Predator Oil & Gas To Commence Drilling in Guercif in December
Rabat - Predator Oil & Gas, a US-based energy company, announced that gas drilling operations in Guercif, Morocco are set to commence over two weeks in December.
In a statement published today, Predator said that preparations for the drilling of the MOU-2 well are underway and should be finalized in the coming weeks, adding that the exact date will be determined once all drilling materials arrive.
The American company further announced that they are in talks with a number of companies to commercialize the gas reserves in the Guercif license.
In addition, the company says that it has locked in an initial financing package for the development of a simple Compressed Natural Gas (CNG), a compressed form of gas that makes it easier to transport large quantities at a lower cost.
The company was then in the process of filing for legal authorization, with the civil engineering works scheduled in the same month.
The second well (MOU-2) is set to be ready for testing between September and October, the company said.
After initial feasibility studies, the company announced that the MOU-2 well would hold an estimated 295 billion cubic feet (8.3 billion cubic meters) of gas, enough to meet the energy needs of over three million households.
During the same month, Predator Oil & Gas said that it was scouting for prospective partner companies to source the necessary funding to develop the gas well and start operations as early as possible.
Predator holds 75% interest in the Guercif gas exploration License, while Morocco’s National Office for Hydrocarbons and Mining (ONHYM) holds a 25% share in the venture.
The onshore Guercif License comprises four Exploration Permits, I, II, III, and IV, covering a total area of 7,269 square kilometers.