Predator Oil & Gas Holdings has extended its drilling contract to start work on the MOU-6 gas well in northern Morocco. The updated agreement with Intrepid Drilling Limited, formerly Star Valley Drilling, extends the contract until 1 October 2026. The previous contract was due to end on 1 August.
Rig 101 is still at the MOU-5 site. Drilling will begin after long-lead equipment and materials arrive.
The company plans to drill two wells and carry out possible production tests over the next three months. Work will start with MOU-6 before the rig moves to the Snowcap-3 well in Trinidad.
Chief executive Paul Griffiths said the company was entering “a new and exciting phase of drilling activity.”
He said Predator had spent the past 15 months rebuilding its drilling team with specialists from Trinidad, Morocco, Tunisia and Canada.
Griffiths said the company had “great confidence” that its drilling plans matched underground conditions identified during wells drilled between 2021 and 2023.
He added that success at MOU-6 could help bring gas resources into production more quickly, subject to regulatory, technical and commercial approvals.
MOU-6 is expected to reach a depth of about 950 metres.
Engineers changed the drilling plan after earlier wells. Updates include new drilling mud formulas, changes to mud density and larger perforation guns to reduce formation damage.
Predator has also introduced Sandjet perforating technology to improve gas flow after previous drilling encountered well-bore blockages.
Predator owns a 75% operating stake in the 4,301-square-kilometre Guercif licence. State energy company ONHYM owns the remaining 25%.
The licence covers four exploration permits.
The company is targeting shallow biogenic gas reservoirs between 339 metres and 1,500 metres deep.
Earlier wells, including MOU-3, confirmed high-purity biogenic methane. Predator says the gas can be brought to market quickly because it needs little processing.
The company plans to supply customers through compressed natural gas (CNG) and micro-LNG projects instead of waiting for large pipeline developments.
Predator said the MOU-1 and MOU-3 structure offers its best opportunity because it is close to the Maghreb-Europe Gas Pipeline (MEG) and serves a market where domestic gas prices average about $11 per thousand cubic feet (mcf).
The company also said it has signed a collaboration agreement and a memorandum of understanding with potential partners.
The licence benefits from favourable fiscal terms, including a 10-year corporate tax holiday, no signature bonuses and a 5% state royalty that only applies after the first 10.6 billion cubic feet (BCF) of net production.
Rig 101 will move to the Snowcap-3 well in Trinidad after work at MOU-6 finishes.
Predator receives 30% of gross revenue from oil fields operated by NABI Construction under a master service agreement.
Carried-forward tax losses reduce the company’s effective petroleum profits tax rate from 50% to 12.5%.
Predator raised £3 million in May 2026 by issuing 85.7 million new shares.
The company set aside about $940,000 for its Morocco programme, including equipment for MOU-6, engineering work for a CNG pilot project and environmental impact assessments.
Earlier drilling also found traces of helium. Independent technical studies later identified significant unrisked helium potential across the licence alongside its natural gas resources.
Predator Oil & Gas Holdings is incorporated in Jersey and listed on the London Stock Exchange under the ticker PRD.
