Predator Oil & Gas Holdings PLC (LSE:PRD) shares jumped on Monday as the explorer joined the list of AIM firms seeking helium resources, as its MOU-5 prospect in Morocco is now seen to have potential for the critical element.
At MOU, the company said it will test the potential for helium charge and retention.
The project could potentially host between 104.31 to 598.88 billion cubic feet of the gas, that’s according to an independent report by consultant ScorpionGeoscience Limited.
Predator told investors it is fully funded for all commitments related to the MOU-5 project, which is part of Predator's broader strategy in Morocco.
"Given the potential size of the MOU-5 structure and its geological setting, this independent report on He potential enhances the case for the evaluation of potential helium presence in MOU-5,” chief executive Paul Griffiths said in a statement.
“Although at an early stage of evaluation the opportunity to assess the ability to add value to an area development should not be missed.”
In London, Predator shares were changing hands at 9.65p by mid-morning – having traded up to 11p in early deals.