Predator aiming CNG supply to Morocco

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."