Predator Oil & Gas celebrates drilling progress on the MOU-3 well in Morocco

Predator Oil & Gas Holding PLC reached a major milestone on Tuesday as it celebrated progress in the drilling of the MOU-3 well targeting the main Moulouya field in Morocco. Following the successful treatment of the MOU-1 and MOU-2 wells, Predator Oil & Gas has made substantial progress in its work on the MOU-3 natural gas well, reaching a maximum depth of 1,509 metres. 

Predator Oil & Gas is a Jersey-based oil and gas company operating primarily in Morocco, with near-term operations focused on the region. Following the positive news, the company's shares experienced a 12% rise, trading at 12.56 pence each in London on Tuesday morning, reports media outlet Yabiladi. 

The completion of drilling and logging operations on the MOU-3 well represents a significant achievement for Predator Oil & Gas. In addition to evaluating the primary reservoir, the company has successfully evaluated several secondary reservoirs encountered in the MOU-1 well, drilled in 2021. The MOU-1 well is now being prepared for further testing in conjunction with an upcoming drilling programme aimed at advancing the project towards the development stage. 

Results from the MOU-3 well confirmed the correlation between the Ma to TGB-6 interval and the gas-bearing interval at MOU-1, located seven kilometres to the southwest. MOU-3 has validated Predator Oil & Gas' pre-drill forecasts for sand development in relation to the primary Moulouya target. A gross interval of 43 metres will be appraised through a rigless well test. 

Paul Griffiths, the company's executive chairman, expressed his satisfaction with the excellent results from the MOU-3 well and outlined the company's future plans. The next objective will be to drill and complete the MOU-4 well, which is not expected to contain gas at shallow depth.   

He told Alliance News: "The targets are the Moulouya field and the hitherto unknown potential of the Jurassic carbonates within a very large structural closure..."

To repeat the successful results, Predator Oil & Gas intends to relocate the Star Valley 101 platform in the MOU-4 well. In addition, the gas capabilities of all wells drilled in 2023 will be rapidly evaluated and compared, leading to an extensive and comprehensive non-drilling test programme commencing in July.