Predator Oil & Gas Holdings (LSE:PRD), the Jersey-based oil and gas company focused on production and exploration in Trinidad and Morocco, has amended its rig contract with Intrepid Drilling, formerly Star Valley Drilling, to drill the MOU-6 well.
The amendment extends the original October 2022 contract for Rig 101, currently stacked at the company's MOU-5 well site, covering operations from 1 August to 1 October.
Rig 101 will start work once remaining third-party consumables and long-lead equipment, currently in transit, reach the MOU-6 well site.
MOU-6 is the first of two wells planned over the next three months, to be followed by Snowcap-3 in Trinidad.
Chief executive Paul Griffiths said the last 15 months have been spent rebuilding the company's well-delivery team using expertise from Trinidad, Morocco, Tunisia and Canada.
"We are very confident that our well planning and pre-drill operational programmes are now compatible with the expected subsurface conditions, defined by our initial drilling in 2021 to 2023," he said.
Griffiths added that successful drilling and testing could help de-risk gas and oil resources capable of reaching production within a short timeframe, subject to regulatory approvals and technical and commercial due diligence.
The MOU-1 and MOU-3 structure in Morocco remains the company's key focus for appraisal and potential development, with adjacent gas export infrastructure supporting a scalable development path.
Drilling at MOU-6 is set to begin after 1 August, with Snowcap-3 to follow within the three-month window.
News Intelligence what this means for the company
Predator Oil & Gas has amended its rig contract with Intrepid Drilling to extend operations on Rig 101 through October, enabling the company to drill MOU-6 in Morocco—the first of two wells planned over the next three months, followed by Snowcap-3 in Trinidad. The move follows 15 months of rebuilding the company's well-delivery team and hinges on arrival of third-party consumables and long-lead equipment currently in transit; success could help de-risk gas and oil resources for near-term production, though regulatory approvals and technical due diligence remain prerequisites.
The amendment signals operational progress on a two-well drilling campaign after a lengthy rebuild period, but the outcome depends entirely on equipment arrival and subsurface performance—neither assured. Morocco's MOU-1 and MOU-3 structure remains the company's stated key focus for appraisal and development, suggesting MOU-6 is exploratory rather than core to near-term value.
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