Petroleum Africa
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Friday, March 11, 2022
Predator Oil & Gas announced that it has signed Confidentiality Agreements with a company based in the United Arab Emirates and an Asian exploration and production company to evaluate the exploration, appraisal and development opportunities in the area covered by the Guercif Petroleum Agreement. Separately the Company has signed a Confidentiality Agreement with a company in the downstream sector in Morocco to work together to optimize the potential market for gas from the area covered by the Guercif Petroleum Agreement.
The focus of these activities is to seek to build the partnership necessary to finance the development of the prospective area for gas established by MOU-1 and to accelerate monetization. The attractive commercial metrics and regional political tensions demand that the role of gas as the fuel of choice for a pragmatic Energy Transition and to preserve security of European Energy Supply becomes a strategic objective.
The Company continues to focus on the logistical planning for follow-up drilling to MOU-1 with the objective of developing a multi-well drilling and testing program (already including MOU-4 and MOU-5) to provide economies of scale to spread fixed drilling and well services costs across several wells.
The recent increased perception of the value of gas assets close to the European gas network has created additional financing opportunities for drilling and development that potentially reduce in the medium term or may even eliminate in the short term the requirement for significant shareholder dilution.
As a result, the Company is continuing to execute its work program, which is fully funded, to increase the scale and diversity of its exploration portfolio of prospective leads as follows:
FSRU LNG import
The Company previously submitted to regulatory authorities an FSRU LNG import proposal for consideration.
With the significant progress made in the planning and design of the FSRU LNG import facility for Ireland and the worsening situation for security of gas supply in Europe, the Company believes that it is an opportune time to re-engage with the regulatory authorities in Morocco to advance an FSRU LNG solution for Morocco.
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