(Alliance News) - Predator Oil & Gas Holdings PLC on Friday said it was fully funded for all 2024 firm commitments.
The Jersey-based oil and gas company focussed on Morocco, Trinidad, and Ireland said phase 1 Guercif rigless well testing is scheduled to start before January 25, with phase 2 using Sandjet scheduled by March.
Further, it expects well workovers in the first half of 2024 to generate gross net operating profit of USD3.1 million in the 12 months from the second half of 2024 until the first half of 2025.
Executive Chair Paul Griffiths said: "The addition of a substantial, near virgin, field appraisal and development asset onshore Trinidad provides the company with the potential to generate strongly positive cashflows in 2024 to contribute organically towards further development of its assets."
Predator Oil shares rose 12% to 10.32 pence each on Friday morning in London.
By Tom Budszus, Alliance News slot editor
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Predator Oil (PRD)