Predator Oil & Gas (PRD ), a Jersey-based hydrocarbon explorer, announced that the Star Valley Rig 101 will commence drilling the MOU-3 well in the Guercif Petroleum Agreement in northern Morocco, within the next 24 hours. Predator was awarded the contract for construction of MOU-3 on 4 April 2023.
Predator is the operator and 75%-owner of the Guercif Petroleum Agreement, onshore Morocco, which is prospective for tertiary gas 9 km from the Maghreb gas pipeline. Predator's inaugural MOU-1 well in the Guercif licence was drilled in 2021 and is currently being prepared for a follow-up testing programme to move it to a CNG development stage.
MOU-2 was suspended in January at a depth of 1,260m as wireline tools were not able to log deeper due to the presence of "extremely sticky clays". Predator at the time said a reentry and deepening of MOU-2 would be "fully evaluated once a solution to optimising the drilling mud programme and mud properties" had been completed.
MOU-3 is now good to go for drilling to commence imminently. Predator will provide a further update on MOU-3, subject to partner approval, when the well reaches its intended pre-drill total depth of 1,500m TVD KB prior to the commencement of wireline logging operations.
The Guercif licence equity holders are Predator (operator) at 75% interest, and ONHYM, Morocco's state oil company at 25% interest. The licence is for 8 years. Guercif has been lightly explored with 4 deep exploration wells drilled by Elf in 1972 (GRF-1), Phillips in 1979 (TAF-1X), ONAREP (the forerunner of ONHYM) in 1985 and 1986 (MSD-1 and KDH-1), and 2 shallow stratigraphic wells drilled by BRPM for coal exploration in the 1950s.
Based on 2D seismic data, prior drilling and exploration, and surveys carried out for TransAtlantic in 2006 and 2007, Predator believes the Moulouya prospect (MOU) represents 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. Notably the potential for a very large accumulation exists due to the lack of compartmentalisation of the mapped seismic anomaly.
The Moulouya prospect lies just 9 kilometres from the Maghreb gas pipeline where significant spare capacity exists for the transport of gas either for domestic use or for export to the European Union. Capital development costs are expected to be very low given the shallow drilling depths, high recoveries per well based on potentially contiguous reservoir sands (thereby reducing the number of development wells), anticipated quality of the dry gas, and proximity to the Maghreb pipeline.
Predator also has operations in Trinidad and Ireland.
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