Preparation of the MOU-5 well pad has commenced on Guercif licence. (Image source: Predator Oil & Gas)
Jersey-based oil and gas company, Predator Oil & Gas Holdings Plc, is well on its way to begin drilling onshore Morocco around 25 February as civil engineering work to improve access roads and prepare the MOU-5 well pad has commenced on its Guercif licence at the MOU-5 drill site
This is part of the company's ambitous Guercif Compressed Natural Gas (CNG) project.
The CEO of Predator, Paul Griffiths, is hopeful that the Titanosaurus structure may be 'potentially transformational to the Company's already diversified asset base in a success case'. The potentially high-impact structure that it will be drilling lies right next to an existing gas infrastructure. Fiscally speaking, the company considers this a 'rare opportunity' given the dwindling gas storage reserves in Europe this winter and geopolitical concerns over security of gas supply.
Golden age for gas exploration
"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.
"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," said Griffiths.
Predator takes gas production seriously as it considers development finance required for 'First Gas' from Morocco, besides aiming to supply CNG to the Moroccan industry.
