REG - Predator O&G Hldgs - Operations Update

Predator Oil & Gas HoldingsAnnouncement

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RNS Number : 2288U  Predator Oil & Gas Holdings PLC  25 February 2026

FOR IMMEDIATE RELEASE

 

25 February 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")

 

               Independent Technical Report, transaction
progress and operations update

 

Highlights

 

Trinidad

 

·    SC-3 Snowcap well targeting 2P resources of 8.73 MM bls

 

·    Net-back is US$32.6/bbl

 

·    Star Valley draft rig contract for SC-3 under review

 

·    Rig visit scheduled for week commencing 23 February 2026

 

·    BON-18 and BON-19 wells completed for shallow oil production

 

·    BON-20 next well in sequence

 

·    Goudron field: 3 wells submitted for heavy workover - one completed;
one in progress; and one waiting approval

 

Morocco

 

·    Guercif monetisation a step closer based on updated ITR

 

·    Terms requested for full carry through drilling and development; gas
sold at the wellhead and repayment of past costs

 

 

 

Predator Oil & Gas Holdings Plc (LSE: PRD), the Jersey based Oil and Gas
Company with producing hydrocarbon operations focussed on Trinidad and
Morocco, announces progress on a Pre-drill Independent Technical Report update
for the proposed Snowcap-3 ("SC-3") appraisal well and transaction activity,
together with an update on the Bonasse field drilling programme.

Pre-drill Independent Technical Report for SC-3 ("Cory Moruga ITR")

The Cory Moruga ITR by Scorpion Geoscience Limited is being reviewed by the
Company for publication in the week commencing 2 March 2026.

The key conclusions are:

·    SC-3 is targeting unrisked P50 Prospective Resources of 8.73 MM bbl
of oil

·    Net-back is US$32.6/bbl at WTI spot price of US$60/bbl

·    65,800 bls in the first year of production

·    Generates pre-tax operating profit of US$2.044MM discounted at 10%

·    Effective tax take is 12.5% after applying tax losses

The project has been modelled for US$40/bbl with a net-back of US$15.2/bbl.

The Cory Moruga ITR has identified new deep prospectivity in the Cretaceous
below the primary Herrera target in SC-3 for future evaluation. Exxon's 1995
well St. Croix-1 in the Cipero block northwest of Cory Moruga reached the
prospective section whilst ExxonMobil's multiple oil discovery offshore Guyana
has demonstrated the potential of the Cretaceous exploration fairway.

A draft rig contract has been received from Star Valley for Rig 105, which is
currently under contract to another operator in Trinidad, which is being
reviewed by the Company.

Management will be visiting the rig at its current location in the week
commencing 23 February 2026.

Update on Bonasse field drilling programme

Well BON-18 has been drilled and completed as an offset to the original BON-2
well.

While drilling the shallow section, a better-than-forecast Upper Cruse
interval was encountered between 584 and 628 feet, which corresponds to a zone
that has historically produced 15,977 barrels of oil in the offset well BON-2.
The team opted to complete the well at this shallower depth.

In addition, two shallow oil-bearing sands were encountered between 270 and
374 feet. An operational decision was taken to log and evaluate these zones
rather than deepen the well and risk potential production impairment

BON-18 commenced production at an initial rate of approximately 5 barrels of
oil per day (BOPD), which in itself allows payback of drilling costs within
six months. Improvements to pumping efficiency are planned following the
completion of BON-19 operations.

In order to allow more time for   approvals and additional procurement for
the deeper well, the team opted to change the drilling sequence by drilling a
second well to investigate the shallow sands encountered in BON-18.

Therefore following completion of BON-18, the drilling rig was moved to a new
location to test the shallow oil potential identified during the BON-18
program. BON-19 was designed based on the shallow oil sands encountered in
BON-18 and is targeting a production interval between approximately 250 and
300 feet. The well is currently awaiting completion and is expected to
commence production thereafter.

Having the Rig flexibility to explore the unplanned for, newly encountered
shallow anomalies in BON-18, the team can now revert to the original
exploration of the deeper BON-2 play, and is proceeding from BON-19 to drill
BON-20 to achieve this.

Forward Plans

The rig will next move to the BON-20 location to drill the originally planned
for exploration well, now to approximately 1,750 feet, to test deeper sands,
including intervals producing in BON-2 and below those producing in BON-18.
The well is located near BON-18 and will target the CR5 and CR6 intervals at
approximately 500-600 feet and 1,500-1,600 feet, respectively.

Goudron field

In Goudron, three wells have been submitted for the execution of heavy
workovers, with one completed, one currently in progress, and the other
pending approval.

The geological and reservoir engineering teams are conducting detailed
evaluations to identify the most suitable heavy workover candidates. The team
has opted to correlate these heavy workover results with a planned development
well program, prior to final regulatory drilling approvals. Additional
drilling  candidates are also being reviewed within the Goudron field.

Inniss-Trinity

A full field review is underway to identify potential wells present in the
field that are not yet formally included under the Company's well listing,
which may introduce opportunities to expand the active well inventory and
production capability

The Company's management is contributing to this process based on its detailed
knowledge of the field gained from its previous CO2 EOR pilot project in 2021.

In parallel, existing wells are being assessed for feasibility of heavy
workovers, while general workovers and swabbing operations continue.

Cory Moruga well workovers

The Company has yet to deploy and test the SGN thermochemical wax treatment.
The Company has determined from desktop work that there are operational risks
which have cost implications if it is applied to Snowcap-1. There is an
opportunity for restoring significant production which could be then lost if
the method of application of the wax treatment causes downhole mechanical
issues.

Therefore the Company is considering the option to apply the wax treatment in
the Bonasse Feld, where the shallower reservoir depths and lower quantum of
potential for lost oil would lower the risk for a more cost-effective pilot
application to test operational procedures and gather data for modelling
various risk-reward profiles.

Progress on transaction activity

The Guercif Independent Technical Report by Scorpion Geoscience Limited
("Guercif ITR"), specifically covering the area penetrated by the MOU-1 and
MOU-3 wells, has been completed and will be shared first with the Company's
licence partner as required by the contractual terms of the Guercif Petroleum
Agreement.

The Guercif ITR is supporting the Company's progress towards completing a
transaction to appraise the area penetrated by MOU-1 and MOU-3 and move
towards applying for an Exploitation Concession in 2026.

Based on the Guercif ITR, the Company's terms based on preliminary discussions
for a Heads of Agreement, subject to due diligence and regulatory approvals,
include:

·    Funding 100% of the drilling, completion and testing of an appraisal
well in 2026

·    Repayment of past costs incurred on the licence;

·    Purchase of the Company's gas at the wellhead;

·    No exposure to costs for CNG or Micro-LNG processing facilities and
transport, marketing and distribution;

·    Collaboration on upscaling any future expanded gas developments based
on the scope of materiality outlined in the Guercif ITR

 

Summary

The Company continues to focus on low-risk drilling, production optimization,
and targeted workovers to support incremental and sustainable production
growth and to guide operational activities for the remainder of the year.

An update to production will be provided once the current round of drilling
operations has been completed.
 

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

"We are making good progress on many fronts including infield development
drilling; production growth, preparing and contracting for high-reward
appraisal drilling; and potentially concluding a transaction that will begin
to appraise, confirm and monetise the Moroccan gas discoveries in 2026. At the
same time, we must not neglect evaluating new prospectivity such as additional
oil reservoirs encountered whilst drilling in Bonasse and the emerging
Cretaceous prospectivity.

 

We seek to prioritise those projects that can generate the highest near-term
return for shareholders whilst maintaining flexibility to respond to new
drilling results, simultaneously with managing the everyday corporate
administrative function."

 

 

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

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 (https://www.predatoroilandgas.com/) :

 

Enquiries:

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

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

 AlbR Capital Limited

 David Coffman / Jon Belliss                                                     Tel: +44 (0)207 469 0930

 OAK Securities

 Jerry Keen /Calvin Mann                                                         Tel: +44 (0) 20 3973 3678

 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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