Overview
Predator has a 75% interest in the Guercif Licence together with its partner ONHYM, the State oil company. The Licence is for 9 years and is split into an Initial Period of 61 months; a First Extension Period of 29 months duration; and a Second Extension Period also of 61 months. Entry into the First Extension Period was ratified in 2024. The First Extension Period expires on 5 November 2026 when a decision to enter the Second Extension Period must be made.
The Guercif Licence is located onshore Morocco and comprises four Exploration Permits, I, II, III and IV covering an area of 4,301km².
Predator is focussed on 5 potential biogenic gas zones encountered by MOU-1, MOU-2, MOU-3 and MOU-4 between 339 and 1,500 metres depth. Testing operations are currently prioritising MOU-3 as the well has several stacked reservoir targets suitable for a potential CNG development.
MOU-5, to be drilled in Q1 2025, will target Jurassic gas potential between 800 and 1,200 metres depth. Helium, recorded in MOU-3 in a gas sample collected whilst drilling, is also a target in MOU-5.
Shallow Biogenic Gas
CNG development model
1C (BCF net)
64
2C (BCF Net)
83
3C (BCF Net)
482
Summary
A shallow CNG biogenic gas development with multiple traps and at least 4 separate reservoirs with recently drilled wells due to be flow tested.
Background
Rigless testing programme
- In Feb 2024, Predator commenced a two stage rigless testing programme for the MOU-1 and MOU-3 to penetrate suspected formation damage.
- The first stage, using conventional perforating guns, was successfully completed which confirmed formation damage at MOU-1 and MOU-3.
- The second rigless testing stage used Sandjet perforating technology, a cutting edge technology that is relatively new in Europe but has been shown to be highly effective in overcoming significant formation damage.
Next steps
Continue monitoring and interpreting Sandjet rigless testing results.
Perforate shallow, higher pressure potential gas reservoir in MOU-3 in Q1/Q2 2025
Titanosaurus MOU-5
Gas-to-power development model
P50 gas resources of 5.9 TCF and helium potential.
1P Gas (BCF net)
2,124
2P Gas (BCF Net)
4,437
3P Gas (BCF Net)
8,123
1P Helium (BCF net)
2.43
2P Helium (BCF Net)
57
3P Helium (BCF Net)
330
Summary
The Giant Jurassic Titanosaurus is a shallow thermogenic gas prospect evaluating 249m of potential gross reservoir thickness in a trap of 187 km2 for pipeline gas to power, with pipeline 2.5 kilometres from Maghreb Gas Pipeline.
Background
Helium Potential
- In August 2024, a gas sample analysed at MOU-3 showed evidence for the presence of helium.
- The geological setting of Guercif means it is potentially possible helium could be sourced from crystalline basement, granitic intrusions, or radiogenic volcaniclastic sediments.
- Based on the available data, Predator has decided to include a test for helium in the MOU-5 rigless testing programme and for a potential testing programme for MOU-5 if the well results are positive for gas.
- An independent report by Scorpion Geoscience at MOU-5 placed potential in place helium of 104.31 to 598.88 BCF.
Next Steps
Drill MOU-5, a new well targeting the crest of the Titanosaurus structure
Why Morocco
- 5% State royalty for gas, applicable after the first 10.6 BCF of net production to the operator, and corporation tax charged at 31%
- 10-year “holiday” before corporation tax
- No signature bonuses
- Replacing coal with gas save 56 M tonnes CO2 p.a.
- Local industries rely on imported fuel oil
- Gas imports restricted for non-technical reasons
- Very low & declining indigenous gas production drives high domestic gas prices – Av. US$11/mcf Situation exacerbated by lack of LNG import facilities
- CNG shallow biogenic gas development – multiple traps and 4 separate reservoirs which can be quickly monetised
- Titanosaurus Gas-To-Power Prospect has the scale and proximity to infrastructure