Business
Moroccan Licence Award
Moroccan Licence Award.
About this update from Predator Oil & Gas Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 3418T Predator Oil & Gas Holdings PLC 19 March 2019 \n\nFOR IMMEDIATE RELEASE\n19 March 2019\n \nPredator Oil & Gas Holdings Plc / Index: LSE / Epic: PRD / Sector: Oil & Gas\n \nPredator Oil & Gas Holdings Plc\n(\"Predator\" or the \"Company\" and together with its subsidiaries \"the Group\")\n \n Signing of Guercif Petroleum Agreement and Association Contract onshore Morocco \n \n \nPredator Oil & Gas Holdings Plc (PRD), the Jersey-based Oil and Gas Company, with a portfolio of attractive upstream gas assets adjacent to European gas infrastructure entry points, is pleased to announce that it has formally signed the Guercif Petroleum Agreement and Association Contract with the Office National des Hydrocarbures et des Mines (\"ONHYM\") acting on behalf of the State. \nThe licence is for 8 years, split into 3 phases with an Initial Period of 30 months followed by First and Second Extension Periods of 36 and 30 months' duration respectively.\nThe Company has provided a Bank Guarantee of US$1.5 million that is refundable conditional on the completion of the Minimum Work Programme set out in the the terms of the Petroleum Agreement and Association Contract. \nThe Company has initiated the search for a suitable rig and is investigating delivery times for long lead drilling items, including well heads, with the intention of being in a position to commence drilling operations, subject to all necessary regulatory and environmental consents and permits, as early as is practicable in 2019. Drilling activities can be conducted all year round in Guercif in this area of Morocco.\nThe key highlights of the opportunity now secured are as previously described below in the Company's RNS dated 30 November 2018. \n \n HIGHLIGHTS\n \n· Exclusive licence for exploration covering an area of 7,269² and comprising the Guercif Permits I, II, III and IV, lying east of the producing gas fields of the Gharb Basin and no...