McDermott has received the contract from an undisclosed oil and gas operator. Credit: skeeze from Pixabay.

Predator Oil & Gas Holdings’ wholly owned subsidiary Predator Gas Ventures (PGVL) has signed a rig option agreement with Star Valley Drilling regarding the Guercif Permits I, II, III and IV, onshore Morocco.

Valid until 31 January 2020, the option will allow negotiation and execution of a legally binding rig contract.

Predator Oil & Gas operates and owns a 75% interest in Guercif permits as part of a joint venture (JV) with the state-owned Office National des Hydrocarbures et des Mines (ONHYM), which holds the remaining 25%.

The latest option agreement provides for a rig mobilisation between 15 March and 30 April 2020.

Predator Oil & Gas Holdings CEO Paul Griffiths said: “Morocco is re-entering an exciting period of sustained drilling activity for gas, with a 12-well drilling programme having commenced in the Rharb Basin to the west and other potential wells being considered to the south of us, where several companies are hoping to evaluate Triassic Tagi gas potential.

“The company’s gas prospects are located at the central core of this activity and the Guercif licence area offers us attractive running room with multiple prospects and leads to test all the gas plays currently being evaluated for drilling around us.”

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The company’s initial drilling campaign comprises drilling of the Moulouya-1 prospect to a depth of 2,000m.

The drilling rig mobilisation and drilling operations are anticipated to take up to 30 days.

According to Predator Oil & Gas, the first well, upon its completion, will release $1m of the company’s $1.5m bank guarantee with ONHYM, which is subject to final delivery of all well data to ONHYM.