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Rabat – Predator Oil & Gas, a US-based energy company, announced that gas drilling operations in Guercif, Morocco are set to commence over two weeks in December.
In a statement published today, Predator said that preparations for the drilling of the MOU-2 well are underway and should be finalized in the coming weeks, adding that the exact date will be determined once all drilling materials arrive.
The American company further announced that they are in talks with a number of companies to commercialize the gas reserves in the Guercif license.
In addition, the company says that it has locked in an initial financing package for the development of a simple Compressed Natural Gas (CNG), a compressed form of gas that makes it easier to transport large quantities at a lower cost.
According to the statement, CNG would be easily scalable, unlike a fixed pipeline development, as it would be attractive for developers of gas seeking a near-term increase in gas revenues.
Commenting on the news, Predator Oil & Gas Holdings’ Executive Chairman Paul Griffiths said: “We are delighted to have made excellent progress towards commencing the drilling of the MOU-2 well as a result of being able to develop a diverse supply chain to ensure that all drilling materials are available at the well site to enable operating a successful well.”
“We are pleased with the level of interest being generated within Morocco and amongst those groups seeking gas to address the rise in demand for secure new gas resources,” Griffiths continued.
The Predator executive further added that his company has multiple gas prospects in this Guercif license area for further “running room” without any requirement for license portfolio expansion.
Morocco holds a 25% stake in the drilling operations while Predator holds 75% stake.
Read Also: Predator Oil & Gas Prepares to Drill Second Gas Well in Morocco’s Guercif
