Predator Oil & Gas Holdings Plc (PRD), the Jersey-based Oil and Gas Company, is pleased to provide a further update on its drilling plans for the Guercif Permits I, II, III and IV ("Guercif") onshore Morocco. Predator (75%) operates Guercif in joint venture with the Office National des Hydrocarbures et des Mines ("ONHYM") acting on behalf of the State (25%).
Approval of Environmental Impact Assessment ("EIA")
Environmental approval by the National Committee of Environment for the EIA covering the drilling of exploration wells for petroleum exploration in the Onshore Guercif permits located in Guercif province, as presented by Predator Gas Ventures Ltd., has been ratified by the Ministry of Energy and Mines and Environment.
The EIA approval is valid for 5 years from the effective date of issue of 29 January 2020.
Paul Griffiths, CEO of Predator Oil & Gas Holdings Plc said :
"The Company has achieved another important step in progressing its drilling plans in Guercif with the approval of the EIA. Importantly there is scope for further drilling to rapidly follow-up a potentially successful initial campaign. Morocco represents an exciting opportunity for phased monetisation of gas combining near-term demand, supported by very attractive in-country gas prices, from large domestic industries desiring to switch to gas if available, and the medium-term ability to develop gas-to-power. New gas resources will carry a premium and may prove attractive to an acquirer. We look forward to updating the market on further progress."