Predator Oil & Gas Holdings plc has mobilised a rig to a holding location en route to drill the MOU-2 well in the Guercif licence onshore northern Morocco.
MOU-2
The contract with Star Valley Drilling Ltd is for rig 101 which successfully drilled and completed rigless testing of the MOU-1 gas discovery well.
Predator has upgraded the access tracks and roads to the MOU-2 location and the well pad construction is complete following a recent site visit by management to the drilling location.
MOU-2 is a “high impact/high reward well” that will test the range of best estimate and high estimate net contingent gas resources to the company of between 295 bcf to 708 bcf respectively.
The company intends to complete rigless testing for MOU-2 followed by rigless testing of MOU-1.
Results from the rigless testing will precede a decision on starting a compressed natural gas development.
MOU-3
MOU-3 will be the next well in the drilling sequence and will test a 35km² area within a larger Jurassic oil prospect.
A location for the well (previously known as MOU-NE) was finalised during the recent site visit.
The company said it was commissioning a competent persons report to define the range of potential prospective oil resources for the MOU-3 trap.
OPTIMAL
Executive chairman Paul Griffiths said that despite challenging political, financial, economic and supply chain conditions, Predator was taking positive steps to unlock the value of the gas potential of the Guercif Basin.
“The sequence of drilling and testing operations has been designed to establish the case for an early decision on a compressed natural gas development.
“We are looking ahead too to the exciting additional potential offered by the MOU-NE oil prospect.
“Guercif is possibly the only area of Morocco where this particular oil play can be tested in an optimal geological setting.”
Predator has a 75% interest in the Guercif licence together with its partner ONHYM, the state oil company.