Predator Oil & Gas plc has reported potential in-place helium of 104.31bcf for the P50 upside case in the MOU-5 well on the Moulouya prospect at Guercif in Morocco.
PATHWAYS
Scorpion Geoscience Ltd’s new report includes 598.88 billion cubic feet for the P10 upside case.
In August, the potential conventional prospective gross recoverable gas resources for the primary reservoir target was 5.916 tcf in a P50 upside case.
Predator said that MOU-5 well would test the effectiveness of a potential helium charge and retention.
The report drew on analogues from a diverse range of available published geological settings to investigate the distribution and scale of naturally occurring helium resources.
It also aimed to determine the extent to which the MOU-5 structure could potentially yield a commercial discovery.
The report referred to the supergiant Hassi R’Mel gas field in Algeria and the Hugoton field complex across Kansas, Oklahoma and Texas in the US.
Predator said that the MOU-5 structure had several potential migration pathways, via fractures and faults, and potential reservoirs in porous limestones sealed by impermeable rocks.
It also had “adequate” trapping in the form of a large structural closure.
Chief executive Paul Griffiths added: “Given the potential size of the MOU-5 structure and its geological setting, this independent report on He potential enhances the case for the evaluation of potential helium presence in MOU-5.
“Although at an early stage of evaluation the opportunity to assess the ability to add value to an area development should not be missed.”
In response to requests from several advisers, the company has also issued 1,491,889 new ordinary shares at a price of 0.0925 pence per share in lieu of fees totalling £138,000.
Following admission, Predator’s issued ordinary share capital shall comprise 571,874,754 ordinary shares, each with voting rights.