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Rigless testing in Morocco. (Image source: Adobe Stock)

In an operations update, Predator Oil & Gas Holdings has announced the commencement of rigless testing in Morocco 

This introduces the Sandjet and coiled tubing technology in Morocco. Sandjet rigless testing tools and chemicals required for rigless testing operations were imported into Morocco following customs clearance documentation issued on 12 June.

The remaining rigless testing equipment was imported after customs clearance was granted on 2 August 2024. This comprised primarily the Baker Hughes logging and coiled tubing units which were sourced from the Netherlands. 

The Company's rigless testing operations commenced before 5 June 2024 with site preparations at MOU-3 with initial customs clearances received on 12 June 2024 to import the Sandjet testing tools and chemicals. Unfortunately it was beyond management's control that the programme would be subsequently impacted by the ratification required to approve entering the First Extension Period with a corresponding delay in receiving further customs clearances.

While a delay couldn't be avoided due to reasons beyond management's control, the company maintained the ability to utilise the key rigless testing equipment and services within its available time slot for exclusive use.

Paul Griffiths, executive chairman of Predator, said, "It goes without saying that the last 12 months following the achievement of the MOU-3 and MOU-4 drilling programmes has been immensely frustrating for Directors, Management and shareholders alike. Planning for rigless testing has been impacted by several amendments to the Initial Period of the Guercif Petroleum Agreement, whilst trying to balance access to limited well services and equipment caused by global competition. Ours is a big operation for Morocco but not by global standards. We have to be patient and creative.

"However, by entering the First Extension Period we can look forward to re-establishing our operational momentum and newsflow.

"Our near-term ability to supply CNG to the Moroccan industry is more advanced than other possible options. The Company is debt-free which allows it to have greater flexibility when considering different options, including M&A transactions and a partial divestment, for the modest levels of development finance required for 'First Gas'. This is why Afriquia Gaz remains heavily engaged with the Company and supportive of our efforts to get gas to market at the very earliest opportunity."

Helium and hydrogen presence higher after re-drilling. (Image source: Adobe Stock)

The exceptional existing hole conditions of the ITW-1 well in Tanzania allowed Helium One Global to further re-enter another 168m into the fractured basement, reaching a total depth of 1129m MD, beneath the 9⅝" shoe

The re-drilling not only revealed a near-continuous helium and hydrogen presence all the way till total depth but also they were notably higher than those which were encountered whilst drilling the overburden section during Phase II. 

Core hydrogen demand will be defined by the refining and petrochemicals sectors, according to a report by GlobalData.

Testing phase

The next phase of the operations now involves preparing the wellbore for running the 7" slotted casing and cementing it in place. Once this is complete, the Company will then run a completion string in the hole comprising of tubing and packers to allow multiple testing of the two zones (the fractured Basement and the faulted Karoo Group) during the EWT.

Lorna Blaisse, chief executive officer, said, "We are pleased that we have been able to re-enter and deepen the ITW-1 well as planned. It has been very encouraging seeing the helium and hydrogen shows continuing whilst drilling this deeper section, and we look forward to evaluating these results further through the EWT.

"I'd like to extend my thanks to the wider team in a safe execution of this drilling phase, as well as the continued support from the Ministry of Minerals and Mining Commission in Tanzania."

Helium One has discovered an estimated 98.9 bcf of helium, representing a major helium discovery in the global context of rapidly diminishing supply and growing demand for the resource.

Bank One aims to become 'Africa’s preferred gateway'. (Image source: Bank One Limited)

Sub-Saharan Africa and Mauritia-focused Bank One has noted a concentration of deals in the oil and gas, as well as infrastructure sectors, when it comes to the Middle East's investment interests in Africa 

As part of its long-term strategy to expand footprint and position itself as 'Africa’s preferred gateway', Bank One met with the Gulf region's key financial sector players to understand how Mauritius can form a league with financial institutions in the Middle East to fund impactful projects in sub-Saharan Africa. 

The sub-Saharan Africa, especially in the oil and gas area, certainly requires renewed strategies as analytics company GlobalData noted a shift of international oil companies (IOC), in the recent years, from high-risk investments towards lower-carbon interests. 

This comes following a Comprehensive Economic Partnership Agreement that was signed by Mauritius and Dubai in December 2023, as Bank One aimed to explore the full potential of the deal, reaching the right partnerships to understand how such economic cooperation can be realised on the ground.

“At Bank One, we were recently privileged to meet with key players from the Gulf region and explore the financial landscape in the Middle East through an expert eye. This has helped the Bank One leadership team form a nuanced view of what this region means to us, and we are keen to impart insights to other banks or financial institutions who would like to explore this region. Indeed, we view collaboration among various financial sector stakeholders as key to realising the potential of the Mauritius-Middle East partnership,” said Thavin Audit, deputy head of corporate and investment banking at Bank One.

Ready domestic market

The oil and gas sector in Africa has immense potential, with the continent’s gas reserves in 2021 estimated at 625.6 trillion ft which is nearly equivalent to that of the US. Significantly, once a major oil or gas discovery is made, the biggest challenge for African governments and their commercial partners is finding sources of finance to develop projects. There is, however, a ready domestic market for such output, with the Gas Exporting Countries Forum noting that the demand for energy in Africa is expected to rise 82% by 2050 with natural gas making up 30% of their energy mix. 

Counting on robust growth due to huge sector demands, the continent is also anticipating the Africa Energy Bank which is set to be established in Nigeria with an initial capital of US$5bn. 

The huge demand for funding adequate energy infrastructure among other industries is particularly prominent in Africa. Soberingly, when it comes to infrastructure in Africa, bridging the financing gap is a major challenge, with the AfDB estimating between US$130bn and US$170bn required for infrastructure development each year. 

 



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