The rig contract for the MOU-5 well in Morocco has been extended. Predator Oil & Gas Holdings Plc, issued the extension to aims to facilitate the drilling subject to the fulfillment of regulatory approvals and consent.
Paul Griffiths, Predator’s Executive Chairman, noted that the drilling is scheduled between April 1 and May 31, with the company leveraging in-country well services to reduce costs strategically. The MOU-5 well is designed to evaluate a large 68-square-mile Jurassic structural closure, partially explored by the MOU-4 well in 2023.
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MOU-5 well
The proximity of the drilling site to the Maghreb Gas Pipeline, less than 10 kilometers away, positions the project strategically for potential gas resource development, offering advantages such as reduced capital costs and faster production timelines.
Predator will execute the MOU-5 drilling project using its resources and plans additional drilling in 2024 to assess the MOU-4 Jurassic prospect further. Additionally, the company is focusing on delivering compressed natural gas to Morocco’s industrial market, following an agreement with Afriquia Gaz.
“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 kilometers from the MOU-5 drill site,” said Paul Griffiths.
Predator has also made progress in Trinidad, aiming to establish an operational presence and explore workover opportunities on the Cory Moruga license area. The company plans to apply carbon dioxide enhanced oil recovery techniques in this region. The acquisition of T-Rex Resources (Trinidad) Ltd is part of this strategy, with T-Rex holding the Cory Moruga Production License, an undeveloped oil field with significant potential.