Predator Oil & Gas Holdings Plc (PRD), the Jersey-based Oil and Gas Company with near-term hydrocarbon operations and production activities focussed on Morocco and Trinidad is pleased to announce that civil engineering work, to improve access roads and prepare the MOU-5 well pad, has commenced on its Guercif licence onshore Morocco at the MOU-5 drill site.
Presently it is forecast that MOU-5 drilling operations are on track to commence on or about 25 February 2025.
Paul Griffiths, Chief Executive Officer of Predator, commented:
"We are very pleased to have put together this new fully-funded drilling campaign efficiently and within budget guidance to allow us to drill MOU-5, as currently forecast, next month.
The Titanosaurus structure may be potentially
transformational to the Company's already diversified asset base in a success case. It is a rare opportunity to drill a potentially high-impact structure adjacent to an existing gas infrastructure in an attractive fiscal regime.
Our hydrocarbon sector has seen a global resurgence of interest and activity outside of the UK and Europe over the past few months led by the United States, Norway, Middle East, Africa and Far East.
Dwindling gas storage reserves in Europe this winter and geopolitical concerns over security of gas supply provides cold comfort for policy makers seeking to reduce energy costs and promote economic growth.
We are potentially entering a "golden age" for gas exploration and production to support: the energy transition by lowering CO2 emissions through replacing coal and oil; and to ameliorate energy price rises by increasing supply and security of access to gas at "crunch" times, when renewable energy cannot cope due to unattractive weather conditions.
It is not often that macro geopolitical and economic factors align with a gas development strategy. We are currently in that cycle and ready to attempt to take advantage of it."