Predator Oil & Gas Holdings plc said it had started drilling the MOU-1 gas well in the Guercif Basin, northern Morocco.
The company began operations at 1am yesterday (20 June) with drilling ahead in progress to the first planned 133/8″ casing point.
The well is forecast to take up to 20 days to drill and to run wireline logs.
Predator said that MOU-1 had been given a ‘tight hole’ status and, unless circumstances dictate otherwise, there would be no further information until wireline logs had been evaluated.
“We are delighted to have completed the rig mobilisation, rigging up and spudding of the MOU-1 well safely and in complete alignment with the pre-drill schedule,” said chief executive Paul Griffiths.
“This is an exciting well for the company and its shareholders and represents the culmination of work over the last 18 months, during the COVID crisis, to create the opportunity to drill in Guercif at this time.”
JOINT VENTURE
Operator Predator Gas Ventures Ltd, a wholly-owned subsidiary of Predator holds 75% interest in the licence and the state oil company ONHYM owns 25%.
ONHYM is carried through exploration but funds its pro-rata share of all costs upon a declaration of commerciality.
The licence is for eight years and is split into an initial period of 30 months; a first extension period of 36 months; and a second extension period also of 30 months.
After each period there is an opportunity to withdraw from the licence without entering the next licence period.