Predator Oil & Gas Holdings plc has signed a memorandum of understanding for sales of up to potentially 50 million cubic feet of gas per day from Guercif onshore Morocco.
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The exclusive one-year MoU, beginning 27 November, with Afriquia Gaz S.A. involves discussing the terms of a legally binding gas sales agreement of compressed natural gas.
“We are pleased to have agreed the MOU with Afriquia Gaz S.A. in relation to entering into substantive discussions regarding a gas sales agreement upon completion of the rigless testing programme at Guercif,” said executive chairman Paul Griffiths.
“This is the first MOU of its kind in Morocco to address specifically the sale of CNG at a scale of up to potentially 50 million cubic feet of gas per day over time.
“The MOU ensures that we have the solid foundation to penetrate the downstream Moroccan industrial market.
“It allows us to focus on our core upstream strengths which are the identification and maturing of exploration assets where success is aligned with capturing the greatest uplift for shareholders in the hydrocarbon value chain for prudent levels of investment.”
Predator is operator of the Guercif petroleum agreement, which is prospective for tertiary gas less than 10 kilometres from the Maghreb gas pipeline.
The MOU-1 well drilled in 2021 and the MOU-3 well drilled in 2023 are complete for rigless testing during 2024.
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