27th Jun 2023 10:06
(Alliance News) - Predator Oil & Gas Holdings PLC on Tuesday celebrated the successful completion of drilling and logging operations for the MOU-3 well appraising Moulouya Fan primary reservoir target.
Predator is a Jersey-based oil and gas company with near-term gas operations focussed on Morocco. Company shares were trading 12% higher at 12.56 pence each in London on Tuesday morning.
The firm has now completed drilling and logging operations appraising both the primary target and several secondary reservoir targets encountered in MOU-1. The MOU-1 well, which was drilled in 2021, is now being prepared for a follow-up testing programme to coordinate with a further drilling programme to move the project to a development stage.
Meanwhile, MOU-3 well results confirmed that the Ma to TGB-6 interval can be correlated with the same gas-bearing interval in MOU-1, seven kilometres to the south-west. MOU-3 reached its planned total depth of 1,509 metres.
Looking ahead, Predator said it would move the Star Valley Rig 101 on to the MOU-4 well location, also in onshore Morocco. It plans to start drilling operations at the site shortly. MOU-4 will be targeting the same sequence of the Moulouya Fan as was found in MOU-3.
"The MOU-3 well has validated our pre-drill upside forecast for sand development in respect of the main Moulouya Fan target. A gross interval of 43 metres will be evaluated by a rig-less well test," said Executive Chair Paul Griffiths.
"The focus will now be on drilling and completing MOU-4 where we do not expect shallow gas to be present. Targets are the Moulouya Fan and the so far unknown potential of the Jurassic carbonates within a very large structural closure. Once the MOU-4 drilling is complete, results from all the wells drilled in 2023 will be quickly assessed and compared and a comprehensive and expanded rig-less testing programme will then commence during July."
By Holly Beveridge, Alliance News reporter
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