Predator Oil & Gas Holdings (LSE:PRD) told inverstors it has begun drilling the MOU-6 well in Morocco on 19 September.
The Jersey-based company, which holds producing and exploration assets in Trinidad and Morocco, expects well operations to last up to 20 days.
MOU-6 sits within the structure penetrated by the MOU-1 and MOU-3 wells, which the company has identified as its best hydrocarbon prospect and a focus for further appraisal and potential development.
Predator has pointed to high Moroccan gas prices, favourable fiscal terms and nearby gas export infrastructure as factors supporting a scalable development, starting with initial compressed natural gas (CNG) or micro-LNG production before establishing connected gas volumes and reservoir plateau rates over time.
The company has said it is committed to partnering with entities capable of supporting a future development decision, and that parties have already backed the opportunity through a Collaboration Agreement and Memorandum of Understanding.
News Intelligence what this means for the company
Predator Oil & Gas has begun drilling at MOU-6 in Morocco, a well within a structure the company has identified as its best hydrocarbon prospect. The 20-day programme follows operational progress contingent on arrival of third-party consumables and long-lead equipment, and the company is positioning the discovery for potential development via CNG or micro-LNG production, backed by high local gas prices and existing export infrastructure.
Execution of the MOU-6 well is a near-term catalyst for appraisal data on the company's stated best prospect, but the outcome remains binary—success or failure of the drilling programme will determine whether the prospect advances to development discussions with potential partners. The company's cash position and ability to fund further appraisal or development remain material unknowns.
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