(Alliance News) - Predator Oil & Gas Holdings PLC said Wednesday it is exercising rig option with Star Valley Drilling Ltd to take up the drilling rig to the Guercif permits I,II,III and IV, onshore Morocco.
Predator owns 75% and operates the Guercif permit in a joint venture with the Moroccan government oil & mines department, the Office National des Hydrocarbures et des Mines, which owns 25%.
The jersey-based oil & gas company said rig mobilisation can occur within a window starting March 15 and ending April 30.
Star Valley Drilling is currently undertaking an extensive drilling programme for SDX Energy PLC in the Rharb basin, west of the Guercif, Morocco, using its rig No101, the company noted.
Predator had signed a preliminary agreement to secure a rig for undertaking drilling at the Guercif permit back in December 2019. The rig option was valid until January 31 and allowed for negotiation and execution of a legally binding rig contract, Predator said.
Chief Executive Officer Paul Griffiths said: "The company is excited to be taking another major step towards executing its Guercif drilling plans by exercising our option to take up the drilling rig.
"The high proportion of commercial gas discoveries recently announced by SDX Energy in the geologically similar Rharb basin demonstrates the attractiveness of the company's investment case for the potentially larger drilling targets at Guercif."
Predator shares were trading 1.8% lower in London at 4.18 pence each on Wednesday.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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