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 km². The MOU-4 Prospect is located 6 kilometres from the MOU-1 drill site and offers the opportunity for additional drilling whilst the rig is mobilised on the MOU-1 site. The primary gas target is prognosed to occur at 1475 metres TVD KB.
SLR Consulting Ireland Ltd will complete a Competent Persons Report for the new MOU-4 Prospect and an update on the results will be provided.
COVID-19 restrictions remain in force. The Company remains “drill ready” based on the operational planning and site visit undertaken in March this year and bids for well services that have been received.
Paul Griffiths, Chief Executive of Predator, commented:
“We are pleased to be continuing to make operation progress on all fronts despite the obvious constraints that COVID-19 impose, particularly in an onshore operating environment embedded within local communities. We have prudently taken steps to ensure we focus personnel and cash resources during COVID-19 on maturing our businesses and developing credible additional opportunities for them in order to strengthen the ability to generate potential, project-backed, M & A value. Acquiring an asset such as FRAM would have been non-sensical in this context. It would have potentially diverted valuable resources away from Morocco, which remains the greatest potential risk/reward prize in the Company’s portfolio and is an absolute priority for the Company to drill as early as COVID-19 restrictions allow.”
Predator is operator of the Guercif Petroleum Agreement onshore Morocco which is initially prospective for Tertiary gas in prospects less than 10 kilometres from the Maghreb gas pipeline.