Predator Oil & Gas Holdings, the Jersey-based oil and gas enterprise, announced promising initial drilling results for its MOU-3 well, revealing the detection of two new potential gas reservoirs. The development is part of the Moulouya Fan primary reservoir target within the Guercif Petroleum Agreement onshore in Morocco.
According to the company’s statement, drilling operations have been progressing as planned and the costs have remained within the forecasted estimates of the company’s pre-drill working capital. The drilling operations have discovered a significant drilling break between depths of 339 and 350 meters, identified as the gas source.
With these encouraging findings, Predator Oil & Gas is gearing up to cautiously evaluate six targets it has identified, as well as the newly discovered shallow zones. The company aims to share further updates upon the completion of logging operations, which is anticipated within the already announced time frame.
An assessment program is set to be launched to gauge the gas flow potential of the identified zones. The evaluation will consider wireline logging results to pinpoint zones with optimal gas deliverability attributes. The company intends to prioritize zones exhibiting potential for high deliverability gas rates.
Expressing his thoughts on the development, Paul Griffiths, the Executive Chairman of Predator Oil & Gas Holdings Plc, noted that encountering “unforeseen overpressured gas at shallow depths is always a potential hazard in a new poorly explored sedimentary basin.”
Griffiths highlighted that the discovery of the two potential gas reservoirs, which were previously unknown, has been facilitated by the presence of this shallow overpressured gas along with an effective sealing caprock.
The Executive Chairman also accentuated the importance of the overpressured gas, stating it confirms shallow trap integrity and lays out a clear trajectory for the migration of deep gas into the next six targets that the MOU-3 is slated to evaluate.
Griffiths said, “We are very encouraged by what we have found to date, which we believe at this early stage is material in the context of our CNG development plans but remain cautious as we drill ahead through a section that may or may not contain more overpressured gas.”
Predator Oil & Gas Holdings’ latest announcement is poised to inject a new wave of optimism into Morocco’s energy sector as it points to a promising potential for untapped gas reserves.