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LONDON (Alliance News) - Shares in Predator Oil & Gas Holdings PLC rose on Friday as the company reported government acceptance of a hydrocarbon exploration licence application onshore Morocco.
Predator Oil shares were trading 22% higher at 7.10 pence each.
The company said that the Office National des Hydrocarbures et des Mines, acting on behalf of the state, accepted its licence application.
The licence will run for eight years, split into three phases. It covers an area of 7,269 square kilometres in northwest Morocco, comprising the Guercif Permits I, II, III and IV.
The formal award of the exclusive licence is subject to the provision by Predator of a bank guarantee prior to a formal signing ceremony.
Chief Executive Officer Paul Griffiths said: "Predator management selected Guercif based on its 12 years' experience of exploring and financing Moroccan opportunities. It represents an asset that will fit very well with the company's strategy of developing gas opportunities adjacent to infrastructure, where the geological and commercial risks can be shown to be low.
"Guercif represents a high impact, low cost, near-term drilling opportunity in a sophisticated and stable business and operating environment that is well understood by management."