LONDON (Alliance News) - Predator Oil & Gas Holdings PLC on Tuesday said its loss widened in 2018 as it progresses on gas assets development.
The company reported widened pretax loss of GBP792,461 in 2018 compared to GBP448,154 a year prior, due to an increase in administrative expenses.
Predator did not generate any revenue in either year, as it is currently focused on fossil fuel exploration activity.
A project onshore Trinidad is the core asset in Predator's portfolio, it said, as it offers the potential for early cash flow from production. During the year the emphasis has been on moving work on from infill drilling, to enhancing oil recoveries and production rates using C02 injection.
During the year, Predator also applied for successor authorisations for gas assets in Ireland, one of which has subsequently been granted in 2019. Ireland has proved to be a challenging environment over the recent years for executing projects in a timely manner, the company noted.
Predator said Morocco is becoming an "exciting addition" to its portfolio of gas projects and offers a high-quality opportunity for low capital investment in drilling. Thus, Morocco is set to become an additional "pillar" supporting Predator's business growth potential during 2019.
"I am encouraged by our achievements to date over a short period of time in developing a portfolio of material assets, each of which could potentially transform the company in its own right," said Chair Sarah Cope.
Predator shares were trading 0.9% higher on Tuesday at 9.34 pence each.
Predator Oil (PRD)