Predator Oil & Gas Holdings PLC announced in a press statement, on Tuesday, the successful completion of drilling and logging operations for the MOU-3 well in Morocco, marking a key milestone.
The appraising concerns the Moulouya Fan primary reservoir and several secondary reservoir targets encountered in MOU-1 drilled in 2021.
Paul Griffiths, the company’s Executive Chairman, revealed that the well confirmed the company’s strong forecasts for sand development in the Moulouya Fan reservoir. This successful drilling has boosted the potential inventory of gas reservoirs, which will help with gas-to-wire development plans.
A MOU-4 drilling is expected to commence shortly to test the potential for Jurassic carbonate reservoir development within a 126 km2 structure.
Upon the completion of the MOU-4 drilling, the results of the wells drilled in 2023 will be evaluated, clearing the way for a thorough rig-less testing program to begin in July.
The company shares were trading 12% higher at 12.56 pence each in London on Tuesday.