REG - Predator O&G Hldgs - Operational Update

Predator Oil & Gas HoldingsAnnouncement

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RNS Number : 8473H  Predator Oil & Gas Holdings PLC  11 June 2026

FOR IMMEDIATE RELEASE

 

11 June 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")

 

Operational update

Highlights

 

·    Snowcap-3 long-lead well inventory build progressing on track

 

·    Oil storage tanks (capacity 1,200 barrels) to move to Snowcap-3
production facilities site

 

·    Snowcap-3 production start-up focussed on Herrera #8 Sand with a
potential initial pre-drill stabilised test rate of 500 bopd

 

·    Snowcap-3 estimated operating net-back US$52/brl, versus current
US$31.9 for April net entitlement oil sales equivalent to 76 bopd

 

·    Oil storage allows Snowcap-2ST1 and Jacobin-1 well interventions and
wax treatment pilot to proceed

 

·    Independent Technical Resources Report for MOU-6 published

 

·    Positively impacts MOU-6 risk versus reward metrics to deter
premature project dilution

 

·    MOU-6 well preparations accelerated

 

·    Significant progress towards potential award of Corrib South
successor authorisation

 

·    Corrib South back on the table as a potential "High Impact" strategic
asset

 

 

Predator Oil & Gas Holdings Plc (LSE: PRD), the Jersey based Oil and Gas
Company with producing hydrocarbon operations and exploration activity
focussed on Trinidad and Morocco, announces an operational update.

Trinidad

Snowcap-3 ("SC-3")

·    SC-3 well inventory build for long-lead items progressing on schedule
with delivery dates set by both in-country and overseas suppliers.

 

·    Pre-drill logistics team in place to secure the drilling site to
facilitate surveying for the  construction of the well pad and associated
production facilities.

 

·    Service Orders for well services being issued.

 

·    Commercial negotiations for the preferred drilling rig  to align
with the current window for drilling SC-3 are close to conclusion.

 

·    Exact timing for the commencement of drilling operations to be
announced closer to the current delivery dates being satisfied for all of the
long-lead well inventory items that have been sourced from overseas, which are
subject to freight transport logistics and customs clearance.

 

·    SC-3 pre-drill logging and well testing programme is being finalised.

 

·    Herrera #8 Sand targeted for production start-up based on a
stabilised initial forecast flow rate of 500 bopd with a minimum production
rate of 200 bopd to evaluate efficiency of oil storage capacity versus
trucking logistics to the preferred sales point.

 

·    3 existing oil storage tanks with combined capacity of 1,200 barrels
being moved to SC-3 well site to enable start-up production as early as
possible following well testing.

Snowcap-2ST1 ("SC-2ST1") and Jacobin-1 well re-entries

·    Sufficient oil storage capacity available to commence SC-2ST1  and
Jacobin-1 operations prior to commencing the SC-3 well.

 

·    SC-2ST1 increased bottom-hole reservoir pressure to 1845.7 psi to be
evaluated first by swabbing operations to attempt to prepare the well for
natural flow prior to pumping.

 

·    Jacobin-1 has also provided encouragement for a well re-entry and wax
treatment before conversion to pumping.

 

·    Successful operations may potentially add initially 20 to 40 bopd for
guidance purposes only, as the forecast is impossible to be determined
accurately prior to the completion of operations.

April net oil sales entitlement under the Master Services Agreement ("MSA")
for the Goudron, Bonasse, Inniss-Trinity and Icacos fields

·    2,289 barrels of net entitlement oil sold in April at a Heritage Fair
Market Value sales price of US$ 83.338/brl.

 

·    Equivalent to a realised operating profit net-back of US$31.9/brl
after Heritage and Ministry licence costs and no exposure to field operating
costs.

 

·    85.4% of the production is from Heritage Incremental Production
Service Contracts, which have less favourable commercial terms relative to
direct Ministry licences due to the application of additional royalties and
First Tranche Oil at a fixed price of US$16/brl.

Short-term business development strategy

·    Over the next 6  months focus is  on production start-up and cash
flow from the Cory Moruga Exploration and Production Licence, which is a
direct Ministry Licence.

·    SC-3 operating net-back currently estimated pre-drill to be US$52/brl
(versus US$31.9/brl for April sales oil using the same pricing parameters).
 This is subject to revision post-drill.

 

·    Initial SC-3  production estimate of 6,000 brls./month pre-drill
(versus 2,289 brls for April existing production).

 

·    Accelerated establishment of the pre-drill SC-3 production facilities
in Trinidad creates opportunity for a stepwise uplift in cash flow  to
potentially support reserves-based lending for MOU-6 in the event of a
successful well test and a declaration of commerciality.

Morocco

Independent Technical Resources Report ("ITR") MOU-6

The ITR is a strategic document for updating the Company's business
development strategy for Morocco.

The ITR is available at www.predatoroilandgas.com
(http://www.predatoroilandgas.com/)

Short-term business development strategy

·    Risk versus reward metrics for the proposed MOU-6 well are enhanced
by the ITR.

 

·    Historical drilling and rigless testing issues addressed by new well
design, mud weight strategy; drilling fluids chemistry and use of larger,
imported perforating guns.

 

·    Finalising partnering relationships pre-drill that involve
significant equity dilution in the MOU-6 project is commercially no longer
attractive due to the Company's new re-assessment of risk versus reward.

 

·    A relatively low quantum of capital is required for a potential
initial MOU-6 pilot CNG and/or micro-LNG "proof-of-concept" development.
Valuations remain subject to drilling success, testing results, commerciality
assessment, regulatory approvals and market conditions.

 

·    "Proof-of-concept" de-risking of the commercial model for gas
monetisation would significantly enhance the potential value of unrisked P50
and P10 prospective and contingent gas resources.

MOU-6 well planning

·    MOU-6 well inventory build for long-lead items will be completed at
the beginning of August.

 

·    Revised pre-drill strategies for well design and drilling mud
chemistry completed and will ensure flexibility for potential testing and
re-use of the proposed MOU-6 well.

 

·    Environmental Impact Assessment is anticipated to be approved in
July.

 

·    MOU-6 will be drilled to +/- 950 metres.

 Ireland

Corrib South Licensing Option 16/26

·    Focussed at corporate level on satisfying remaining financial
requirements requested by the regulatory authorities to be submitted by 30
September 2026 to allow a recommendation  to be made on the status of the
application for a successor authorisation.

 

·    The Company is confident that it will satisfy the stated regulatory
requirements, particularly considering the increased cashflow to be
potentially established by the SC-3 well in Trinidad.

 

·    Corrib South has been re-established as a potentially significant
asset for the Company adjacent to the Corrib gas field. It could provide
future much-needed gas storage for Ireland to assist with energy security and
to prolong the life of the Corrib gas field infrastructure.

 

·    For context Corrib South was retained by the developer of the Corrib
gas field (Shell) as a Reserved Area Licence prior to exiting Ireland.

 

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

"Since 2021 the global oil and gas sector has faced unprecedented challenges
generated by the demand to replace fossil fuels by renewable green energy to
address legitimate climate change concerns. The rationale for the changeover
was ill-conceived as it did not address energy security and the impact of
energy price shocks on the cost-of-living during an inevitable transition
period. This impacted investor sentiment and political expediency in Europe to
delay and put in place regulatory hurdles to frustrate the development of oil
and gas sector assets. Access to capital and finance needed for business
development growth became restricted and more costly. "Swimming against the
tide" would be an apt description for the oil and gas sector, particularly
impacting smaller independents during this period leading to a contraction and
near-elimination of the farmout market.

 

Fast-forward to the past 12 months and energy security and the cost-of-living
crisis has replaced the former political narrative as a result primarily of
the Middle East wars. Very few pragmatic and fair-minded people would deny the
importance of fossil fuel to sustain the Energy Transition and ameliorate the
cost-of-living crisis by developing indigenous oil and gas resources.

 

The Company has survived this period of turbulence to be in a position to now
"swim-with-the-tide" .

 

The change in sentiment in  political,  financial and regulatory  circles
is now being utilised by the Company to drive our operations forward in 2026
in a manner that was not previously possible.

 

 

We are very pleased with current progress given the unpredictable impact of
the Middle East conflict on the global logistical supply chain. So far there
has been no consequences for the Company. This window of opportunity must be
exploited before the cycle of positive sentiment might yet turn again,  as
politicians are fickle, depending on which way the votes blow!"

 

   1,200 barrels of oil storage capacity being moved to Snowcap-3 well site

 

 

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 (http://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 Man                                                          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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