Today’s Malcys blog...25 Apr 2019 11:07
Predator Oil & Gas
More good news for Predator this morning, this time after the release of a CPR on Guercif permits I,II,III and IV onshore Morocco. In the report by SLR they establish total net audited best estimate recoverable prospective resources of 474 bcf with a high of 943 bcf for the ‘first tier’ Miocene Moulouya prospect and the Triassic TAGI prospect. With additional prospective Miocene gas traps and 9 Triassic and Jurassic leads the prospectivity is substantial, especially as SLR say that there are no technical, capacity or gas market reasons to prevent commercialisation of any gas find.
Indeed Paul Griffiths, CEO of Predator is upbeat in his comments saying ‘ this is a very positive step for Guercif and validates significant volumetric and recoverable gas resources potential while importantly indicating too that there is no significant impediment to monetising discovered gas’. Morocco is one of the fastest growing and most attractive international locations with a positive fiscal regime, encouragement by the state and most importantly high gas prices giving top quartile economics in country. To put the area into perspective Guercif is 200km East of the Rharb Basin and 100km North west of the Tendrara gas project. Griffiths goes on to say that ‘with opportunities in the Miocene, Jurassic and Triassic a rolling drilling programme will be needed to facilitate economies of scale and will create sustained exploration activity over several years’.
Investors have rightly taken to the Griffiths model and with three exciting but differing geographies bringing a portfolio with considerable upside as well as his own substantial skin in the game protecting against dilution they should be most excited about the opportunities at Predator.
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