Rabat – Predator Oil & Gas, a Jersey-based oil and gas company, announced signing an extension to its 2022 rig contract for the use of the Star Valley Rig 101, which is currently available in Guercif, in northern Morocco.
Predator first contracted with the Star Valley Rig 101 to start drilling the MOU-1 well in northeastern Morocco on June 16, 2022, marking the start of Predator’s Guercif drilling operations.
In a statement on Monday, the company explained that the extension of the contract will facilitate the drilling of the MOU-5 well. The extension is still pending regulatory approval.
The company further explains that the MOU-5 is expected to be drilled between April 1to May 31, 2024 in order to fully utilize the in-country well services that will remain following the completion of the company’s earlier rigless testing program, currently underway. Drilling during this window time would allow Predator to reduce costs for well equipment and services.
Commenting on the news, Executive Chairman of Predator, Paul Griffiths, said that his company is delighted to report the progress made in Guercif.
“A successful MOU-5 drilling, testing, appraisal, and development program would potentially open up opportunities to exploit our onshore proximity to the Maghreb Gas Pipeline, which is located less than 10 kilometers from the MOU-5 drill site,” he explained.
“The Board remains committed to generating activity and newsflow in the weeks and months ahead and are seeking potentially to take the company to another level through continued drilling success,” he added.
Predator holds a 75% interest in the Guercif Licence and comprises four Exploration Permits. Morocco’s state mining agency ONHYM holds the remaining 25%.
The license covers an area of 7,269 square kilometers on trend with the Rharb Basin where shallow gas production has been established by SDX Energy – another energy company – for several years.
Guercif also lies approximately 180 kilometers northwest of Tendrara where discovered deep gas is currently being appraised and potentially developed by Sound Energy.
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