REG - Predator O&G Hldgs - Trinidad Acquisition Update

Predator Oil & Gas HoldingsAnnouncement

Tue 07:00

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RNS Number : 0775P  Predator Oil & Gas Holdings PLC  01 July 2025

FOR IMMEDIATE RELEASE

1 July 2025

 

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

LEI 213800L7QXFURBFLDS54

Predator Oil & Gas Holdings Plc

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

 

Trinidad Acquisition Update

 

Trinidad and Tobago

Predator Oil & Gas Holdings Plc (PRD), the Jersey-based Oil and Gas
Company with near-term hydrocarbon operations and production activities
focussed on Morocco and Trinidad, is providing an update on its acquisition of
the Challenger Energy Group's ("CEG") entire operations in Trinidad and
Tobago.

·    In February 2025 the Company entered into an agreement for the
acquisition of the entirety of the Challenger Energy Group's ("Seller")
operations in Trinidad and Tobago (refer to the Company's RNS of 18 February
2025). The agreement provided for the regulatory approval necessary for
closing of the sale to be finalised by 30 April 2025. This date was extended
to 30 June 2025, following the parties administrative closing uncertainty due
to the snap-election called in Trinidad and Tobago in mid-March and the
resulting change in Government in May 2025.

·    The Company and the Seller have since made substantial progress in
terms of satisfying requirements for the grant of the necessary regulatory
approval, albeit the process has not fully finalised. The parties have thus
agreed to further extend the date for closing of the sale and purchase
transaction to 7 days after the granting of regulatory approval, with a
revised longstop date of 30 August 2025.

·    In anticipation of completion in the near term, the Company and the
Seller have commenced working collaboratively on the ground in Trinidad, so as
to ensure a smooth and efficient transfer of ownership and operations once
final regulatory approval is obtained.

 

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

"Over the last two months we have been carrying out an internal technical and
commercial re-assessment of the Company's diverse portfolio of assets in
Morocco and Trinidad. This has taken into account prevailing uncertainty in
terms of equity market volatility, crude oil price fluctuations and unstable
foreign exchange markets. All of these factors combine to under-value early
stage oil and gas exploration, appraisal and development.

 

Following this review the Company is focussed going forward on preserving its
cash; maintain its debt-free status; increasing its portfolio of producing
assets in Trinidad; financing and monetising its near-term oil and gas
development projects at minimal cost to the Company; and maintaining third
party-funded future  "blue sky" exploration potential for gas and helium.

 

Acquisition of the CEG operations in Trinidad will facilitate production
growth and revenue generation through integration with our existing production
operations to deliver economies of scale.

 

Preparations and planning are ongoing to drill the Snowcap-3 well in Q1 2026.
A rig has been identified and subject to certification a rig contract will be
entered into. The Snowcap-3 appraisal well is targeting the best producing
sand in BP's former Moruga West field 1.5 kilometres southeast of the
Snowcap-3 proposed well location. In Moruga West individual wells have flowed
initially at up to 303 bopd from this single interval with maximum well
recovery for a single well of 455,000 barrels of oil over field life has been
achieved. Snowcap-3 is therefore a key well for boosting our producing
portfolio and can potentially be tied in quickly and at low cost to enable
early monetisation. There are several options to organically-finance the well
later this year through an asset sale and/or partnering with a local company.

 

In Morocco we will update the market this month on the execution of the
testing programme for the shallow "A Sand" in MOU-3, for which we are
fully-funded. We will announce a collaboration agreement for the design,
financing and execution of the initial phase of the MOU-3 development upon
publication of the test results. We anticipate first gas sales by the end of
2026 subject to all the usual caveats of regulatory approval and technical due
diligence.

 

We are completing our review of the MOU-5 drilling results and will be
updating the market on progress after the testing of MOU-3 has been completed.

 

MOU-5 is an important well as it has introduced a completely different
understanding of the key Mesozoic section on the flanks of the Guercif
biogenic gas system and thus what might be under it as well. As a result
there is potential to be investigated and refined for a deeper, large Triassic
objective under MOU-5, analogous to the geological settings of the Meskala,
Tendrara and Hassi R'Mel (Algeria) gas fields, albeit up to 1,000 metres
shallower which should enhance possible reservoir quality. This is in addition
to the original primary objective in MOU-5 of the Jurassic Domerian carbonate
bank, which can be evaluated updip to MOU-5.

The Company intends to maintain interest in the "blue sky" MOU-5 updip and
deeper potential through a farmout process to be initiated in Q3 2025, with
the intention of securing a carried interest in a 3D seismic programme over
the MOU-5 structure in 2026.

The MOU-5 helium chromatograph show and the helium analysed in a gas sample in
MOU-3 has now been put into compelling structural context in terms of the
geological model for helium generation.

Satellite remote sensing for helium and gravity/magnetic modelling of the
possible helium source below MOU-5 is in progress and is fully-funded.

Upon the completion of these desktop studies the Company will seek a farmout
to secure a carried interest in a dedicated helium well to be provisionally
drilled in 2026. There is no certainty that a farmout can be achieved but the
Company anticipates that it may enter into a helium collaboration agreement
beforehand, given the attractive attributes of the MOU-5 structure as a
potential helium target.

We thank shareholders for their patience over the last few months during a
period of volatility in global markets and the resulting negative impact on
shareholder values. Our focus has been on strengthening our multiple projects
to create potential growth in shareholder value over the next 12 months. This
is by no means a certainty as market conditions are beyond the control of
management. However maintaining a debt-free status and increasing production
revenues provides an important financial safety net."

 

 

 

 

For further information visit www.predatoroilandgas.com (about%3Ablank)

 

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.

 

 

Enquiries:

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

 Paul Griffiths                Chief Executive Officer                                                                                                                                                                                                                                                  Info@predatoroilandgas.com (about%3Ablank)

 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%3Ablank)

 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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