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(Alliance News) - Predator Oil & Gas Holdings PLC on Wednesday said an environmental impact assessment for its 75%-owned Guercif permits has been approved by regulators in Morocco.
Predator said the approval covers the drilling of exploration wells for petroleum exploration at the onshore permits in Morocco.
The approval of the assessment, ratified by the Ministry of Energy & Mines & Environment, is valid for five years, with effect January 29.
Chief Executive Officer Paul Griffiths said: "The company has achieved another important step in progressing its drilling plans in Guercif with the approval of the EIA. Importantly there is scope for further drilling to rapidly follow-up a potentially successful initial campaign. Morocco represents an exciting opportunity for phased monetisation of gas combining near-term demand, supported by very attractive in-country gas prices, from large domestic industries desiring to switch to gas if available, and the medium-term ability to develop gas-to-power. New gas resources will carry a premium and may prove attractive to an acquirer. We look forward to updating the market on further progress."
Morocco's National Office of Hydrocarbons & Mines holds the remaining 25% stake in the four Guercif permits.
Shares in Predator Oil were 4.1% lower at 3.55 pence each in London on Wednesday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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