Predator spuds Moroccan well
London-listed Predator Oil & Gas spudded its MOU-1 well on June 20 at the Guercif licence in Morocco, where it is targeting natural gas, the company said in a statement.
It is expected to take up to 20 days to drill the well and run wireline logs. The well is considered a tight hole, Predator said, and so it will not release any more information until it has evaluated wireline logs.
Company CEO Paul Griffiths said the work was proceeding according to the pre-drill schedule. The Star Valley Rig 101, on hire from Canada's Star Valley Drilling, is being used for the well.
Guercif is less than 10 km from an export pipeline, providing a clear development option in the event of a discovery. Griffiths previously described the drilling of the well as "potentially the single most important catalyst to creating near-term shareholder value over the last three years."
Predator operates the Guercif permit with a 75% interest while state-owned partner ONHYM has 25%. It assesses the area's prospective resources at 13.4bn m3 of gas with considerable upside potential.