Predator Oil & Gas extends drilling contract in Morocco, eyes major gas find

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Predator Oil & Gas, active in oil and gas operations across Trinidad, Morocco, and Ireland, has extended a contract to continue drilling in Morocco. Their target: the massive MOU-5 well, holding potential for a 68-square-mile (177-square-kilometer) Jurassic gas reserve.

Drilling is expected to commence between April 1 and May 31, 2024. Success in uncovering this gas reserve could be significant, thanks to its proximity to the Maghreb Gas Pipeline. This advantageous location translates to potentially lower costs and faster production timelines.

The contract extension, signed on the existing 2022 rig agreement, allows Predator to continue its drilling efforts in Morocco, the company said on Monday. The MOU-5 well specifically targets a large Jurassic structure located near their current rigless well testing area.

Executive Chairman Paul Griffiths highlights the project's cost-effectiveness and its strategic advantage due to the nearby infrastructure. Notably, Predator operates the Guercif Petroleum Agreement in Morocco, which holds both Tertiary and Jurassic gas potential.

Recent drilling activities, including the MOU-1, MOU-3, and MOU-4 wells, were completed for rigless testing in early 2024. Predator's current focus remains on supplying compressed natural gas (CNG) to the Moroccan industrial market, with a collaboration agreement with Afriquia Gaz for potential CNG gas sales of up to 50 million cubic feet per day.

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