7th Mar 2023 13:10
(Alliance News) - Predator Oil & Gas Holdings PLC on Tuesday said it has expressed its intention, in writing, to test the MOU-1 well in Morocco to the Office National Hydrocarbures et des Mines, in accordance with Moroccan regulatory procedures for rigless well testing.
Predator Oil & Gas is a Jersey-based oil and gas company with operations in Trinidad, Morocco and Ireland. The proposed testing of the MOU-1 well follows drilling completion in 2021 in the onshore area of the Guercif petroleum agreement.
Shares in Predator were down 10% to 6.87 pence each in London on Tuesday afternoon.
It said the testing programme has been outlined, together with the intervals to be tested and the quantities of explosives required.
A letter from ONHYM has been sent to the Moroccan Ministry of the Energy Transition & Sustainable Development, as well as to the Guercif regional governor, to inform them of Predator's proposed testing operations.
Following receipt and acknowledgement of the ONHYM letter, Predator said it is required to send a letter to the regional director of energy and mines to request a meeting with the committee in charge of explosive authorisation.
At this meeting, an agreement should be made on the date when the explosives will be transported under police escort from the bunker in Casablanca to the MOU-1 well site, alongside the date when the rigless well test will be held.
Predator said this is to ensure local authorities will be able to track the explosive quantities used.
It added it will also hold a meeting with the local authorities in Guercif to explain the rigless well test perforating procedures and the proposed timescale, as well perforating operations have only been carried out once before in the last 51 years in the area of the Guercif petroleum agreement.
Predator said this is the normal practice in Morocco for the use of explosives in well operations.
"Once the regulatory process has been fully complied with the company will begin MOU-1 rigless testing at the very earliest opportunity," said Executive Chair Paul Griffiths.
"Options for the implementation of the next stage of drilling operations in Guercif are in the process of being finalised but are unlikely to be completed before the rigless MOU-1 well testing commences."
By Greg Rosenvinge, Alliance News reporter
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