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(Alliance News) - Predator Oil & Gas Holdings PLC on Tuesday said that it has successfully completed drilling and logging operations for the MOU-4 well, onshore Morocco.
However, the oil and gas company - which has operations in Morocco, Trinidad and Ireland - saw its shares fell 14% to 11.84 pence each in London on Tuesday morning.
This came after two of four prospects were ruled out through wireline data analysis.
At Moulouya Fan, for example, wireline logs over one interval of 16 metres of sand were shown to be impacted by poor borehole conditions, with possible washouts.
"The speculative pre-drill Jurassic carbonate horizon has now been validated in MOU-4. Seismic remapping and evaluation of the Jurassic using the new MOU-4 well control point and data yet to be analysed from the well will be required to further de-risk the Jurassic objective. The initial well results are however promising," said Executive Chair Paul Griffiths.
"The MOU-3 drilling results also confirmed the potential to extend the presence of possible shallow gas to the west of MOU-3 and northwest of MOU-1. We are pleased with our drilling results this year and look forward to an extensive rigless testing programme to help determine potential gas flow rates and gas volumes connected to the current inventory of wells."
By Holly Beveridge, Alliance News reporter
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