Predator Oil & Gas has announced a £2 million ($2.5 million) funding raise from institutional investors to accelerate its drilling activities in Morocco and Trinidad & Tobago in 2025, according to a company statement.
The capital injection will primarily speed up drilling at the MOU-5 well in Guercif, a site that has shown promising results since operations began last April.
This announcement comes as the oil and gas company seeks to reassure investors following a drop in its stock price in February 2024, attributed to “formation damage” at the MOU-1 and MOU-3 wells. “The company is fully funded to carry out all additional operations necessary to ensure reservoir flow for potential development,” the company had stated.
In addition, the group, which holds a license for Guercif, revealed in September that helium deposits were detected at the site. The MOU-5 well is crucial for Predator Oil & Gas, as it aims to assess both the helium potential and the prospects for a nearby gas-to-electricity project connected to the Maghreb gas pipeline.
add your comment
Terms of publication : Not to offend the writer, people, sacred things, or attack religions or the divine self, and refrain from racist incitement and insults.