Rabat – Predator Oil & Gas have announced that four wells in its Guercif permit in northeastern Morocco have “enormous potential of natural gas.”
The company owns a 75% stake in the exploration area, while the Moroccan National Office of Hydrocarbons and Mining (ONHYM) owns 25%.
The company’s finding on the Guercif permit shows “recoverable prospective resources of 474 billion cubic feet for the Moulouya and Tagi prospects, targeting the Miocene and Triassic,” according to Morning Star.
Miocene and Triassic are two gases discovered in the area. The net value of the Miocene gas and Triassic gas is $642 million and $207.7 million, respectively.
Paul Griffiths, CEO of Predator described the finding as a “very positive step for Guercif.”
Predator also hired an outside company, SLR, to provide a report on the wells’ potential. Griffiths said the “this third party prospective resources audit by SLR validates the significant volumetric and recoverable gas resources potential whilst importantly indicating too there is no significant impediment to monetising discovered gas.”
He added that the finding also “references additional hydrocarbon potential over the entire Guercif area demonstrated by multiple prospective leads in diverse geological settings in the Miocene, Jurassic and Triassic.”
The British news outlet added that the high forecast is estimated at 943 billion cubic feet of gas.
The positive finding represents an “important tool and catalyst for attracting potential drilling partners necessary to advance rapidly a multi-well drilling programme to fully evaluate the large inventory of prospective leads developed in Guercif,” said Griffiths.
The Moroccan government approved Predator Oil’s license for gas exploration in December 2018.
The government granted an eight-year license, which started with an initial 30 months of exploration across 7,269 square kilometers “to the east of producing gas fields and northwest of Sound Energy PLC’s Tendrara gas project,” Proactive Investors wrote back in December.