Predator Oil & Gas Holdings plc has restarted planning the MOU-5 Jurassic well, targeting the ‘Titanosaurus structure’ covering up to 187km2, at Guercif onshore Morocco.
HELIUM
The company will also evaluate the possibility of helium potential by MOU-5 and MOU-4 rigless well testing, after a gas sample from MOU-3 showed the presence of helium.
The re-start of planning for MOU-5 follows the company’s ratification of entry into first extension period of the Guercif petroleum agreement and receipt of regulatory approvals.
Predator said that a revised independent technical report by Scorpion Geoscience Ltd for the MOU-5 structure gives net P50 upside prospective resources for gas of 5.916 tcf to the company.
Risk is 12% versus Predator’s internal upside chance of success of 50%.
The company had to move the MOU-5 well surface location 277 metres to the northwest to avoid an irrigation system and water well used by local olive tree farms.
The programme now includes a new deviated well with a small amount of additional well inventory that needed to be imported.
The new location lies in an area just east of the Moulouya River floodplain belonging to the public hydraulic domain of Oued Moulouya in Saka District.
A granted licence, valid until 6 April 2025, allows the Predator to occupy the site temporarily for MOU-5 well operations.
Executive chairman Paul Griffiths added that evaluation of the potential for helium presence would increase value to the area development.
“Recent helium discoveries and newsflow is leading to a better understanding of how and where helium deposits might be generated.
“It is likely that this has been overlooked in the past where the focus has been on developing hydrocarbon potential in areas which potentially are also helium domains.
“We are cautious but excited regarding the potential for helium in Guercif.
“The Moulouya Fan and the carbonate reservoirs that may be encountered in MOU-5 have the ability to hold large volumes of gas and have effective seals.”
Predator previously identified the Moulouya prospect as being drill-ready.
The company has a 75% interest in the Guercif licence and state oil company ONHYM holds 25%.
The project, comprising exploration permits I, II, III and IV, covers 7,269 km² and lies approximately 250 km due east of and on trend with the Rharb Basin.
The eight-year licence is divided into periods of an initial 30 months; a first extension of 36 months; and a second extension of 30 months.
Predator may withdraw from the licence after each period without entering the next.