Predator Oil & Gas (PRD) , a Jersey-based hydrocarbon explorer, issued an update on drilling activities at its MOU-3 well, located within the Guercif licence onshore Morocco. Predator has a 75% interest in the licence while ONHYM - Morocco's state oil company - has the other 25%.
Predator said that rigless testing operations had commenced at the MOU-3 site. The testing program is scheduled to run over approximately 10 days. During this period, PRD plans to complete perforation and testing of the shallow "A" sand reservoir - a zone previously identified as the best candidate for gas flow and CNG development. Results from the tests will help determine flow characteristics and overall reservoir quality. Samples from MOU-3 have already confirmed biogenic gas, including helium.
Additionally, drilling at the new MOU-5 well began on March 3, 2025 with positive initial results. MOU-5 found its primary target, and is being advanced for helium exploration and additional gas over the structure north of the well where reservoir development is predicted. The MOU-5 structure holds significant upside that can be unlocked through a large-scale 3D seismic program, which PRD plans to fund through a farmout. The prospective gross recoverable gas resource for the Titanosaurus structure - the primary reservoir target at MOU-5 - was last reported as 5.912 TCF (P50).
The Moulouya (MOU) prospect is a low-risk proven gas play that is a potentially play-opening opportunity for shallow gas in multiple, high-quality reservoirs at depths of 2,000 to 5,000 ft. The prospect lies just 9 km from the Maghreb gas pipeline where significant spare capacity exists for the transport of gas either for domestic use or for export to the EU. Capex is expected to be very low given the shallow drilling depths, high recoveries per well based on potentially contiguous reservoir sands, anticipated quality of the dry gas, and proximity to the Maghreb pipeline.
Predator remains debt-free, with a robust cash position at year-end FY24 of £3.8m, giving it sufficient runway to fund all its work programs over the next 12 months.
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