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Predator Oil & Gas said it had signed a rig option agreement with Star Valley Drilling for upcoming wells in Morocco.
Star Valley was currently undertaking drilling in the north African nation for rival producer SDX Energy.
The option was to 31 January, unless otherwise mutually agreed by the parties, to allow for negotiation and execution of a legally binding rig contract.
The option provided for a rig mobilisation date within a window commencing 15 March and ending 30 April, unless otherwise agreed.
At 9:50am: (LON:PRD) Predator Oil Gas Holdings Plc Ord Npv share price was +0.5p at 5.25p