Predator Oil & Gas Holdings plc has extended its rig contract for drilling the MOU-5 well to evaluate the 177km² Jurassic structural closure at Guercif onshore Morocco.
COSTS
The Jurassic structural closure in a crestal location was penetrated in MOU-4 in 2023.
Drilling will target a “potentially thick development of porous and permeable, early Jurassic carbonate reservoirs sealed by overlying claystones”.
“MOU-5 is not expected to be drilled over-balanced with heavier drilling mud as the problematic mobile clay formations present in MOU-1, MOU-2 and MOU-3 are not expected to be developed at the MOU-5 well location,” added the company.
Predator’s 2022 contract for the Star Valley rig 101, which is currently available, is expected to drill the between 1 April to 31 May 2024, subject to approvals.
The extension will allow Predator to use all in-country well services that will remain following completion of its adjacent rigless testing programme and reduce mobilisation costs for well equipment and services.
Most of the critical long lead items required for drilling are stored in Predator’s surplus well inventory in its Guercif warehouse, further reducing costs.
The company said it was fully-funded to drill MOU-5 using uncommitted, discretionary cash.
“A successful MOU-5 drilling, testing, appraisal and development programme would potentially open up opportunities to exploit our onshore proximity to the Maghreb gas pipeline, which is located less than 10 kilometres from the MOU-5 drill site,” added executive chairman Paul Griffiths.
“This is a significant advantage for any future potential developer of a gas find as it will reduce capital infrastructure costs and the lead time to “first gas “.
CORY MORUGA
Predator also went to Trinidad last month to progress an “operating and administrative presence”.
The company identified additional workover opportunities on the Cory Moruga licence and evaluated opportunities for re-perforating wells with Sandjet testing to pinpoint missed oil pays in some of the legacy wells.