Predator Oil & Gas Holdings PLC shares rose around 18% after it secured an exclusive licence for hydrocarbon exploration and appraisal onshore northern Morocco.

It is to be formally awarded the eight-year licence, which starts with an initial 30-months exploration phase across 7,269 square kilometres to the east of producing gas fields and northwest of Sound Energy PLC’s Tendrara gas project.

The AIM-quoted explorer will have a 75% stake in the project, partnered by state-backed energy firm ONHYM (which retains 25% and will have the right to acquire another 25%).

Exploration will start with desktop work, including the reprocessing of existing seismic data which would be followed by at least one exploration well. Predator shares gained 1.05p or 18.1% to trade at 6.85p on Friday.

Source: Proactive Investors