MOROCCO: MOU-3 Rigless Testing Programme being Extended

MOU-3 Sandjet rigless testing programme update

The rigless testing programme is being extended based on an initial analysis of the 2024 rigless testing data that is currently being carried out by Dr. John Tingas Petroleum and Chemical Engineer. Dr. Tingas has worked with the Company’s CEO on reservoir engineering projects offshore Ireland following the successful testing of gas at commercial rates in 2006 and 2007;  on the reservoir engineering for the Tendrara field onshore Morocco in 2013, following which an appraisal well flowed at a high rate; and on the Company’s Inniss-Trinity CO2 EOR project in Trinidad, where enhanced oil production was achieved.

The Company is fully funded to undertake all additional operations that may be considered necessary to support reservoir flow assurance for the purposes of planning a potential development option.

Appointment of Zenith Energy Limited (Aberdeen) for well engineering support

Zenith Energy Limited (Aberdeen), with their larger pool of worldwide resources to call upon in the areas of well engineering, project management, completion and well testing and well operator services, have been appointed to provide well engineering support for Morocco initially and potentially other geographic areas if and when required.

MOU-5 well and potential for helium

The geological model for the helium potential of the 187 km2 MOU-5 structure has been completed by Scorpiongeoscience. Potential helium resources estimates will be published this month.

Drilling of the high impact MOU-5 well will evaluate potential both for helium and a gas-to-power project adjacent to the Maghreb Gas Pipeline. MOU-5 is a conventional well that does not require the same specialist Rharb Basin drilling experience and expertise that was necessary to successfully complete the 2021 and 2023 drilling programmes.

Paul Griffiths, Chief Executive Officer of Predator, commented:

“The Company’s operations are progressing smoothly. Maintaining fiscal discipline allows us not only to be fully funded  for all our firm commitments for the next 12 months but also provides us with discretionary cash flexibility to strengthen elements of our work programmes, if necessary, to apply different technologies to potentially enhance reservoir performance and de-risk flow assurance of oil and gas.

The Company’s foundations are based on three pillars: fiscal discipline; project diversity and flexibility from exploration through appraisal to development and production; and the ability to add near-term producing assets for minimal or zero cash consideration. 

The flexibility for drilling the giant “World Class” MOU-5 structure with the added potential of realising a helium play is an exciting near term prospect.”