Predator Oil & Gasoline Holdings Plc has signed a contract extension for using the Star Valley Rig 101 in Morocco.
The extension will facilitate, topic to regulatory approvals and consent, the drilling of the MOU-5 properly to guage the 68-square-mile (177-square-kilometer) Jurassic structural closure in a crestal location, the restrict of which was penetrated in MOU-4 in 2023.
Predator expects to drill MOU-5 between April 1 and Could 31, concentrating on to avail of in-country properly companies that may stay after the completion of its rigless testing program, which is able to scale back mobilization prices for properly tools and companies, the corporate stated in a Monday announcement on the London Inventory Change.
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“We’re delighted to have concluded the extension to our 2022 rig contract because it gives us with the proper alternative to speed up the cost-effective and fully-funded drilling of a big Jurassic construction adjoining to our space of focus for rigless properly testing”, Predator Govt Chairman Paul Griffiths stated.
“A profitable MOU-5 drilling, testing, appraisal and growth program would probably open up alternatives to use our onshore proximity to the Maghreb Gasoline Pipeline, which is positioned lower than 10 kilometers from the MOU-5 drill web site. It is a vital benefit for any future potential developer of a gasoline discover as it would scale back capital infrastructure prices and the lead time to ‘First Gasoline’”, Griffiths continued.
Predator stated it’s absolutely funded to drill MOU-5 utilizing presently uncommitted discretionary money on the corporate’s stability sheet, whereas it anticipates additional drilling exercise in 2024 to additional consider the MOU-4 Jurassic prospect.
Predator is the operator of the Guercif Petroleum Settlement onshore Morocco which is potential for Tertiary and Jurassic gasoline, in line with the discharge. The present focus of the exploration and appraisal drilling program is positioned lower than 6.2 miles (10 kilometers) from the Maghreb gasoline pipeline.
Additional, the MOU-1 properly drilled in 2021 and the MOU-3 and MOU-4 wells drilled in 2023 have been accomplished for rigless testing in early 2024, the corporate stated, including that its near-term focus is on supplying compressed pure gasoline (CNG) to the Moroccan industrial market. Predator signed a collaboration settlement with Afriquia Gaz for potential CNG gasoline gross sales of as much as 50 million cubic ft of gasoline per day, the discharge stated.
“We additionally accomplished a really profitable planning journey to Trinidad final month on account of which we made vital progress in the direction of establishing an working and administrative presence”, Griffiths added. “We additionally recognized further workover alternatives on the Cory Moruga licence space and evaluated alternatives for re-perforating wells by deploying the Sandjet testing expertise to pinpoint missed oil pays in a number of the legacy wells”.
Predator stated it’s planning to use carbon dioxide enhanced oil restoration methods onshore Trinidad, which have the benefit of sequesterating anthropogenic carbon dioxide. The corporate’s acquisition of T-Rex Sources (Trinidad) Ltd. is a step in assembly the target, as T-Rex holds the Cory Moruga Manufacturing License. Cory Moruga is a largely undeveloped near-virgin oil area of comparable potential dimension to the close by Moruga West and Inniss-Trinity mature oil fields.
“The Board stays dedicated to producing exercise and information circulation within the weeks and months forward and are in search of probably to take the corporate to a different degree via continued drilling success”, Griffiths concluded.
To contact the writer, electronic mail rocky.teodoro@rigzone.com
