Predator Oil & Gas To Drill in Morocco
Predator Oil & Gas, a Jersey-based explorer operating in Trinidad, Morocco and Ireland, announced on 15 February that preparations for drilling the MOU-1 well in the Guercif license onshore Morocco have started.
April 2021 has been scheduled for the the MOU-1 well pad construction, with drilling and well engineering programs now being reviewed internally.
The oil company also announced that progress is being made towards the Pilot CO2 EOR Project in the Inniss-Trinity field onshore Trinidad.
Paul Griffiths, CEO of Predator Oil & Gas, said: “In Morocco we are excited to be in a position to execute the drilling program as previously announce. Despite COVID-19 we have continued to make substantive progress, whilst maintaining a sensible balance between risk – reward, and through deploying working capital judiciously, but to maximum effect, over diverse yet equally material projects.”
Predator signed the Guercif Permit Agreement on 19 March 2019 with Moroccan state petroleum company ONHYM, with an initial exploration period of 30 months.
The company’s corporate update on 15 February also stated: “The Warrant Instrument between Novum Securities Ltd and Predator Oil & Gas Holdings plc (the Company) dated 15 February 2019 granting the right to subscribe in cash for 2,000,000 ordinary shares exercisable at a price per share equal to the subscription price (12p per share) is being amended to allow the exercise date of the warrants to be extended by one year to the third anniversary of the date of the Warrant Instrument. This is in recognition of the fact that COVID-19 had delayed the execution of the Guercif drilling program by one year.”