Predator Oil & Gas Holdings PLC (LSE:PRD) shares shot up in Tuesday’s early deals after telling investors that the MOU-3 well had “multiple zones of interest” and it is being prepared for ‘rigless’ testing.
MOU-3 was drilled to appraise the Moulouya Fan gas project in Morocco.
The explorer, in a project update, said that the MOU-3 well had found 43 metres of gross intervals, across primary and secondary target zones, which will be the subject of further testing with the programme potentially starting next month.
First, however, the company will move the drill rig to its next location to kick-off the MOU-4 well programme.
Predator executive chair Paul Griffiths noted that the MOU-3 data to date had validated the company’s upside forecast, in regard to the Moulouya Fan target.
“It has increased our inventory of potential gas reservoirs for a CNG development with the discovery of very shallow over-pressured gas,” he said in a statement.
“Once the MOU-4 drilling is complete, results from all the wells drilled in 2023 will be quickly assessed and compared and a comprehensive and expanded rigless testing programme will then commence during July," he added.
In London, Predator shares gained 1.3p, or 11.6%, to change hands at 12.68p each, valuing the small-cap explorer at around £55.4mln