Predator Oil & Gas (PRD) on Thursday released the findings from a Competent Persons Report for its onshore Moroccan Guercif Permits.
The report found that the Miocene Tortonian reservoir in the Moulouya Prospect has recoverable Best Estimate prospective resources of 320 BCF net to Predator, with a High Estimate of 659 BCF.
The sub-salt TAGI reservoir in the Triassic Prospect reported recoverable Best Estimate prospective resources of 155 BCF net to Predator, with a High Estimate 283 BCF.
Predator has a 75% interest in Guercif in joint venture with the Office National des Hydrocarbures et des Mines acting on behalf of the State who hold a 25% interest.
The report found a total combined audited net Best Estimate prospective resources for the first tier prospects of 474 BCF, with a high estimate 943 BCF.
The company told investors the report found an unrisked estimated NPV for the Best Estimate net Predator gas resources of US$831.7 million for both prospects combined.
Shares in Predator Oil & Gas were trading 13% higher at 10.30p each by mid morning
Paul Griffiths, CEO of Predator Oil & Gas Holdings Plc said: that the SLR validates the “significant gas resources potential” and indicates that there “is no significant impediment to monetising discovered gas”.
He added: “The CPR also references additional hydrocarbon potential over the entire Guercif area demonstrated by multiple prospective leads in diverse geological settings in the Miocene, Jurassic and Triassic.”
“This will facilitate a rolling drilling programme to create economies of scale in respect of costs which could be expected to lead to sustained exploration activity over several years.”
The company said that an active hydrocarbon-generating system “is confirmed in Guercif for biogenic and thermal gas”, supported by the presence of “numerous credible seismic amplitude anomalies”.
The report also indicated that the use of the Maghreb-Europe gas pipeline (MEG) is technically feasible, with no market, technical or capacity reasons why the company could not use the 1,620 km pipeline that connects Africa to Europe.
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