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Join on Telegram Rabat – Predator Oil & Gas Holdings PLC announced today their plan to commence drilling a second well in Guercif, located in Morocco’s southern regions.
According to converging news reports, the company is currently in the process of filing for legal authorization for the drilling operations.
Civil engineering works related to the project are set to start in the course of this month, reports note.
The second well (MOU-2) would be ready for testing between September and October.
Initial gas appraisals indicate that the well could hold an estimated 295 billion cubic feet (8.3 billion cubic meters) of gas, enough to cover the gas needs of over three million households.
Predator also announced that it looks to sign a memorandum of understanding with a natural gas company to source funding for an initial compressed natural gas development, under a subleasing agreement to bring the well online as early as possible.
Speaking during the announcement of the news, Predator’s Executive Chairman Paul Griffiths said that, “The Guercif license area has always represented a unique risk-reward proposition for the company and its shareholders.”
Explaining the importance of the venture, Griffiths stated that the company’s operations in Guercif are especially relevant in the light of the European energy crisis and the contemporary energy “firm stranglehold.”
Predator currently holds 75% interest in the Guercif License, while Morocco’s National Office for Hydrocarbons and Mining ONHYM possesses a 25% stake in the venture.
The onshore Guercif License consists of four Exploration Permits, I, II, III, and IV, covering an area of 7,269 square kilometers.
The energy company first finalized a deal with Morocco’s ONHYM in 2021, under an eight-year license deal.
Read Also: Predator Oil & Gas Discovers New Commercially Viable Gas in Guercif
