Predator Oil & Gas Holdings Plc (PRD), the Jersey-based Oil and Gas Company with near-term hydrocarbon operations focussed on Morocco and Trinidad, has announced its unaudited interim results for the six-month period ended 30 June 2025.
Financial highlights:
- Fully funded to satisfy all commitments for the next twelve months
- Expanded the portfolio of producing assets in Trinidad in order to achieve economies of scale ; taken critical steps in Morocco to finance and monetise near-term oil and gas development projects; facilitated future opportunities to pursue "blue sky" exploration potential for gas and helium in Morocco.
- First oil revenues realised in Trinidad: £66,815 (2024: £0)
- Loss from operations for the 6 months period includes administrative expenses of £821,277 (£872,485 for the 6 months period ended 30 June 2024) and the non-cash flow item of £ 1,176,935 (2024: £169,044) for share-based payments. The total loss attributable to shareholders comprised £1,634,890 (2024: £978,238)
- Cash balance, at period end of £2,578,090 (2024 year end: £3,813,371).
- A further £1,093,425 (US$1,500,000) held as restricted cash
- £2,000,000 (before expenses) raised through a placing of 50 million shares at 4.0 pence per share. 10,000,000 warrants have been granted at 6 pence per share, exercisable within 3 years from 10 February 2025; 4,441,641 shares issued in settlement of a US$250,000 deposit required for the acquisition of a Trinidad based group of companies
- Shareholder dilution minimized to enhance growth potential
- No loans.
- Negotiations progressing to extend First Extension Period of the Guercif Petroleum Agreement to 5 November 2026
- Issued share capital 666,316,395 ordinary shares (31 December 2024: 611,874,754 )
Operational highlights:
- Onshore Morocco MOU-5 well was successfully drilled without any operational incidents
- ·Helium show on gas chromatograph consistent with Company's geological model for helium generation
- Post well evaluation confirms the well significantly down-dip from the culmination of the structure to the northwest
- Presence of mobilised salt, confirmed for the first time in the area, sets up the potential for an additional deeper Triassic target with geological analogues at the Meskala and Tendrara gas fields in Morocco and Hassi R'Mel gas field in Algeria
- Denser seismic coverage required
- Preparations to test the "A" Sand in MOU-3 with, for the first time, the larger perforating guns
- Memorandum of Understanding executed for the purchase natural gas; designing, funding, constructing and operating an LNG distribution network; and to provide the services of selling and distributing LNG to industrial and commercial users in Morocco
- There has been no change in biogenic gas resources from the last Independent Technical Report in June 2024
- Onshore Trinidad the acquisition of Caribbean Rex Limited and its sole asset the Bonasse Field was completed
- There are no outstanding work programme commitments on the Ministry Licence
- As a consequence of the acquisition the Company was able to establish a sales point for the Bonasse Field oil at the South Erin gathering facility
- A Production and Field Services Management Agreement was executed with NABI Construction (Trinidad and Tobago) Limited ("NABI") whereby the Company was relieved of the burden of funding field operating costs, workover and drilling costs in lieu of receiving 30% of gross sales revenues less tax and royalty and 20% of gross sales revenues less tax and royalty for infill drilling after recovery of NABI's drilling costs.
- NABI performed 6 light well workovers to restore the Bonasse Field to initial start-up production.
- Planning for up to 2 heavy workovers and one infill development well is progressing for execution later in 2025
- The acquisition of the entirety of all of the Challenger Energy Group's businesses, producing assets and operations in Trinidad subject to regulatory consent
- Completion is anticipated during Q3 2025
- Upon approval the acquisition will immediately add up to 285 bopd and increase the Company's revenues from production
- It is anticipated that the Company will manage the producing assets under similar arrangements with NABI as for the Bonasse field
- The acquisition will provide the Company with the organisational structure, logistical support and access to facilities and contractual arrangements necessary to progress the appraisal and testing of the Cory Moruga Exploration and Production Licence Snowcap-1 oil discovery through the stages of development, transport and sale of oil production
- Two heavy workovers of existing wells in Cory Moruga are planned to be carried out in 2025.
- Preparations for drilling Snowcap-1 Q1/Q2 2026 are progressing and a rig has been identified and inspected for reactivation
- 2C/2P of 1.4/12.91M barrels of oil resources for the Snowcap structure remain unchanged from the last Independent Technical Report dated January 2024
- Appraising and developing the Snowcap-1 discovery remains the core asset for the Company in Trinidad with the potential to deliver at initial production rates requiring a sales point with no capacity constraints and a sensible commercial handling fee.
The acquisitions announced in the period under review increases the Company's footprint and visibility in Trinidad, which in turn creates more options for establishing a sales point for the Cory Moruga oil
- Offshore Ireland the application for a successor authorisation to the Corrib South Licensing Option
- 16/26 is still progressing. At the end of the reporting period the GSRO indicated that the process was near completion but once again asked for additional clarification of financial information.
Post reporting date:
On the 1 July 2025 the Company agreed mutually with the Seller to further extend the date for closing of the sale and purchase transaction to acquire Challenger Energy Group Plc's business and operations in Trinidad and Tobago to 7 days after the granting of regulatory approval, with a revised longstop date of 30 August 2025.
On the 21 July 2025 the Company announced the commencement of the MOU-3 well intervention and rigless testing operations for the "A" Sand.
On the 21 July 2025 the Company announced the Placing of 20 million new ordinary shares of no par value in the Company to raise £1M (before expenses) primarily to be used in lieu of the share consideration due to Challenger Energy Group Plc on closing of the acquisition of that company's business and operations in Trinidad and Tobago but also to provide additional working capital to support future operations in Trinidad and Morocco.
On the 31 July 2025 the Company released an update on the MOU-3 "A" Sand perforating programme, using for the first time the larger 27/8" perforating guns, indicating successful perforation and the recovery of samples from the zone of formation damage. The well was shut in to assess potential for clean-up and pressure build-up over time. Operations were performed under the forecast budget. Information was collected to assist with preparing a new well design and mud programme for an MOU-6 appraisal/development well. There has been no change to previously released estimates of gas resources.
On the 1 September 2025 the Company announced the Completion of the acquisition of Challenger Energy Group Plc's business and operations in Trinidad and Tobago with an effective date of 29 August 2025. A Production and Field Services Management Agreement with NABI Construction (Trinidad and Tobago) Limited was executed under which the Company receives 30% of gross revenues less taxes and royalties from existing production of 285 bopd and 15% of gross revenues for enhanced production until 100% recovery of NABI costs in 13 heavy well workovers and infield drilling over the next 24 months. The Company has no exposure to field operating costs nor investment in the firm licence obligations involving well workovers and drilling and historical licence liabilities. The acquisition provides the Snowcap downstream logistical support, additional gathering stations, sales tanks, service equipment, workover rigs, for development and sale of oil into a pipeline entry point.
On the 8 September the Company announced the appointment of Equiom Corporate Secretaries (Jersey) Limited as Company Secretary with effect from 5 September 2025.
Post reporting date:
On the 1 July 2025 the Company agreed mutually with the Seller to further extend the date for closing of the sale and purchase transaction to acquire Challenger Energy Group Plc's business and operations in Trinidad and Tobago to 7 days after the granting of regulatory approval, with a revised longstop date of 30 August 2025.
On the 21 July 2025 the Company announced the commencement of the MOU-3 well intervention and rigless testing operations for the "A" Sand.
On the 21 July 2025 the Company announced the Placing of 20 million new ordinary shares of no par value in the Company to raise £1M (before expenses) primarily to be used in lieu of the share consideration due to Challenger Energy Group Plc on closing of the acquisition of that company's business and operations in Trinidad and Tobago but also to provide additional working capital to support future operations in Trinidad and Morocco.
On the 31 July 2025 the Company released an update on the MOU-3 "A" Sand perforating programme, using for the first time the larger 27/8" perforating guns, indicating successful perforation and the recovery of samples from the zone of formation damage. The well was shut in to assess potential for clean-up and pressure build-up over time. Operations were performed under the forecast budget. Information was collected to assist with preparing a new well design and mud programme for an MOU-6 appraisal/development well. There has been no change to previously released estimates of gas resources.
On the 1 September 2025 the Company announced the Completion of the acquisition of Challenger Energy Group Plc's business and operations in Trinidad and Tobago with an effective date of 29 August 2025. A Production and Field Services Management Agreement with NABI Construction (Trinidad and Tobago) Limited was executed under which the Company receives 30% of gross revenues less taxes and royalties from existing production of 285 bopd and 15% of gross revenues for enhanced production until 100% recovery of NABI costs in 13 heavy well workovers and infield drilling over the next 24 months. The Company has no exposure to field operating costs nor investment in the firm licence obligations involving well workovers and drilling and historical licence liabilities. The acquisition provides the Snowcap downstream logistical support, additional gathering stations, sales tanks, service equipment, workover rigs, for development and sale of oil into a pipeline entry point.
On the 8 September the Company announced the appointment of Equiom Corporate Secretaries (Jersey) Limited as Company Secretary with effect from 5 September 2025.
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Source: Predator Oil & Gas
