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Predator Oil & Gas Holdings, a London Stock Exchange-listed oil and gas company, has identified two potential gas reservoirs within the Moulouya Fan primary reservoir in the Guercif Petroleum Agreement onshore Morocco.
The drilling operations are progressing as planned, with costs aligning with the pre-drill working capital forecast estimates, the Jersey-based company said in a statement.
“A substantial drilling break between 339 and 350 meters in depth was identified as the source of the gas,” the statement said.
Paul Griffiths, Executive Chairman of Predator Oil & Gas Holdings, said that the presence of shallow overpressured gas with an effective sealing caprock has led to the discovery of two new potential gas reservoirs that were not previously known.
The company is drilling ahead cautiously to evaluate the six targets identified, in addition to the newly discovered two shallow zones, the statement added.
Further drilling updated will be given after the completion of logging operations.
(Writing by P Deol; Editing by Anoop Menon)
