Predator Oil & Gas Suffers Significant Stock Decline After Gas Well Disappointment in Morocco
On October 30, 2026, Predator Oil & Gas, a prominent petroleum company, witnessed a staggering decline of nearly 40% in its stock price on the London Stock Exchange, closing at 0.80 pence, down from 1.33 pence just a day prior. This dramatic fall came in the wake of disappointing results from the MOU-6 gas well located in Guercif, Morocco, which investors had high hopes for following initial drilling reports that had been released just sixteen days earlier.
Initially, on October 14, the company had expressed optimism, announcing the successful completion of drilling at a depth of 950 meters. They had encountered a geological formation measuring 21.2 meters thick, significantly greater than the 13.2 meters found in a nearby well. This seemingly promising discovery aligned with earlier predictions made prior to the drilling operations. However, the subsequent challenges arose when the focus shifted to extracting gas from the reservoir. The technical teams drilled nearly 20 meters of rock, from 825.7 to 845.5 meters deep, but unfortunately, the tests yielded no gas flow. Only diesel and brine used during the operations were recovered, leading to swift negative reactions from investors.
In a statement released on October 30, Predator Oil & Gas attributed the lack of gas flow to geological factors, suggesting that the rock may be too impermeable and not sufficiently gas-saturated. The analyses conducted revealed characteristics that were less favorable compared to those observed in several previous wells. Paul Griffiths, the company's CEO, expressed the team's disappointment over the findings, noting that the MOU-6 well has been suspended but leaving the possibility open for future work to reach deeper geological formations.
After conducting six drilling operations on the Guercif license, Predator is now focused on identifying a partner to finance new explorations and necessary studies. The company is particularly interested in deepening the MOU-5 well to search for both natural gas and helium. Meanwhile, the operational team is being relocated to Trinidad and Tobago in the Caribbean, where preparations are underway for the Snowcap-3 drilling project, which has now become their primary focus.
As reported by bladi.net.
