{"id":12570,"date":"2022-08-17T10:54:58","date_gmt":"2022-08-17T10:54:58","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=12570"},"modified":"2022-08-17T10:54:58","modified_gmt":"2022-08-17T10:54:58","slug":"morocco-predator-oil-gas-to-raise-3-3-million-towards-drilling-of-the-mou-2-well","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-predator-oil-gas-to-raise-3-3-million-towards-drilling-of-the-mou-2-well\/","title":{"rendered":"MOROCCO: Predator Oil &#038; Gas to Raise \u00a33.3 million towards Drilling of the MOU-2 Well"},"content":{"rendered":"<p class=\"ck\"><span class=\"cl\">The Proceeds of the Placing, less expenses, will be spent entirely on high impact and high reward drilling to target the Moulouya Fan penetrated in MOU-1 in 2021.<\/span><\/p>\n<p class=\"ck\"><span class=\"cl\">MOU-2 will target the potential reservoir sweet spot for which net Contingent Resources are in the range 295 BCF (Best Estimate) to 708 BCF (high Estimate) as defined in the independent Competent Persons Report by SLR Consulting (Ireland) Ltd.\u00a0 in 2022.<\/span><\/p>\n<p class=\"ck\"><span class=\"cl\">SLR have assigned an NPV of\u00a0US$ 592 million\u00a0net to the Company. Risk is identified by SLR is solely a commercial risk based on a longer term monetisation of a gas-to-power development, whereas the Company now has a faster and cheaper route to monetisation based on the sale of\u00a0Compressed Natural Gas\u00a0by truck direct to the Moroccan industrial market. The Company&#8217;s management has extensive relevant experience in selling gas to Moroccan end users.<\/span><\/p>\n<p class=\"ck\"><span class=\"cl\">The Company is now fully funded to complete and test the MOU-2 well and to test the MOU-1 well at the same time from existing cash resources.<\/span><\/p>\n<p class=\"ck\"><span class=\"cl\">Successful completion of the drilling and testing programmes will provide the basis for an initial CNG development project and provide a catalyst to potentially finalising a lease financing arrangement as part of overall operating costs. Under the Company&#8217;s current commercial model for financing an initial CNG development this is not expected to result in diluting equity interest in the project whereas a conventional farmout option would result in dilution at the project level and possible loss of operatorship and overall control of timing and execution of key commercial objectives.<\/span><\/p>\n<p class=\"de\"><span class=\"cy\">Paul Griffiths, Executive Chairman of\u00a0Predator Oil &amp; Gas Holdings Plc\u00a0commented<\/span><span class=\"df\">:<\/span><\/p>\n<p class=\"dg\"><em><span class=\"dh\">&#8220;It was absolutely necessary to take advantage of a narrow window in an otherwise difficult and highly competitive market to raise funds to enable the high impact, high reward MOU-2 drilling to be executed whilst there is still some availability of long lead items required for drilling and before the cost of well services increases further as demand outstrips supply.<\/span><span class=\"dh\">\u00a0<\/span><\/em><\/p>\n<p class=\"dg\"><em><span class=\"dh\">As a Company we have to carefully balance the strategic objective of drilling at a time when European gas supplies are likely to be constrained by the Ukraine-Russian crisis, with a resulting gas price spike, versus delaying to complete a pre-drill extended farmout process that might result in significant pre-drill project dilution in our entire licence area.<\/span><span class=\"dh\">\u00a0<\/span><\/em><\/p>\n<p class=\"dg\"><em><span class=\"dh\">We are comfortable with the risk versus reward proposition. I am personally delighted to be loaning shares to the Company and to accept the commercial risk that such a transaction creates for me simply on the basis of my extensive oil and gas experience over many years in many different geographic jurisdictions that allows me to identify MOU-2 as a potential company-maker.\u00a0<\/span><span class=\"dh\">\u00a0<\/span><\/em><\/p>\n<p class=\"dg\"><em><span class=\"dh\">Furthermore, the loan of shares to the Company reduces the impact of pre-drill dilution for all our shareholders and allows all shareholders to benefit from a potential uplift of the value of the Company on announcing the drilling results&#8221; \u00a0<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Proceeds of the Placing, less expenses, will be spent entirely on high impact and high reward drilling to target the Moulouya Fan penetrated in MOU-1 in 2021. MOU-2 will &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/morocco-predator-oil-gas-to-raise-3-3-million-towards-drilling-of-the-mou-2-well\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":9901,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,7446,11],"tags":[6098,10668,1629,10667,10666,8541,10030],"class_list":["post-12570","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-north-africa","category-top-news","tag-cng","tag-guercif-licence","tag-morocco","tag-mou-1-mou-2","tag-moulouya-fan","tag-predator-oil-gas","tag-slr-consulting","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/morocco-guercif.jpg?fit=1767%2C1222&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-3gK","jetpack-related-posts":[{"id":11603,"url":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-new-independent-re-assessment-valuation-at-guercif-licence-concludes-project-likely-to-be-commercially-viable\/","url_meta":{"origin":12570,"position":0},"title":"MOROCCO: New Independent Re-assessment &#038; Valuation at Guercif Licence Concludes Project Likely to be Commercially Viable&#8217;.","author":"","date":"January 14, 2022","format":false,"excerpt":"Predator Oil & Gas Holdings has announced the completion by SLR Consulting (Ireland) Ltd. of a Competent Persons Report (CPR) comprising of an independent re-assessment and valuation of the \"Guercif MOU-4 Prospect and now defined as the Tertiary Moulouya Turbidite Fan Appraisal Project following the incorporation of the positive MOU-1\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Morocco-Predator-Oil-Gas.jpg?fit=1200%2C830&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Morocco-Predator-Oil-Gas.jpg?fit=1200%2C830&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Morocco-Predator-Oil-Gas.jpg?fit=1200%2C830&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Morocco-Predator-Oil-Gas.jpg?fit=1200%2C830&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Morocco-Predator-Oil-Gas.jpg?fit=1200%2C830&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":13452,"url":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-predator-oil-gas-raises-2-million-to-fund-mou-3-well\/","url_meta":{"origin":12570,"position":1},"title":"MOROCCO: Predator Oil &#038; Gas Raises \u00a32 million to Fund MOU-3 Well","author":"","date":"March 18, 2023","format":false,"excerpt":"Predator Oil & Gas Holdings Plc\u00a0(LSE: PRD), the Jersey based\u00a0Oil and Gas Company\u00a0with near-term gas operations focussed on\u00a0Morocco\u00a0is pleased to announce that it has conditionally placed\u00a015,500,000 new ordinary shares of no par value in the Company and 20,863,636 existing ordinary shares of no par value in the Company\u00a0transferred by a\u2026","rel":"","context":"In &quot;North Africa&quot;","block_context":{"text":"North Africa","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/north-africa\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/morocco-GUERCIF-1.jpg?fit=1200%2C830&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/morocco-GUERCIF-1.jpg?fit=1200%2C830&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/morocco-GUERCIF-1.jpg?fit=1200%2C830&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/morocco-GUERCIF-1.jpg?fit=1200%2C830&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/morocco-GUERCIF-1.jpg?fit=1200%2C830&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":14350,"url":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-predator-oil-gas-commences-mou-3-well-sandjet-rigless-testing-programme\/","url_meta":{"origin":12570,"position":2},"title":"MOROCCO: Predator Oil &amp; Gas Commences MOU-3 Well Sandjet Rigless Testing Programme","author":"","date":"June 6, 2024","format":false,"excerpt":"The early stages of the Sandjet rigless testing programme have commenced with the arrival of some well services equipment at the MOU-3 well site and the preparation of the well for re-entry and perforating. Extensive operations at MOU-3 are anticipated to last for at least five weeks before moving to\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/06\/morocco-predator-oil-sdx-sound.jpg?fit=1200%2C830&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/06\/morocco-predator-oil-sdx-sound.jpg?fit=1200%2C830&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/06\/morocco-predator-oil-sdx-sound.jpg?fit=1200%2C830&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/06\/morocco-predator-oil-sdx-sound.jpg?fit=1200%2C830&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/06\/morocco-predator-oil-sdx-sound.jpg?fit=1200%2C830&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":13745,"url":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-predator-oil-gas-completes-mou-3-drilling-and-logging-operations\/","url_meta":{"origin":12570,"position":3},"title":"MOROCCO: Predator Oil &#038; Gas Completes MOU-3 drilling and logging operations","author":"","date":"June 27, 2023","format":false,"excerpt":"Predator Oil & Gas has announced the successful completion of drilling and logging operations for the MOU-3 well appraising the Moulouya Fan primary reservoir target and several secondary reservoir targets encountered in MOU-1 drilled in 2021. A preliminary summary of the results from the zones of interest is given below\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/06\/morocco-GUERCIF-1.jpg?fit=1200%2C830&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/06\/morocco-GUERCIF-1.jpg?fit=1200%2C830&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/06\/morocco-GUERCIF-1.jpg?fit=1200%2C830&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/06\/morocco-GUERCIF-1.jpg?fit=1200%2C830&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/06\/morocco-GUERCIF-1.jpg?fit=1200%2C830&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":13802,"url":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-predator-oil-gas-provides-mou-4-results-of-nutech-petrophysical-analysis\/","url_meta":{"origin":12570,"position":4},"title":"MOROCCO: Predator Oil &#038; Gas Provides MOU-4  Results of NuTech Petrophysical Analysis","author":"","date":"July 13, 2023","format":false,"excerpt":"NuTech wireline log analysis and reservoir characterisation of the MOU-4 well has highlighted the following intervals to be likely gas sands that will form the primary objectives in a rigless testing programme. 519 to 713 metres TVD MD, including the M1 sands. 50 metres of likely gas sands. 778 to\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/morocco-GUERCIF-1.jpg?fit=1200%2C830&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/morocco-GUERCIF-1.jpg?fit=1200%2C830&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/morocco-GUERCIF-1.jpg?fit=1200%2C830&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/morocco-GUERCIF-1.jpg?fit=1200%2C830&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/morocco-GUERCIF-1.jpg?fit=1200%2C830&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":9260,"url":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-predator-oil-gas-provides-technical-update-for-mou-4-prospect\/","url_meta":{"origin":12570,"position":5},"title":"MOROCCO: Predator Oil &#038; Gas Provides Technical Update for MOU-4 Prospect","author":"","date":"October 5, 2020","format":false,"excerpt":"An independent third party technical update on the new MOU-4 Prospect has been completed. It confirms that the MOU-4 prospect is seismic amplitude-supported and covers an area of 38 km\u00b2. The MOU-4 Prospect is located 6 kilometres from the MOU-1 drill site and offers the opportunity for additional drilling whilst\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Morocco-Predator-Oil-Gas.jpg?fit=1200%2C830&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Morocco-Predator-Oil-Gas.jpg?fit=1200%2C830&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Morocco-Predator-Oil-Gas.jpg?fit=1200%2C830&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Morocco-Predator-Oil-Gas.jpg?fit=1200%2C830&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Morocco-Predator-Oil-Gas.jpg?fit=1200%2C830&ssl=1&resize=1050%2C600 3x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12570","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=12570"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12570\/revisions"}],"predecessor-version":[{"id":12571,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12570\/revisions\/12571"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/9901"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=12570"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=12570"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=12570"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}