• Recent wells fail to confirm commercial viability, but company maintains exploration plans

• Talks underway for partner to fund new well and pilot gas project

• Helium discovery adds new potential to Guercif license

After a series of mixed results, including its latest well, UK-based Predator Oil & Gas continues work on its gas project in Morocco.

The company’s 2025 annual report, released on April 30, shows sustained efforts to assess the potential of the Guercif license.

The MOU-5 well, drilled in March 2025, did not deliver the expected results. The target formation lay 233 meters deeper than anticipated, beyond structural closure limits. The company said the outcome does not rule out the basin’s potential.

This result follows the MOU-4 well drilled in 2023, which also failed to confirm commercial viability.

In October 2025, Predator announced plans to sell its 75% stake in the Guercif license, acknowledging the lack of proven commercial potential after several unsuccessful drilling campaigns.

The company now seeks a joint venture partner willing to fully fund a new well, MOU-6, along with a pilot gas development project. The proposed agreement includes reimbursement of up to $24.6 million in past exploration costs, covering wells MOU-1 through MOU-5.

Stephen Boldy, non-executive chairman of the board, said the company remains committed to partnering for the evaluation and phased development of gas discoveries in the MOU-1 and MOU-3 structures.

License pressure and helium upside

The first extension period of the Guercif license expires on November 5. Predator must submit an exploitation concession application before October 2026 to enter the second phase or risk losing its rights over the 4,301 square kilometer area.

Net confirmed resources at the priority TGB-6 target stand at 61.95 billion cubic feet, while the broader basin holds an estimated 5.9 trillion cubic feet of potential resources.

The MOU-5 well also revealed a possible helium opportunity. Estimates from Scorpion Geoscience place helium resources between 104 and 599 billion cubic feet.

The company said any helium development would require a separate regulatory and licensing agreement with Morocco’s mining authorities through ONHYM.

Abdel-Latif Boureima