Predator Oil & Gas Holdings plc has started civil engineering work to improve access roads and prepare the well pad at the MOU-5 drill site on the Guercif licence, onshore Morocco.
EVALUATION
The company said the fully funded drilling operations, targeting the Titanosaurus prospect, are on schedule to begin on or about 25 February 2025.
Predator contrasts the scale of the prospect covering 187 km2 with the City of London at 2.7km2.
Located next to the Moulaya fan, the structure has 2P gas resources net 4.4 trillion cubic feet to Predator and 2P helium resources net 74.6 billion cubic feet.
During 2025, the company plans to drill MOU-5 and evaluate the project for a potential sale, while possibly retaining the helium rights.
Chief executive Paul Griffiths added that the Titanosaurus structure could be potentially transformational for the company.
“It is a rare opportunity to drill a potentially high-impact structure adjacent to an existing gas infrastructure in an attractive fiscal regime.
“Our hydrocarbon sector has seen a global resurgence of interest and activity outside of the UK and Europe over the past few months led by the United States, Norway, Middle East, Africa and Far East.
“Dwindling gas storage reserves in Europe this winter and geopolitical concerns over security of gas supply provides cold comfort for policy makers seeking to reduce energy costs and promote economic growth.”
Predator operates and holds 75% of the Guercif licence and state oil company ONHYM owns 25%.