Jersey-based oil and gas company, Predator Oil & Gas Holdings released a positive interim drilling update for its MOU-3 well on Tuesday, announcing that it had identified two new potential gas reservoirs.
The update concerns the Moulouya Fan primary reservoir target in the Guercif Petroleum Agreement onshore Morocco.
In the statement, the company said that the drilling operation has been progressing according to plan, and costs are within the company’s pre-drill working capital forecast estimates.
Predator Oil’s operations unveiled a substantial drilling break between 339 and 350 meters in depth, which was identified as the source of the gas.
Looking ahead, Predator Oil & Gas plans to proceed cautiously with drilling to evaluate the six targets identified, as well as the newly discovered shallow zones. The company will provide further updates after completing logging operations within the previously announced timeframe.
A testing program will be implemented to assess the gas flow potential of the identified zones. The evaluation will consider wireline logging results to determine the zones with the best gas deliverability characteristics. The priority will be to focus on zones that have the potential for high deliverability gas rates.
Commenting on the news, Paul Griffiths, Executive Chairman of Predator Oil & Gas Holdings Pl, said that the “unforeseen overpressured gas at shallow depths is always a potential hazard in a new poorly explored sedimentary basin.”
Griffiths highlighted 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.
He further emphasized the significance of the overpressured gas, which validates shallow trap integrity and identifies a clear pathway for the migration of deep gas into the next six targets to be evaluated by MOU-3.
“We are very encouraged by what we have found to date, which we believe at this early stage is material in the context of our CNG development plans but remain cautious as we drill ahead through a section that may or may not contain more overpressured gas,” he continued.
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