{"id":12874,"date":"2022-11-28T09:05:46","date_gmt":"2022-11-28T09:05:46","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=12874"},"modified":"2022-11-28T09:05:46","modified_gmt":"2022-11-28T09:05:46","slug":"morocco-predator-oil-gas-receives-900000-loan-for-expansion-of-the-mou-1-testing-programme-mou-3-long-lead-drilling-items","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-predator-oil-gas-receives-900000-loan-for-expansion-of-the-mou-1-testing-programme-mou-3-long-lead-drilling-items\/","title":{"rendered":"MOROCCO: Predator Oil &#038; Gas Receives \u00a3900,000 loan for Expansion of the MOU-1 testing programme &#038; MOU-3 long-lead drilling items"},"content":{"rendered":"<p class=\"bd\"><strong><span class=\"aw\">Highlights<\/span><span class=\"aw\">\u00a0<\/span><\/strong><\/p>\n<p class=\"bf\"><span class=\"ak\">\u00b7\u00a0\u00a0\u00a0<\/span>\u00a0<span class=\"aw\">Commencement of MOU-2 drilling currently projected for\u00a0mid-December 2022<\/span><span class=\"aw\">\u00a0<\/span><\/p>\n<p class=\"bh\"><span class=\"ak\">\u00b7\u00a0\u00a0\u00a0<\/span>\u00a0<span class=\"aw\">All remaining well inventory and drilling materials on way to Morocco<\/span><span class=\"aq\">\u00a0<\/span><\/p>\n<p class=\"bh\"><span class=\"ak\">\u00b7\u00a0\u00a0\u00a0<\/span>\u00a0<span class=\"aw\">Exercise of options and Directors&#8217; loan will provide aggregate additional net funds of\u00a0\u00a31,256,880\u00a0for the expansion of the MOU-1 testing programme and the placing of orders for MOU-3 long-lead drilling items<\/span><span class=\"aq\">\u00a0<\/span><\/p>\n<p class=\"bi\"><span class=\"ak\">\u00b7\u00a0\u00a0\u00a0<\/span>\u00a0<span class=\"aw\">Strategic objective to demonstrate a potential gas field production\u00a0<\/span><span class=\"aw\">profile of between 150 to 250 mm cfgpd<\/span><span class=\"aq\">\u00a0<\/span><\/p>\n<p class=\"bi\"><span class=\"ak\">\u00b7\u00a0\u00a0\u00a0<\/span>\u00a0<span class=\"aw\">In response to industry interest in respect of the Guercif gas opportunity based on latest operation update<\/span><span class=\"aw\">\u00a0<\/span><\/p>\n<p class=\"bf\"><span class=\"ak\">\u00b7\u00a0\u00a0\u00a0<\/span>\u00a0<span class=\"aw\">Industry interest in the Corrib South successor authorisation generated by\u00a0Mag Mell Project\u00a0public consultation submissions<\/span><\/p>\n<p class=\"bk\"><span class=\"ae\">Use of proceeds<\/span><\/p>\n<p class=\"bk\"><span class=\"ae\">Predator oil and gas says it wishes to further develop its asset portfolio ahead of a currently projected date of mid-December 2022 for the commencement of the drilling of the MOU-2 well. This is in order to take advantage of recent industry interest in respect of the Company&#8217;s portfolio of assets in of Morocco, Ireland and Trinidad following the most recent operations update announced by the Company on 8 November 2022.<\/span><\/p>\n<p class=\"bk\"><strong><span class=\"ae\">Morocco<\/span><\/strong><\/p>\n<p class=\"bk\"><span class=\"ae\">In view of the supply chain issues caused by the Ukraine-Russia war resulting in extended out lead times for key well equipment and materials, the Company made advance payments for long lead well inventory for MOU-3. To ensure rapid implementation and scaling up of a\u00a0 gas development, pending the results of MOU-2, and to avail of currently projected attractive forward gas prices in Europe, an additional gas delivery well needs to be accelerated to demonstrate the ability to fast-track development drilling. Industry interest in any future participation in the Guercif gas project has referenced an export option to Europe should Guercif gas resources be proved up more quickly by additional drilling. The Company believes that a target gas production profile of 150 to 250 mm cfgpd will be required in order to create the potential for winter-focussed gas sales of surplus Moroccan gas into the European market. The MOU-1 and MOU-2 structure is in close proximity to the Mahgreb gas pipeline (less than 5 kilometres away) creating the infrastructure link to a potential European gas market. As a licence operator the Company has rights of access to the Maghreb Gas Pipeline subject to regulatory approval. A potential tie-in access point is within the Company&#8217;s licence area.<\/span><\/p>\n<p class=\"bk\"><span class=\"ae\">To address this additional export option the MOU-1 and MOU-2 testing programmes are being expanded to include all potential gas reservoirs in the wells to maximise gas deliverabilities. This involves some additional costs in equipment and for extra operational days. The costs are justified by creating an opportunity to demonstrate the ability to quickly scale up gas production to embrace both a domestic market and a larger export gas markets. This is an incremental near-term strategic objective that is not in competition\u00a0 with the current commitment\u00a0 to develop initial gas production for the Moroccan industrial market using a trucked\u00a0Compressed Natural Gas\u00a0option.<\/span><\/p>\n<p class=\"bk\"><span class=\"ae\">The total additional costs to fulfil the Company&#8217;s near-term strategic objective are forecast to be approximately of\u00a0\u00a3900,000.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Highlights\u00a0 \u00b7\u00a0\u00a0\u00a0\u00a0Commencement of MOU-2 drilling currently projected for\u00a0mid-December 2022\u00a0 \u00b7\u00a0\u00a0\u00a0\u00a0All remaining well inventory and drilling materials on way to Morocco\u00a0 \u00b7\u00a0\u00a0\u00a0\u00a0Exercise of options and Directors&#8217; loan will provide aggregate additional &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/morocco-predator-oil-gas-receives-900000-loan-for-expansion-of-the-mou-1-testing-programme-mou-3-long-lead-drilling-items\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":9261,"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":[820,9424,8545,1629,8543,10730,10847],"class_list":["post-12874","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-north-africa","category-top-news","tag-europe","tag-guercif","tag-maghreb-gas-pipeline","tag-morocco","tag-mou-1","tag-mou-2","tag-mou-3","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Morocco-Predator-Oil-Gas.jpg?fit=1767%2C1222&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-3lE","jetpack-related-posts":[{"id":13768,"url":"https:\/\/www.oilnewskenya.com\/index.php\/predator-oil-gas-commences-mou-4-drilling-operations\/","url_meta":{"origin":12874,"position":0},"title":"MOROCCO: Predator Oil &#038; Gas Commences MOU-4 Drilling Operations","author":"","date":"July 5, 2023","format":false,"excerpt":"Predator Oil & Gas\u00a0with near-term gas operations focussed on Morocco, is pleased to announce that the MOU-4 well commenced drilling on\u00a029 June 2023\u00a0at the start of the Eid holiday in Morocco. The well is currently setting the 95\/8\" casing. Predator is operator of the Guercif Petroleum Agreement onshore Morocco which\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.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.jpg?fit=1200%2C830&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/morocco-GUERCIF.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.jpg?fit=1200%2C830&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/morocco-GUERCIF.jpg?fit=1200%2C830&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":12059,"url":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-predator-oil-gas-raises-1-035-million-for-drilling-operations\/","url_meta":{"origin":12874,"position":1},"title":"MOROCCO: Predator Oil &#038; Gas Raises \u00a31.035 million for Drilling Operations","author":"","date":"March 18, 2022","format":false,"excerpt":"Highlights\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00b7\u00a0\u00a0\u00a0\u00a0Secure option on rig to drill within a definitive time window\u00a0 \u00b7\u00a0\u00a0\u00a0\u00a0Planned construction of two well pads\u00a0 \u00b7\u00a0\u00a0\u00a0\u00a0Competitiveness in accessing well services and materials enhanced\u00a0 \u00b7\u00a0\u00a0\u00a0\u00a0Second gas target identified for first well\u00a0 \u00b7\u00a0\u00a0\u00a0\u00a0Exploration target for Jurassic gas being matured\u00a0 \u00b7\u00a0\u00a0\u00a0\u00a0Quote received and reviewed for MOU-1 well testing \u00a0Predator Oil\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\/2021\/02\/morocco-guercif.jpg?fit=1200%2C830&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/morocco-guercif.jpg?fit=1200%2C830&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/morocco-guercif.jpg?fit=1200%2C830&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/morocco-guercif.jpg?fit=1200%2C830&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/morocco-guercif.jpg?fit=1200%2C830&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":10599,"url":"https:\/\/www.oilnewskenya.com\/index.php\/predator-oil-gas-raises-1-3m-for-mou-1-well-appraisal\/","url_meta":{"origin":12874,"position":2},"title":"Predator Oil &#038; Gas Raises \u00a31.3M for MOU-1 Well Appraisal","author":"","date":"July 20, 2021","format":false,"excerpt":"Predator Oil & Gas has announced that it has conditionally placed\u00a026,000,000\u00a0\u00a0new ordinary shares of no par value in the Company at a placing price of 5 pence each to raise \u00a31.3 million before expenses. The Company is intent on rapidly building upon the safe and successful MOU-1 drilling campaign 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\/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":13898,"url":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-predator-oil-gas-announces-operations-update\/","url_meta":{"origin":12874,"position":3},"title":"MOROCCO: Predator Oil &#038; Gas Announces Operations Update","author":"","date":"August 30, 2023","format":false,"excerpt":"Testing programme The proposed rigless testing programme has been presented to the Office National des Hydrocarbures et des Mines (ONHYM). MOU-1 will be the first well in the rigless testing programme to be performed by Energy Consulting Services (ECS) based in France and with a licence to use and operate\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\/08\/morocco-GUERCIF.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\/08\/morocco-GUERCIF.jpg?fit=1200%2C830&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/08\/morocco-GUERCIF.jpg?fit=1200%2C830&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/08\/morocco-GUERCIF.jpg?fit=1200%2C830&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/08\/morocco-GUERCIF.jpg?fit=1200%2C830&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":14532,"url":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-mou-3-rigless-testing-programme-being-extended\/","url_meta":{"origin":12874,"position":4},"title":"MOROCCO: MOU-3 Rigless Testing Programme being Extended","author":"","date":"September 17, 2024","format":false,"excerpt":"MOU-3 Sandjet rigless testing programme update The rigless testing programme is being extended based on an initial analysis of the 2024 rigless testing data that is currently being carried out by Dr. John Tingas Petroleum and Chemical Engineer.\u00a0Dr. Tingas\u00a0has worked with the Company's CEO on reservoir engineering projects offshore\u00a0Ireland\u00a0following the\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":12570,"url":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-predator-oil-gas-to-raise-3-3-million-towards-drilling-of-the-mou-2-well\/","url_meta":{"origin":12874,"position":5},"title":"MOROCCO: Predator Oil &#038; Gas to Raise \u00a33.3 million towards Drilling of the MOU-2 Well","author":"","date":"August 17, 2022","format":false,"excerpt":"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 target the potential reservoir sweet spot for which net Contingent Resources are in the range 295 BCF (Best Estimate) 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\/2021\/02\/morocco-guercif.jpg?fit=1200%2C830&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/morocco-guercif.jpg?fit=1200%2C830&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/morocco-guercif.jpg?fit=1200%2C830&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/morocco-guercif.jpg?fit=1200%2C830&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/morocco-guercif.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\/12874","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=12874"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12874\/revisions"}],"predecessor-version":[{"id":12875,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12874\/revisions\/12875"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/9261"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=12874"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=12874"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=12874"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}