Preda­tor Oil & Gas se­cures ex­clu­sive ex­plo­ration li­cence for Mo­rocco

Sunday Independent (Ireland) - - News - Michael Cog­ley

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.

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