by lowering the dependence on other less environmentally friendly fuels; preserving security of energy supply at a time of increased uncertainty; and contributing to sustaining the economic equilibrium and stability necessary to help generate the investment quantums required for the development of alternative sources of renewable energy.”
“The upcoming CPR is an important milestone to independently validate the potential of Ram Head to become a real "game-changer" and to provide the catalyst for further progress."
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