Predator Oil & Gas Holdings , the Jersey-based oil and gas company, has been granted their application for an exclusive licence for hydrocarbon exploration and appraisal onshore in northern Morocco.
The licence will be for eight years, with exploration covering an area of over 7,000km2 and comprises the Guercif Permits near the gas producing fields of the Gharb Basin and the Tendrara gas project.
Predator will be the project’s operator through its wholly-owned subsidiary Predator Gas Ventures Ltd. with 75% equity interest. Their partners, the Office National des Hydrocarbures et des Mines, acting on behalf of the State, have the right to “back-in” for up to 25% equity by paying its share of forward costs should the project result in hydrocarbon development.
The company is hoping to capitalize on their initial target’s, just north of the Maghreb - Europe gas pipeline, spare capacity in the event of a major gas discovery.
Paul Griffiths, CEO of Predator, is pleased with how this new project fits into the company’s overall programme: “[Guercif] represents an asset that will fit very well with the company’s strategy of developing gas opportunities adjacent to infrastructure, where geological and commercial risks can be shown to be low.”
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