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Predator Oil & Gas Extends Rig Contract to Tap Into Morocco's Gas Reserves
Predator Oil & Gas has solidified its partnership with Star Valley Rig 101 to delve deeper into Morocco's gas-rich reservoirs. The Jersey-based exploration company has prolonged its contract with the rig, now slated to continue operations until May 2024, to execute its fifth well in the Guercif basin.
This extension marks a significant milestone in Predator's journey in Guercif since initially engaging the rig in June 2022. Leveraging existing in-country services, the company aims to efficiently capitalize on opportunities near the Maghreb Gas Pipeline.
"We are thrilled with our ongoing progress in unlocking Guercif's untapped potential," remarked Predator's Executive Chairman, Paul Griffiths. "Further drilling holds the promise of opening up new avenues for commercializing our discoveries."
Predator holds a commanding 75% operating stake in the 7,269 km2 license area, with ONHYM as its 25% partner. Positioned northwest of Sound Energy's prominent Tendrara gas discovery and in close proximity to SDX Energy's active Rharb Basin assets, the block presents ample opportunities.
The extension of the contractor agreement empowers Predator to leverage its collaborative efforts with Moroccan regulators and its strategic positioning near existing infrastructure. Shareholders anticipate that continued drilling endeavors will catalyze a positive transformation in the company's financial prospects.
Predator remains steadfast in its commitment to driving activity and fostering positive news flow in the forthcoming months.