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Monday, May 24, 2021
Predator Oil & Gas Holdings Plc (PRD) announced that following the successful completion of permitting and survey requirements, Predator Gas Ventures Morocco Branch (PGVMB) has awarded the contract for the construction of the MOU-1 well pad platform and the improvement and extension of up to 5 kms of access roads to Moroccan company Skayavers Sarl.
Civil works are to start immediately to facilitate the commencement of drilling activities next month. A further update on progress will be given upon completion of the well pad platform and the upgrade of access roads and tracks.
PGVMB is submitting a response to AMI No.1/DC/2021 dated 26 April 2021 issued by the Department of Energy and Mines Fuel Department in Morocco: “Call for expressions of interest in the Construction and operation of a FSRU” for Morocco to import LNG. Deadline for submissions is 31 May 2021.
The initial scope of the FSRU project is for an annual requirement of 1.1 BCM by 2025 rising to 1.7 BCM in 2030 and 3 BCM in 2040.
The FSRU project is envisaged to be a long-term project that does not compete with the company’s short- and medium-term plans to explore for, appraise and develop gas in its Guercif license onshore northern Morocco. It is potentially a complementary addition to the company’s business development strategy for Morocco to increase both materiality and the potential for future gas exports to Europe once the domestic Moroccan gas market reaches capacity. Guercif is ideally located adjacent to the Maghreb gas pipeline to support multiple development scenarios both for the domestic and international gas markets.
Paul Griffiths, CEO of Predator Oil & Gas Holdings Plc commented: “The preparation of the MOU-1 drilling location is an important milestone paving the way for the drilling operations to start during June, subject to the timing of the completion of the current SDX Energy drilling program in the Rharb Basin. However, today’s announcement also shows that we continue to develop new business relationships and opportunities to ensure that we maintain the ability to attract substantive industry partners capable of financing key parts of our business development strategy when required to do so.”
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