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Prospective reserves to contingent resources

The Best Estimate assessment uses a gas initially in place ("GIIP") estimate of 595 BCF based on an area of closure following the drilling of MOU-1 of 31.7 km².

MOU-1 established a common structural closure with the original MOU-4 Prospect and calibrated the pre-drill seismic amplitude anomalies over this area with the gas-bearing interval encountered in MOU-1.

The gross Best Estimate for the Appraisal Project based on a conservative 66% gas recovery over 13 years is 393 BCF (295 BCF net attributable to Predator's 75% interest). SLR indicate a High Estimate of 708 BCF net attributable to Predator's 75% interest based on a higher GIIP estimate for thicker reservoirs.

The results of the MOU-1 well have confirmed and de-risked the previously reported pre-drill CPR assessment of Prospective Resources.

As a consequence the CPR has moved the pre-drill Prospective Resources to Contingent Resources and defines the Best Estimate of 295 BCF net to the Company's 75% interest to be "potentially recoverable from a known accumulation by the application of a development project".

The CPR concludes that "based on the potential size of the MOU-4 structure, the project is likely to be commercially viable"

hTTps://www.lse.co.uk/rns/PRD/corporate-update-h3orxsdfm5dqf81.html

Pre-drill preparations for the MOU-4 step-out well 8 kms. to the east of MOU-1 on the same structure de-risked by MOU-1 is progressing as planned at a location where the maximum thickness of reservoirs sands is interpreted to be present. The CPR confirms the "analogy of MOU-4 to the Anchois-1 gas discovery in the offshore Rharb Basin".

MOU-1 confirmed for the first time a working hydrocarbon system in the Guercif Basin for thermogenic dry gas originating from a much deeper source interval.

It defined a new gas province in Guercif and de-risked multiple gas prospects over an area of at least 200 km² to be followed up in the future

The MOU-NE drilling lead has now been mapped at the base of the forecast reservoir sequence with a structural closure covering 102 km².

The next step is to finalise a drilling location based on defining the highest point on the structure with the maximum potential for leached reservoir development (18 metres of reservoir were encountered approximately 2,200 metres downdip in well TRF-1 about 15 kms. to the southeast of the MOU-NE structure beneath a zone of gas shows.

MOU-NE well will be targeting a gross reservoir sequence of approximately 200 metres within which the potential for good quality reservoir is increased due to its structurally elevated position relative to TRF-1.

MOU-NE is adjacent to the gas-generating basin defined by the MOU-1 well results.
Oil and gas shows are present on trend to the west of Guercif in the target reservoirs in the depleted Boudraa and Tselfat oil fields and in the DGR-1 and DGR-3 wells, demonstrating an active petroleum system to the west that wil

Strategic objective to demonstrate a potential gas field production profile of between 150 to 250 mm cfgpd

In response to industry interest in respect of the Guercif gas opportunity based on latest operation update

. Industry interest in any future participation in the Guercif gas project has referenced an EXPORT option to Europe should Guercif gas resources be proved up more quickly by additional drilling.

The Company believes that a target gas production profile of 150 to 250 mm cfgpd will be required in order to create the potential for winter-focussed gas sales of surplus Moroccan gas into the European market. The MOU-1 and MOU-2 structure is in close proximity to the Mahgreb gas pipeline (less than 5 kilometres away) creating the infrastructure link to a potential European gas market. As a licence operator the Company has rights of access to the Maghreb Gas Pipeline subject to regulatory approval. A potential tie-in access point is within the Company's licence area.

To address this additional export option the MOU-1 and MOU-2 testing programmes are being expanded to include all potential gas reservoirs in the wells to maximise gas deliverabilities. This involves some additional costs in equipment and for extra operational days. The costs are justified by creating an opportunity to demonstrate the ability to quickly scale up gas production to embrace both a domestic market and a larger export gas markets. This is an incremental near-term strategic objective

It's interesting as PG has always insisted he doesnt want the export route ,CNG all the way

They are keeping the follow on prospects under wraps so we don't know the overall field potential in terms of reserves but there is so much upside to the current information we know

Conservative net pay 21m MOU-2
Recovery rate 66%
135BCF based on 21m netpay discounted
By 46%, £2.67 CNG valuation
Good Flow rates of 1.9mcfgpd from 1m in nearby fields although in our licence proved up by MOU-1 over pressured High porosity sands
Potential for thicker sands in MOU2 and therefore better flow rates

So the good thing for us, all will be confirmed as part of strategic objective

Upside is off the scale , giving opportunity for partial sale /Jv for export route and us to keep all of the CNG

CPR pre MOU 1

Predator has prioritised the development of Tertiary gas plays on the Guercif permits.

These Tertiary Neogene gas plays are commercial in the very similar Rharb basin to the west where good seismic, processed with Kirchhoff PSTM and AVO has resulted in a remarkably high discovery rate.

Predator has mapped the Tertiary Moulouya Mid Late Tortonian Turbidite Fan Prospect based on seismic amplitude anomalies.

The best case gas initially in place (GIIP) is calculated as 595 BCF based on an area of closure of 31.7 km2

The closure is supported by clear seismic amplitude anomalies seen on 2003 vintage data.

https://wp-predatoroilandgas-2020.s3.eu-west-2.amazonaws.com/media/2022/01/cpr2022.pdf

MOU 1 Results

https://www.lse.co.uk/rns/PRD/operational-highlights-and-placing-3n4acjtqzj8qpcf.html

Operational highlights

· MOU-1 TGB-2 target successfully penetrated at 1229 metres TVD MD.

· Gross section of 75 metres corresponds to pre-drill seismic "bright spot" with increased resistivity log response and formation gas show.

· TGB-2 now interpreted as western distal limit of the MOU-4 submarine fan ("MOU-4 Target")

· Potential for structural/stratigraphic trap of up to 60 km²

MOU-1

Perforating & testing programme

TGB-2 target successfully reached according to pre-drill prognosis.

Higher log resistivity and dry gas readings in TGB-2 unit over a gross interval of 75 metres despite significant increase in mud weight required whilst drilling.

Perforating and testing warranted to evaluate commercial flow potential.

MOU-1 validated the pre-drill seismic "bright spot" anomaly.

MOU-1 will help calibrate MOU-4 Target seismic "bright spots" to adjust a final well location to appraise the MOU-1 drilling results.

Preliminary seismic re-correlation of the TGB-2 objective to the MOU-4 Target confirms that MOU-1 successfully proved up and substantially de-risked the MOU-4 Target.

MOU-4 Target

Updated CPR incorporating MOU-1 results

MOU-1 preliminary results have enhanced the P10 Case for MOU-4 Target prospective gas resources by identifying a potential structural/stratigraphic closure of up to 60 kms².

Updated CPR to reflect new positive information on potential area of trap.

Compressed Natural Gas Study

("CNG")

Update

Presence of dry gas in MOU-1 reduces development costs for CNG.

Facilitates commercial discussions with off-takers of gas in Morocco in relation to first right of refusal for potential future Gas Offtake Agreement.

Lots of newsflow due near term

Page 5 of sept presentation

https://wp-predatoroilandgas-2020.s3.eu-west-2.amazonaws.com/media/2022/09/Proactive-Presentation-Final-8-September-2022-LATEST.pdf

Sign MOU gas sales
Sign MOU leasing CNG equipment
Farmout negotiations - execute
Drill MOU2
Rigless testing MOU1 & 2

All theabove show at similar time when MOU2 spuds ,interesting rigless testing starts at sametime as spud MOU2 , so potentially could be testing MOU1 now

Rns 8th Nov

Following initial discussions during this year with a number of parties it is anticipated that the Company will sign agreements shortly after the announcement of the MOU-2 test results with certain companies that it has prioritised for gas sales and an initial financing package for a simple Compressed Natural Gas ("CNG") pilot development. CNG is easily scalable, unlike a fixed pipeline development, and is attractive for developers of gas seeking a near-term increase in gas revenues

Ireland

Rns 13th December

The Company expects to be able to update the market in the next few weeks on whether the party that has expressed an interest in the Predator Oil and Gas Ventures Ltd.'s application for a successor authorisation for Corrib South will proceed to the next stage or not following the completion of preliminary due diligence.

Mag Mell Energy Ireland Ltd. presented its Mag Mell Floating Storage and Regasification Project to the Security of Supply, Markets and Retail Energy Division at a meeting that took place at the Department of the Environment, Climate and Communications offices at Adelaide Road, Dublin on 2 December 2022. The meeting was extremely constructive and allowed each respective party to be better informed ahead of a decision on various options that may or may not be adopted following the conclusion of the public consultation process on Ireland's security of supply review. The Company believes that these options may be clarified by the end of January 2023

Trinidad

An engagement Letter with Optiva has been executed by the Company regarding any potential M & A transaction with, or an investment by parties directly into, Predator Oil & Gas Trinidad Limited ("POGT"), a wholly owned subsidiary of the company, to gain specific exposure to CO2 EOR activities. Any such external investment specifically into POGT would allow this project to progress simultaneously with Predator's other projects, while not diluting the value of those other projects.

The Company will commission a CPR on Cory Moruga in the coming weeks which is expected to be published before Completion

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