Predator Oil & Gas plc said it had signed confidentiality agreements with companies over its gas project in Guercif, Morocco.
AGREEMENTS
One agreement is with a company based in the United Arab Emirates and an Asian exploration and production company.
This is to evaluate the exploration, appraisal and development opportunities in the area covered by the Guercif petroleum agreement (GPA).
Predator has also signed a confidentiality agreement with a company in Morocco for the potential market for gas covered by the GPA.
EUROPEAN ENERGY SUPPLY
“The focus of these activities is to seek to build the partnership necessary to finance the development of the prospective area for gas established by MOU-1 and to accelerate monetisation,” said Predator in a statement.
“The attractive commercial metrics and regional political tensions demand that the role of gas as the fuel of choice for a pragmatic energy transition and to preserve security of European energy supply becomes a strategic objective.”
PLANS
Predator is planning for follow-up drilling to MOU-1 to develop a multi-well drilling and testing programme (already including MOU-4 and MOU-5).
The company said that this would provide economies of scale to spread fixed drilling and well services costs across several wells.
Predator’s fully funded work programme includes MOU-NE, MOU-2 and MOU-3; 250km of 2D seismic reprocessing; MOU-NW; and evaluation of the Tizroutine oil seep and potential for oil in the northwest area of the GPA.
The company has completed environmental impact assessments.