Shares in Predator Oil & Gas experienced a surge on Thursday following the announcement that further analysis of the MOU-4 well has revealed an increased estimate of gas sands. The additional metres of gas sands are greater than initially anticipated, driving investor optimism.
As of 0747 GMT, shares have soared by 47% to reach 14.38 pence, marking a significant increase of 4.62 pence.
Predator Oil & Gas has conducted wireline log analysis and reservoir characterization on the Moroccan well, which has unveiled a promising discovery of 64 metres of potential gas sands across three intervals.
Moving forward, the company plans to conduct rigless testing on the Jurassic interval. This crucial step aims to reduce risk associated with reservoir development and gas migration within the larger Jurassic structural closure, according to Predator Oil & Gas, which primarily focuses on operations in Morocco.
Chairman Paul Griffiths emphasized the importance of the upcoming rigless testing, describing it as a pivotal measure to assess the substantial Jurassic potential within their core area of interest.
