Petroleum Africa
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Tuesday, February 6, 2024
Predator Oil & Gas Holdings has signed an extension to its 2022 rig contract for the use of Star Valley Rig 101. The extension will facilitate the drilling of the MOU-5 well in Morocco to evaluate the 177 sq km Jurassic structural closure in a crestal location, the limit of which was penetrated in MOU-4 in 2023.
MOU-5 is expected to be drilled between April 1 and May 31 in order to avail of in-country well services that will remain following the completion of the company’s rigless testing program, which is currently underway, thereby reducing mobilization costs for well equipment and services.
The majority of the critical long lead items required for drilling are available from Predator’s surplus well inventory stored in its Guercif warehouse, thereby potentially further reducing drilling costs.
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.
The primary objective is a potentially thick development of porous and permeable, early Jurassic carbonate reservoirs sealed by overlying claystones.
Paul Griffiths, Executive Chairman of Predator, commented: “We are delighted to have concluded the extension to our 2022 rig contract as it provides us with the perfect opportunity to accelerate the cost-effective and fully-funded drilling of a large Jurassic structure adjacent to our area of focus for rigless well testing.
“A successful MOU-5 drilling, testing, appraisal and development program would potentially open up opportunities to exploit our onshore proximity to the Maghreb Gas Pipeline, which is located less than 10 km from the MOU-5 drill site. 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’.
“We also completed a very successful planning trip to Trinidad last month as a result of which we made significant progress towards establishing an operating and administrative presence. We also identified additional workover opportunities on the Cory Moruga license area and evaluated opportunities for re-perforating wells by deploying the Sandjet testing technology to pinpoint missed oil pays in some of the legacy wells.”
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