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Wednesday, March 4, 2020
Predator Oil & Gas Holdings Plc (PRD) provided a further update on its drilling plans for the Guercif Permits I, II, III and IV (Guercif) onshore Morocco. Predator (75%) operates Guercif in joint venture with the Office National des Hydrocarbures et des Mines (ONHYM) acting on behalf of the State (25%).
The company has received approval of its Environmental Impact Assessment (EIA) by the National Committee of Environment for the EIA covering the drilling of exploration wells for petroleum exploration in the Onshore Guercif permits located in Guercif province. The EIA was ratified by the Ministry of Energy and Mines and Environment and is valid for 5 years from the effective date of issue of 29 January 2020.
Paul Griffiths, CEO of Predator Oil & Gas Holdings Plc said: “The Company has achieved another important step in progressing its drilling plans in Guercif with the approval of the EIA. Importantly there is scope for further drilling to rapidly follow-up a potentially successful initial campaign. Morocco represents an exciting opportunity for phased monetization of gas combining near-term demand, supported by very attractive in-country gas prices, from large domestic industries desiring to switch to gas if available, and the medium-term ability to develop gas-to-power. New gas resources will carry a premium and may prove attractive to an acquirer. We look forward to updating the market on further progress.”
The initial drilling program will comprise the drilling of the Moulouya-1 Prospect, subject to all regulatory consents and approvals, to a depth of 2,000 meters. The drilling rig mobilization and drilling operations are expected to take up to 30 days.
Completion of the first well will release $1 million of PGVL’s $1.5 million bank guarantee with ONHYM, subject to final delivery of all the data from the well to ONHYM.
At the company’s sole option, and subject to ONHYM approval and all regulatory consents being received, PGVL shall have the option to extend the drilling program by the drilling of either an appraisal well, if required, or a follow-up exploration well to capitalize on significantly reduced mobilization and well services costs attributable to having an active rig available for immediate use.
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