Predator progresses Guercif drilling plans onshore Morocco

Predator Oil & Gas Holdings Plc (PRD) has received environmental approval for drilling onshore Morocco after an environmental impact statement regarding the Guercif prospect was ratified by local authorities.

The approval is valid for 5 years from the Jan. 29 effective date of issue.

Predator is operator of the Guercif Petroleum Agreement which is prospective for Tertiary gas in a prospect 4 km from the Maghreb gas pipeline, and deeper Triassic gas. A well location has been selected for drilling in this year’s second quarter and a rig option agreement has been exercised.

The initial drilling program will comprise drilling of the Moulouya-1 prospect, subject to regulatory consents and approvals, to a depth of 2,000 m. Drilling rig mobilization and drilling operations are expected to take up to 30 days.

Completion of the first well will release US$ 1 million of PGVL's US$ 1.5 million bank guarantee with ONHYM, subject to final delivery of all the data from the well to ONHYM.

Predator Gas Ventures (PGVL), a wholly owned subsidiary of PRD, has the option—subject to approvals and regulatory consents—to extend the drilling program with either an appraisal well or a follow-up exploration well.

Predator holds 75% interest in a joint venture with the Office National des Hydrocarbures et des Mines (ONHYM) acting on behalf of the State (25%).