REG - Predator O&G Hldgs - Snowcap-3 (SC-3) drilling update

Predator Oil & Gas HoldingsAnnouncement

Wed 07:00

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RNS Number : 4788A  Predator Oil & Gas Holdings PLC  15 April 2026

FOR IMMEDIATE RELEASE

 

15 April 2026

 

                          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")

 

 
        Snowcap-3 ("SC-3") drilling update

 

Highlights

 

·    SC-3 long-lead well inventory Purchase Orders placed

 

·    Up to 65-day delivery time

 

·    New objective added - de-risked 3C Contingent Resources of  1.84 MM
bo

 

·    Offset wells initially flowed at maximum short-term rates of 696 and
1,450 bopd

 

·    Realised oil price increased from US$60.213 to US$86.57/bo in one
month

 

·    Revised well and drilling fluid design completed for Morocco

 

 

Predator Oil & Gas Holdings Plc (LSE: PRD), the Jersey based Oil and Gas
Company with hydrocarbon operations focussed on production in Trinidad and
near-term development in Morocco, announces a SC-3 drilling update.

 

SC-3

 

Long-lead drilling materials and equipment

 

Purchase Orders for 133/8" and 95/8" well casing, 7" production liner,
casing accessories,  27/8" completion tubing, mud chemicals and 41/2" HSD
PowerJet Nova perforating guns have been executed to support the Company's
2026 drilling programmes, initially the SC-3 appraisal/development well in the
Cory Moruga Exploration and Production Licence.

 

Expected delivery times are anticipated to be up to 65 days for the SC-3 well,
with the items originating out of Canada to avoid potential Middle East
logistical delays. Some items are being air-freighted to reduce delivery
times.

 

Permitting

 

Permitting for the SC-3 drilling continues and site layout plans are in the
process of being designed.

 

Well locations

 

Three follow-up locations have been identified for development wells upon
successful completion of the SC-3 well and analysis of the  test data and
early production performance.

Oil will be transported by truck initially to a sales point before a scaling
up of the production is undertaken.

 

Operations team.

 

The operations  team has been strengthened with an additional drilling
engineer.

 

Updated SC-3 geological objectives

 

Following a review of newly accessed 3D seismic and well data, in addition to
evaluating primarily the Herrera #1 Sand, producing in the adjacent Moruga
West field and tested at 179 bopd in Rochard-1 on the Cory Moruga Licence, the
SC-3 well will now also evaluate the Herrera #8 Sand, which flowed at up to
1,450 bopd on an initial test.

 

The new seismic and geological interpretation now correlates the interval
tested at a combined rate of 696 bopd in Rochard-1 in 1955 with the Snowcap-1
penetration of the Herrera #8 Sand 1.1 kilometres to the northeast. This
potentially increases the extent of the oil-bearing Herrera #8 Sand  further
to the southwest than was previously interpreted.

 

The 2024 Independent Technical Resources Report by Scorpion Geoscience Ltd.
gave 3C recoverable resources of 1.84 MM barrels of oil for the Herrera #8
Sand, successfully tested and produced by Snowcap-1. The 3C estimate
potentially better reflects the new geological interpretation between
Snowcap-1 and Rochard-1.

 

The Snowcap discovery is interpreted to be a known accumulation and
consequently resources for the Herrera #8 Sand are not risked.

 

SC-3 will evaluate this new potential for proven oil at its proposed location.

 

The initial high oil flow rates for the Herrera #8 Sand in Snowcap-1 and
Rochard-1 raises expectations that the stabilised test rates extrapolated from
production analysis will have potentially a high-impact significance.

 

Goudron, Inniss-Trinity, Icacos and Bonasse fields

 

Drilling and heavy workover operations are continuing in these producing
fields.

 

Focus at present is to take advantage of the fact that average realised
sales-oil price received in March has increased in February from US$60.213 to
US$86.57/bo.

 

Onshore Morocco - Guercif

 

In anticipation of further developments in Morocco in respect of the Guercif
Licence, the Company has:

 

·    Completed the basis for a flexible new well design that will allow
for:

 

ü the rigless testing of the primary geological objective in the MOU-3
structure;

ü later possible re-entry and re-completion of shallower objectives; and

ü possible future deepening of a well to underlying objectives.

 

·    Completed an analysis of drilling fluid design options to select a
FLOPRO (RDF) HPWBM system that:

 

ü minimises fluid and solids invasion into the reservoir;

ü limits fines migration and pore plugging of the reservoir; and

ü the combination of which allows for reduced mud weight whilst drilling.

 

Paul Griffiths, Chief Executive Officer of Predator Oil & Gas Holdings Plc
commented:

 

 "Drilling Snowcap-3 is our immediate priority. It is a rare opportunity in
an unappraised proven oil accumulation where success can transform the market
capitalisation of the Company overnight based on historical public market
analysis and reaction. Notwithstanding that potential eventuality, the surge
of possible production and early sales revenues at a time of higher oil
prices, combined with an efficient application of  tax losses, may materially
increase the Company's cash reserves going forward. The Company unusually has
no debt or interest payments to make.

 

It took 55 years for the Rochard-1 oil discovery to be successfully appraised,
but not at all prospective deeper levels due to mis-interpreted geology. After
another 15 years now is the time to demonstrate once and for all what was
missed."

 

 

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

Follow the Company on X @PredatorOilGas (https://x.com/PredatorOilGas) .

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

 

 

Enquiries:

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

 Paul Griffiths                Chief Executive Officer                            info@predatoroilandgas.com (mailto:info@predatoroilandgas.com)

 AlbR Capital Limited                                                             Tel: +44 (0)207 469 0930

 David Coffman / Jon Belliss

 OAK Securities                                                                   Tel: +44 (0) 20 3973 3678

 Jerry Keen / Calvin Mann

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

 Tim Thompson                                                                      predator@flagstaffcomms.com (about%3Ablank)

 Alison Alfrey

 Fergus Mellon

Notes to Editors:

 

Predator is an oil & gas company with a 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 or micro-LNG development. The structure penetrated
by the MOU-1 and MOU-3 wells is currently defined as having the best potential
for an application for an Exploitation Concession in 2026. The Company is
committed to partnering with entities capable of supporting a future
development decision and who have already identified the opportunity as one
warranting the execution of a Collaboration Agreement and a Memorandum of
Understanding. Moroccan gas prices are high, and the fiscal terms are some of
the best in the world. The presence of gas export infrastructure adjacent to
the MOU-1 and MOU-3 structure allows for a scalable gas development after
initial CNG or micro-LNG gas production over time establishes the extent of
connected gas volumes and the capability of reservoirs to deliver at plateau
rates over time.

Trinidad offers the security of a mature onshore oil province that has been
producing hydrocarbons for over 50 years. Predator has assembled 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.  A
Master Services Agreement with local operator NABI Construction relieves the
Company of the burden and costs of operating the fields and executing drilling
and heavy well workovers. In return the Company receives 30% of gross sales
revenues for which it can use its acquired tax losses to substantially reduce
Petroleum Profit Tax from 50% to an effective rate of 12.5%.

Predator has an experienced technical, financial and legal management team
with particular knowledge of the Moroccan and Trinidad sub-surface and
operations and an ability to complete M & A transactions in Trinidad and
receive regulatory approvals in a timely manner and without any unnecessary
advisory fees for transactions.  The Company's strategy is to operate at a
much reduced overhead compared to other operators with portfolios of assets of
similar extent to maintain competitiveness.

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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