Predator Oil & Gas Holdings Plc obtain oil exploration licence in Morocco
Following the standard listing on the Main Market of the London Stock Exchange in May, publically listed client Predator Oil & Gas Holdings (Predator) have announced that their application for an exclusive licence for hydrocarbon exploration and appraisal onshore northern Morocco has been accepted by the Office National des Hydrocarbures et des Mines (ONHYM). The agreement emphasises the renewed support for the sector off the back of rising oil prices.
Charles Russell Speechlys advised oil & natural gas producer Predator, on their standard listing in May 2018 which was described as “an important milestone for the group” by CEO, Paul Griffiths. The listing was the first oil and gas IPO on London’s junior markets in 2018.
The exclusive licence covers an area of 7,269km² which will allow Predator to explore the area for gas. Predator will be operator through its wholly-owned subsidiary Predator Gas Ventures Ltd. ONHYM has the right to “back-in” for up to and including 25% equity in the event of a hydrocarbon development by paying its share of forward costs.
The work programme for the Initial Period will include 250 kilometres of reprocessing of existing seismic data and the drilling of one well to test a large seismic anomaly interpreted as being indicative of the presence of shallow Tertiary gas.
The initial target for gas lies just 9 kilometres north of the Maghreb – Europe gas pipeline, which has spare capacity in the event of a major gas discovery, which is the desired objective of Predator’s exploration planning.
Paul Griffiths, CEO of Predator Oil & Gas Holdings Plc said:
“Predator management selected Guercif based on its 12 years’ experience of exploring and financing Moroccan opportunities. It represents an asset that will fit very well with the Company’s strategy of developing gas opportunities adjacent to infrastructure, where the geological and commercial risks can be shown to be low. Guercif represents a high impact, low cost, near-term drilling opportunity in a sophisticated and stable business and operating environment that is well understood by management. We are excited by this opportunity and by the potential for cash flow from Trinidad C02 EOR operations through 2019, which can underpin our plans to become a significant gas player connected to the European gas market.”
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