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PROJECTS & COMPANIES personnel as a result of challenging global mar- shareholder value. In the current climate gas
ket conditions. assets attract a significant premium as they can
Predator Oil & Gas with a number of parties it is anticipated that the Energy Transition to help stabilise the near-term
Following initial discussions during this year contribute to security of energy supply and the
provides update on Company will sign agreements shortly after the cost of energy.”
announcement of the MOU-2 test results with
Predator Oil & Gas, November 8 2022
MOU-2 well preparations certain companies that it has prioritised for gas Sonatrach and Eni start
sales and an initial financing package for a sim-
onshore Morocco ple CNG pilot development. CNG is easily scal-
able, unlike a fixed pipeline development, and is
Predator Oil & Gas, the Jersey based Oil and attractive for developers of gas seeking a near- production at new field
Gas Company with near-term gas operations term increase in gas revenues. in Berkine Basin
focused on Morocco, has provided an update on Paul Griffiths, Executive Chairman of Pred-
progress towards finalising its drilling operation ator Oil & Gas Holdings, commented: “We Algeria’s state-owned energy group Sonatrach
to enable the MOU-2 well in the Guercif Licence, are delighted to have made excellent progress and Italy’s Eni have started production at the
onshore Morocco, to commence drilling. towards commencing the drilling of the MOU-2 HDLE/HDLS oil field in the Berkine Basin, only
Currently it is estimated that the well will well as a result of being able to develop a diverse six months after the initial discovery in March,
commence drilling within the first two weeks supply chain to ensure that all drilling materi- Sonatrach said in a statement on Monday,
of December. The exact date will be determined als are available at the well site to enable oper- November 7.
by when all pre-ordered drilling materials ating a successful well. We are pleased the level The new oilfield capacity is estimated at
have cleared Moroccan customs in the coming of interest being generated within Morocco and 10,000 barrels of oil equivalent per day (boepd),
weeks. Materials have been sourced from Can- amongst those groups seeking gas to address the but production is expected to rise to 17,000
ada, Egypt, France, the UK and the Middle East, rise in demand for secure new gas resources. boepd with new drilling in 2023, Sonatrach
reflecting the pressure on logistics and the supply We have multiple gas prospects in this area of explained.
chain that the war in Ukraine has created for the the Guercif licence for further ‘running room’ Eni announced earlier it will implement a
larger drilling services companies. without any requirement to expand our licence new drilling programme next year to drill addi-
Re-assessing and adjusting the components portfolio. tional wells in the permit.
of the drilling mud system and carefully adjust- “The option to prudently finance further The oilfield is located on the Zemlet el Arbi
ing mud weights based on the information gath- step-out drilling on the back of revenue gener- concession. The permit covers 7,880 square km
ered from MOU-1 is anticipated to afford greater ation from CNG sales is an attractive business in the south of the basin. Eni has said the work
reservoir protection whilst drilling and to facili- development strategy. However, MOU-2 and involves $1.4bn in investment.
tate a successful rigless testing programme. MOU-1 rigless testing could potentially con- By 2023, Eni expects its production in the
Optimisation of the overall drilling pro- firm continuity of the Moulouya Fan over an North African country to exceed 120,000 boepd.
gramme by using the MOU-1 experience area of 30 square km to support a case for the Sonatrach and Eni signed the Berkine Basin
together with our ability to connect to multi- higher end of the net contingent gas resources licence agreement in December last year.
ple service providers to overcome supply chain to the Company of 708 BCF, as defined in the Eni said last month it initially started produc-
issues has enabled the Company to make signif- independent SLR Consulting Ireland Ltd. (SLR) tion at two gas fields in its Berkine Sud contract
icant cost savings such that the budgeted cost Competent Persons Report (CPR), (February in Algeria. The Italian group said it would add
of MOU-2 remains very close to the final well 2020 and January 2022 MOU-4 updated). If this the new production to its Berkine Nord contract
cost for MOU-1. This is despite the significant were the case the Company would not hesitate and then into the European market.
increase in the cost of equipment, materials and to initiate a corporate transaction to monetise bna/November 9 2022

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