Predator Oil & Gas secures exclusive exploration licence for Morocco

IRISH-FOCUSED Predator Oil & Gas has secured an exclusive licence for on-shore hydrocarbon exploration in northern Morocco.

The Jersey-based company, which boasts assets in the Celtic Sea and the Atlantic Margin surrounding Ireland, secured permission from the Office National des Hydrocarbures et des Mines (“ONHYM”) acting on behalf of the state. The agreement is subject to the provision of a bank guarantee by Predator. The licence covers eight years and will be spilt into three phases. The licence covers an area of more than 7,200 sq km in the Guercif region of Morocco.

Paul Griffiths, chief executive of Predator, said: “It represents an asset that will fit very well with the company’s strategy of developing gas opportunities adjacent to infrastructure, where the geological and commercial risks can be shown to be low.

“Guercif represents a high impact, low cost, near-term drilling opportunity in a sophisticated and stable business and operating environment that is well understood by management.”

Griffiths, who was previously managing director of Fastnet Oil & Gas, also said that taxes are confined to a 5pc royalty for gas and a further 30pc for corporation tax but that there was a total exemption for the first 10 years of production.