REG - Predator O&G Hldgs - Operational Update

Predator Oil & Gas HoldingsAnnouncement

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RNS Number : 4138H  Predator Oil & Gas Holdings PLC  06 May 2025

FOR IMMEDIATE RELEASE

 

6 May 2025

 

                          Predator Oil & Gas
Holdings Plc / Index: LSE / Epic: PRD / Sector: Oil & Gas

Predator Oil & Gas Holdings Plc

("Predator" or the "Company" and together with its subsidiaries "the Group")

 

                  Operational update and extension for
completion of CEG Trinidad acquisition

 

Predator Oil & Gas Holdings Plc (PRD), the Jersey-based Oil and Gas
Company with near-term hydrocarbon operations and production focussed on
Morocco and Trinidad provides an operational update.

 

Trinidad

 

Acquisition of CEG Trinidad

·      In February 2025 the Company entered into an agreement to acquire
the entirety of the Challenger Energy ("CEG") operations in Trinidad and
Tobago ("CEG Trinidad") as referred to in the Company's RNS of 18 February
2025.

·      The agreement for the acquisition provided for the regulatory
approval necessary for closing of the sale transaction to be finalised by 30
April 2025. The Company and the seller have agreed to a 60-day extension for
completion of the sale, to 30 June 2025 following administrative closing
uncertainty due to the snap-elections called in Trinidad in mid-March. The
resulting election held on 28 April 2025 led to a subsequent change of
Government.

Bonasse field

·    Well workovers are continuing into next month. The field has
experienced positive increases in production ranging from between 50 to 100%
in the worked over wells.

·    The intention is to start infill drilling under the Field Services
and Production agreement between the Company and the Company's Operations
contractor.

The Operations contractor has identified the new development wells to be
drilled based upon the workover project results.

Cory Moruga Exploration and Production Licence

·    Snowcap-3 appraisal well planning has commenced.

Site Preparation work and permitting has begun for the appraisal well, which
is scheduled for the 4(th) quarter this year.

Rig Operator negotiations and Rig evaluation are currently taking place.

·    Jacobin-1 well workover operations with wax treatment are progressing
and a Heavy Workover remains on schedule to be completed in the 2nd quarter of
this year.

 

·    Snowcap-1 well workover with wax treatment will commence thereafter
following an evaluation of the Jacobin-1 results in addition to assessing
options to sidetrack the Snowcap-1 well.

Morocco

·    Third-party analysis of perforating options completed for the MOU-3
"A" Sand testing.

 

·    Programme set to start during 2nd quarter 2025 following a selection
of which of the two perforating options identified to execute based on
near-term availability of equipment.

 

·    The perforated Ma Sand in MOU-3 continues to be under consideration
for an operation to increase drawdown pressure to attempt to bring the well
into potential gas production, however this will be delayed until after the
"A" Sand test results are known.

 

A removable packer will isolate the Ma Sand from the overlying "A" Sand before
testing commences.

 

·    MOU-5 drilling results are being incorporated in desktop satellite
and gravity and magnetic modelling studies that are focusing on the helium
potential.

 

A partner will be sought to join the Company in the next stage of the
evaluation for helium which will focus on the major fracture zones in the
MOU-5 and MOU-3 structures where helium was detected.

 

Ireland

 

·    The Mag Mell FSRU desktop LNG project is being updated in preparation
to present in Ireland as the preferred option to address the ongoing debate
concerning the security of energy supply.

 

·    The Company may elect to use its Mag Mell FSRU technical, regulatory,
environmental and commercial project template to register by 23 July 2025 an
Expression of Interest in a programme called by Morocco for a development of
infrastructure to receive, store, regassify and transport natural gas.

 

The Guercif licence is located over the Maghreb gas pipeline to Europe.

 

Paul Griffiths, Chief Executive Officer of Predator, commented:

"We remain fully-funded to progress all our operational plans with immediate
priority on the MOU-3 shallow testing designed in a success case to start the
process of monetisation and the execution of operations in our Trinidad assets
focussed on increasing production revenues going forward.

Medium term we retain the momentum to further develop the helium potential in
Guercif and to add appraisal drilling in both Morocco and Trinidad when the
time is right."

 

For further information visit www.predatoroilandgas.com (about:blank)

 

Follow the Company on X @PredatorOilGas.

 

This announcement contains inside information for the purposes of Article 7 of
the Regulation (EU) No 596/2014 on market abuse.

 

 

For more information please visit the Company's website
at www.predatoroilandgas.com (about:blank) :

 

Enquiries:

 Predator Oil & Gas Holdings Plc                                                                                                                                                                                                                                                                        Tel: +44 (0) 1534 834 600

 Paul Griffiths                Chief Executive Officer                                                                                                                                                                                                                                                  Info@predatoroilandgas.com (about:blank)

 Novum Securities Limited                                                                                                                                                                                                                                                                               Tel: +44 (0)207 399 9425

 David Coffman / Jon Belliss

 Oak Securities                                                                                                                                                                                                                                                                                         Tel: +44 (0)203 973 3678

 Jerry                                                                                                                                                                                                                                                                                                  Jerry.keen@oak-securities.com (mailto:Jerry.keen@oak-securities.com)
 Keen

 Flagstaff Strategic and Investor Communications                                                                                                                                                                                                                                                        Tel: +44 (0)207 129 1474

 Tim Thompson                                                                                                                                                                                                                                                                                            predator@flagstaffcomms.com (about:blank)

 Mark Edwards

 Fergus Mellon

Notes to Editors:

 

Predator is an oil & gas company with a diversified portfolio of assets
including unique and highly prospective onshore Moroccan gas exposure and
production, appraisal and exploration projects onshore Trinidad.

 

Morocco offers a potentially faster route to commercialisation of shallow
biogenic gas through a CNG development. The MOU-3 well is currently the focus
of rigless well testing activities. The next step will be to perforate the
shallowest sand seen in this well that has yet to be evaluated. Moroccan gas
prices are high, and the fiscal terms are some of the best in the world.

 

Trinidad offers the security of a mature onshore oil province that has been
producing hydrocarbons for over 50 years. Predator is assembling a portfolio
of onshore producing fields with opportunities for production enhancement and
additional infill development and appraisal drilling. Significant legacy tax
losses, economies of scale and the application of new low-cost technologies
are factors that can improve profit margins per barrel of oil produced.

 

Predator has an experienced management team with particular knowledge of the
Moroccan and Trinidad sub- surface and operations.

 

Predator Oil & Gas Holdings plc is listed on the Equity Shares
(transition) category of the Official List of the London Stock
Exchange's main market for listed securities (symbol: PRD).

 

For further information, visit www.predatoroilandgas.com
(https://www.predatoroilandgas.com/)

 

 

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