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Monday, December 3, 2018
Predator Oil & Gas Holdings saw its application for an exclusive license for onshore acreage in northeastern Morocco accepted by the government. Predator was awarded a 75% stake in the 7,269 sq km Guercif I, II, III, and IV permits in the east of the Gharb Basin.
ONHYM, Morocco’s state-run firm, will hold the remaining 25% of the license.
The license covers an eight-year period, divided into three phases.
According to the terms of the agreement, Predator has the possibility to acquire shares of ONHYM, if the license is sufficiently developed, and if the share of investments made by the public part is refunded.
In addition, government taxes are mainly limited to a 5% royalty for oil and 30% for corporate tax, with a total exemption for the first 10 years of production.
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