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Predator Oil & Gas Holdings PLC - Jersey-based oil & gas company - Reports completion of drilling of MOU-1 well in Guercif Basin, Morocco. Formation gas shows were recorded in a shallow sand at 605 metres measured depth comprising 2.4% or 19,392 parts per million C1 methane.
"The occurrence of good gas shows in MOU-1 with evidence of thermogenic gas migration supports in this part of the Guercif Basin the pre-drill geological interpretation for a deep gas 'kitchen' connected to shallower reservoirs by large faults," the company says.
Predator will propose to its partner to drill the previously defined MOU-4 location later this year to the northeast of MOU-1 and will commission an environmental impact assessment over the prospective area.
Current stock price: 8.50p, down 40% on Tuesday
Year-to-date change: multiplied from 3.80p on December 31
By Will Paige; willpaige@alliancenews.com
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