(Alliance News) - Predator Oil & Gas Holdings PLC on Wednesday said that its loss widened in 2023, as a result of an increase in drilling activity in Morocco.
In 2023, Predator Oil's operating loss widened to GBP4.8 million from GBP2.5 million a year earlier. The increase in operating loss is primarily due to increased drilling activity in Morocco, the company explained.
Its pretax loss widened to GBP4.8 million from GBP2.6 million.
"We are pleased to have completed successfully and within budget a transformational 3-well drilling programme in Morocco," said Chair Paul Griffiths.
"We have identified a significant potential gas structure linking the MOU-1 and MOU-3 wells that will be evaluated by a rigless testing programme using Sandjet perforating technology to reach beyond potential formation damage.
"We have also encountered shallow higher pressure gas that was better protected from formation damage whilst drilling by the setting of a shallow casing string. This can also be perforated and tested now using Sandjet, even though it sits behind two casing strings."
Predator Oil shares fell 1.0% to 10.40 pence each on Wednesday afternoon in London.
By Sophie Rose, Alliance News senior reporter
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Predator Oil (PRD)