Predator Oil & Gas Holdings PLC - Jersey-based operator active in Trinidad, Morocco and Ireland - Narrows its pretax loss in 2021 to GBP1.4 million from GBP1.6 million the previous year. Chair Paul Griffith says this was achieved despite a "significant" increase in operation activity and corporate strategic planning and execution.
Total assets increase to GBP6 million at December 31, up from GBP2.9 million at the same time a year prior. Successfully drills Morocco MOU-1 well on budget during 2021. MOU-1 is now suspended and completed for rigless testing. Follow up wells MOU-4, MOU-5, and MOU-NE have since been commissioned.
"Successful drilling and the completion of MOU-1 for rigless testing was a milestone achievement for the company in that it established the company as a highly competent operator whilst also unlocking the gas potential of a vast licence area in northern Morocco," said Chair Paul Griffiths.
"Whilst disappointed with the manner in which the Inniss-Trinity CO2 EOR project was unilaterally and unexpectedly terminated by our joint venture partner, we are pleased that the project established "Proof of Concept" for CO2 EOR operations in Trinidad," he continued.
Current stock price: 7.24 pence, down 15% in London on Wednesday
12-month change: down 54%
By Heather Rydings; heatherrydings@alliancenews.com
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Predator Oil (PRD)