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Tuesday, July 20, 2021
In a recent update, Predator Oil & Gas provided operational updates on its of its operations in Morocco which included the recent drilling of the MOU-1 well. The MOU-1 TGB-2 target successfully penetrated at 1,229 meters TVD MD. The company reports a gross section of 75 meters corresponds to pre-drill seismic “bright spot” with increased resistivity log response and formation gas show.
The TGB-2 is now interpreted as the western distal limit of the MOU-4 submarine fan (MOU-4 Target) and has a potential for structural/stratigraphic trap of up to 60 sq km.
Predator has now proposed forward plans to include rigless testing and preparations for an appraisal well and says the “MOU-1 establishes a basis for commercial joint venture discussions with gas-offtakers in the Moroccan industrial sector.”
The company also announced that it has conditionally placed 26,000,000 new ordinary shares. The use of proceeds will assist in operations going forward as Predator is intent on rapidly building upon the safe and successful MOU-1 drilling campaign to further appraise, in consultation with its partner, the large MOU-4 Target. The company has an existing option to use the Star Valley Rig 101 for the drilling of MOU-4 during Q4 2021. Commercial discussions will be advanced with gas off-takers in the industrial sector in Morocco to seek joint venture partnerships to secure first rights for a future potential Gas Offtake Agreement.
Paul Griffiths, CEO of Predator Oil & Gas Holdings Plc commented: “MOU-1 was safely and successfully drilled within the Company’s pre-drill budget estimates and completed for proposed rigless testing after presentation of results to our partner. Our immediate priority is to incorporate the positive results of the MOU-1 well into the evaluation of the MOU-4 Target to optimize the location for a step-out well.
“The recent appointment of Lonny Baumgardner as Chief Operating Officer following the completion of MOU-1 includes the portfolio to develop the Company’s ties with the Moroccan downstream gas sector for which he is uniquely placed.
“Significant potential exists for joint venture partnerships with gas-offtakers as the requirement for gas in Morocco becomes an increasing priority. MOU-1 delivered a result that allowed us to de-risk the MOU-4 Target whilst unexpectedly validating the pre-drill seismic “bright spot”, related to the presence of gas, as being attributable to the western limit of the MOU-4 Target and not an isolated target as previously interpreted above what was thought to be the pre-drill MOU-4 Target equivalent section.”
The full release including more on the placing can be found here.
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