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It’s becoming clearer that Predator (PRD) is lining things up very deliberately — and not just for the sake of admin. The sequence of events over the last few weeks feels coordinated, not coincidental. A new company secretary, the timing of the AGM, the release of the interim accounts, and now an investor presentation set just after the AGM all point towards a planned, positive reset in how the company communicates and presents its future.

The new company secretary is a strong signal of improved governance and tighter organisation — exactly what you’d expect to see before stepping into a more active phase of growth or external engagement. The short delay to the AGM makes sense in that light too; it’s bought time to tidy up the formalities and ensure the messaging and documentation are aligned with what the company wants to show next.

The key detail here is that the investor presentation comes after the AGM. That timing suggests management wants to complete the formal business first, then speak directly and openly to shareholders about operations, strategy, and what comes next. It’s a sign of confidence — companies don’t set up a separate investor event unless they have something worth talking about.

PRD has been busy in the background. Between the ongoing work in Morocco, developments in Trinidad, and integration of recent acquisitions, there’s clearly plenty happening operationally. The presentation gives them the perfect platform to update on progress, explain next steps, and, importantly, communicate how these efforts tie into future value creation.

This isn’t the behaviour of a company with nothing to say. It looks like management has been preparing to re-engage properly with shareholders — with a refreshed, professional image and a more open approach to communication. The presentation may well include operational updates, forward plans, and a clearer funding or development strategy. It could also offer the market the clarity and confidence it’s been waiting for.

Even if not every detail is headline-grabbing, the bigger message here is about momentum and maturity. PRD looks like it’s turning a corner — tightening its structure, improving communication, and preparing for the next stage of growth. The coordination of these steps shows intent and purpose.

In short, this setup doesn’t look like routine housekeeping — it looks like preparation for something meaningful. The company appears ready to speak directly to investors with confidence, transparency, and direction. After a period of consolidation, PRD seems to be signalling that it’s ready to move forward again, stronger and clearer than before.

The Guercif Basin in northeast Morocco lies within a large, gas-prone sedimentary system extending into Algeria’s proven gas provinces. Structurally, it sits between the Rif fold belt and the Middle Atlas, creating fault-bounded traps, compressional folds, and ideal conditions for gas generation and storage. The basin contains thick Jurassic, Cretaceous, and Tertiary sediments composed of porous sandstones and carbonates, sealed by marls and evaporites. This combination of reservoir and seal units forms multiple, vertically separated gas accumulations.

The geological framework provides every element of a working petroleum system. Deep Jurassic and Cretaceous shales contain mature organic matter capable of producing thermogenic gas, while overlying Tertiary formations generate biogenic methane at shallow depths. The coexistence of both deep and shallow gas sources ensures a long-lived gas charge. Faults and fractures created during tectonic compression act as migration paths, feeding gas into the overlying sandstones where it becomes trapped beneath impermeable salt and clay layers.

Predator’s MOU wells have confirmed these mechanisms. Each recorded gas shows in several intervals, proving active gas charge and trapping. MOU-5, the deepest test so far, intersected multiple sandstones with gas and helium—a clear indicator of migration from mature source rocks. Helium also points to significant volume and continuity of the system, as it only accumulates in long-sealed reservoirs.

Seismic data show stacked, laterally extensive reservoir layers with closures spanning many square kilometres. These are not isolated pockets but broad traps capable of holding large gas volumes. Porosity and permeability data indicate that the sandstones have good storage and flow potential, comparable to productive North African gas fields of similar age.

The regional setting reinforces the scale. The Guercif Basin shares geological ancestry with Algeria’s Triassic and Jurassic gas plays. The same source rocks and structural style extend across the border, and the discovery of gas and helium at Guercif confirms this petroleum system continues into Moroccan territory.

The basin’s proximity to the Maghreb-Europe Gas Pipeline—just a few kilometres from the MOU sites—adds a major commercial advantage. If flow tests confirm steady rates, gas can be sold quickly via local CNG production or pipeline tie-in without heavy infrastructure cost.

Taken together, the evidence shows Guercif is a gas-rich basin rather than a marginal one. Multiple stacked reservoirs, strong seals, active gas sources, and wide structural closures all point to substantial gas volumes already present, awaiting confirmation through flow testing.

The Guercif Basin in northeast Morocco lies on the edge of a large sedimentary system that continues into Algeria, where multiple gas fields are already producing. It’s a region of Jurassic to Tertiary rocks, made up of alternating sandstones and clays with salt and carbonate seals – exactly the kind of geological layering that traps gas. Faults and folds formed natural closures (anticlines) that concentrate hydrocarbons.

Predator’s wells (MOU-1 to MOU-5) have progressively tested this structure. The first wells focused on shallow, biogenic gas – methane generated by bacterial activity in younger rocks – while the later wells targeted deeper sandstones and carbonates with potential for thermogenic gas, created under heat and pressure over millions of years. Gas shows were recorded in every well, confirming a working hydrocarbon system.

MOU-5, the deepest and most recent well, found gas shows together with helium, which only appears when gas has migrated from deeper formations. That’s significant, as it indicates a long-term, mature gas source below. The well also encountered salt layers, which are excellent seals that prevent gas from escaping. All of this points to both shallow and deeper traps being gas-charged.

In short, the geological ingredients – source rock, migration pathways, porous reservoirs, and sealing layers – are all in place. The question now is not whether gas exists, but whether it can flow at commercial rates. Flow testing determines if the gas can be produced steadily and cheaply enough to sell. The area sits only a few kilometres from the Maghreb-Europe gas pipeline, which gives an easy export route once production begins.

If commercial flow is confirmed, the development timeline could be relatively short. Initial testing and pilot development might take a few months, with first compressed natural gas (CNG) sales possible within 12–18 months. Predator’s approach is small-scale and modular, using local CNG transport instead of expensive new pipelines.

From a geological standpoint, the Guercif Basin is a sound place to look for gas. The rocks, traps, and gas indicators are all there. The key is proving volume and flow, not the presence of gas itself.

So is Paul Griffiths wasting money? Unlikely. The data and drilling results suggest he’s operating in a proven hydrocarbon system, not a blind gamble. The steady methodical drilling, the helium evidence, and proximity to infrastructure all point to a company setting up for a potentially larger win once testing confirms flow and volumes.

Cont

However, there is no independent confirmation yet of commercial gas flow, nor any explicit government statement linking policy shifts directly to PRD’s wells.

Taken together, the evidence is circumstantial but consistent with the view that PRD may be on the cusp of a meaningful discovery – or at the very least that Morocco is preparing the framework for gas production should exploration prove successful.

Just something to pass Saturday!

1. “Promising results” reported in regional press

Outlets such as Atalayar have carried reports that Predator announced “promising results in hydrocarbon exploration in Guercif”. Highlights included good quality limestone, dune sand, and new structural observations – including a deeper sandstone interval beneath carbonate zones.

Whilst not independent verification, the fact this is being publicised in regional media suggests growing interest and recognition of the project’s potential within Morocco’s domestic energy strategy.

2. Government infrastructure planning accelerating

Although not explicitly tied to PRD’s wells, the Moroccan state is clearly moving ahead on energy infrastructure, consistent with preparing for increased domestic production. Examples include:

LNG terminal (Nador): Morocco has announced a call for expressions of interest (EOI) to build a liquefied natural gas (LNG) terminal near Nador, to connect with existing pipelines from Spain (Reuters).

Gas network expansion: Efforts are under way to interconnect major gas infrastructure projects via strategic ports such as Nador West Med, bolstering national energy security (The Arab Weekly).

Nigeria–Morocco “Gazoduc” pipeline: Morocco continues to promote the $25 billion pipeline project linking Nigeria → Morocco → Europe, with ONHYM (state hydrocarbons office) actively presenting progress to investors (Morocco World News).

These moves are not proof of a PRD find, but they do resemble the kind of groundwork you would expect if Morocco anticipates more internal gas supply.

3. PRD’s own updates and industry coverage

Although not wholly external, Predator’s statements shape third-party perceptions:

Their website lists P50 prospective resources for MOU-5 at 5.9 TCF of gas, with helium potential, and notes proximity (~2.5 km) to the Maghreb pipeline. (Predator Oil & Gas)

Interim H1 2025 results described Morocco operations as “advancing exploration programmes” and moving towards development planning (ADVFN).

Local media have highlighted PRD as “the only company conducting drilling operations in Morocco this year”, which underscores the visibility of their activities (Barlaman Today).

4. Market reaction & share price volatility

On 1 August 2025, PRD shares fell over 30% following a well update that disappointed market expectations. Some commentary suggested analysts and investors had built up hopes (possibly from speculation or informal sources) which were not fully met by the RNS (Proactive Investors).

⚖️ Assessment – Are these signs pointing to a discovery?

PRD’s exploration, especially MOU-5, has been reported as showing encouraging indicators and has drawn external attention.

The Moroccan government is clearly pushing ahead with strategic gas infrastructure planning, which aligns with the possibility of domestic production being brought online.

However, ther

Has there ever been a day with so few posts?

Was just thinking same - medium sized volume purchases too !

Predator Oil & Gas owns 50% of a project called Corrib South in Ireland, close to the existing Corrib gas field. If gas is discovered, it could be connected into existing pipelines, saving a huge amount of cost and time. Right now, though, progress feels stuck because several steps have not been completed.

First, Predator only holds a “Licensing Option,” not a full exploration licence. To drill or develop, the company needs the Irish government to grant a Successor Authorisation (the full licence). Without this, nothing can legally move forward. Predator says it has already met the technical requirements and submitted financial information, but the government has yet to make a decision.

Second, Predator must prove it has enough funding to pay for drilling and development. Oil and gas projects cost millions, and regulators want to be certain companies can cover the work, safety obligations, and any cleanup if required. Predator has said it has farm-in agreements agreed in principle — where partners come in to share the risk and cost — but these can only be finalised after the licence is granted.

Third, even with the licence and partners in place, Ireland has strict planning and environmental rules. Any drilling or construction needs permits, environmental impact assessments, and public consultation. Ireland is pushing towards green energy, so new gas developments face additional political and public scrutiny.

Fourth, there is infrastructure risk. Predator’s plans rely on existing pipelines and facilities staying open. Some older pipelines were due for decommissioning. If they are removed, costs rise because new connections must be built.

Finally, even if all permissions are granted and partners come on board, exploration carries technical risk. Gas must be present in the right volumes and pressures to make the project commercially worthwhile.

To move forward, these steps must happen:

1. Government grants the full licence for Corrib South.

2. Funding and partners confirmed to share costs and risks.

3. Environmental and planning approvals issued.

4. Infrastructure access guaranteed for pipelines and facilities.

5. Successful drilling proving commercial gas volumes.

6. Political support so policy does not block progress.

It is like opening a new shop: you need the lease (licence), money to build and stock it, planning permission, road access, and products to sell. At present, Predator is waiting mainly for the lease and permissions before anything else can happen.

It could still happen if the licence is granted and the other steps follow.

It’s easy to get distracted by the noise on here, but step back and look at what Predator actually has.

Trinidad gives the company real production and booked oil reserves. That’s not speculation – it’s barrels in the ground and cashflow on the books. It means PRD already carries value and isn’t just a blue-sky explorer. Recent NABI agreements are expanding production without heavy costs to PRD, strengthening cashflow further. Snowcap has certified reserves, with an appraisal well planned and already costed. That is tangible value today.

Morocco is the short-term catalyst. Multiple wells have proved shallow biogenic gas is present. MOU-3 has been perforated, samples recovered, and the well shut in to allow pressure build-up – testing is ongoing. Importantly, the Vivo MoU is in place. That means if flow rates are confirmed, there is already a commercial pathway for LNG/CNG sales into Morocco’s high-priced gas market. This is unusual at AIM level: most juniors discover first, then scramble for a buyer. PRD already has that route. In parallel, MOU-5 revealed salt and helium, opening the Triassic play. That is the longer-term prize, but the shallow gas is enough to deliver near-term value.

Ireland may be politically blocked, but Predator has moved to protect shareholder value with a compensation request. That is optional upside, not a cost.

So when trolls call this “binary” or “hopium,” remember the actual structure: reserves and production in Trinidad as a base, shallow Morocco gas testing as the immediate driver, and deeper Triassic and Irish compensation as the upside. That’s why holding PRD is not just speculation – it’s a layered investment with real foundations and multiple shots at growth.

Some keep spinning PRD as if it’s a coin toss. It isn’t. The company already has producing oil and booked reserves in Trinidad – that’s real value, not “hopium.” Morocco shallow gas is being tested with a sales route lined up through Vivo, which is what most small caps never achieve. The Triassic is the big swing, but it only comes on top of what’s already there.

That’s what I mean by structure – PRD isn’t one bet, it’s built in layers:

• a base layer (production + reserves in Trinidad),

• a middle layer (shallow Morocco gas with a ready market),

• and a top layer (the high-upside Triassic).

That means you’ve got downside protection at the bottom, near-term catalysts in the middle, and blue-sky upside at the top. Trolls calling it “binary” are ignoring that layered structure – probably because it doesn’t suit their angle.

Yawn! Or they mean:

That post mixes some truths with a lot of selective reading. Here’s how to untangle it and show what the RNSs actually mean:

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What the last few RNSs actually said about Ireland

• Predator confirmed they applied for a successor authorisation for Corrib South (licence 16/26).

• They noted the 7-year regulatory delay in Ireland’s process.

• The RNS states: “a request for compensation has been requested should the application for a successor authorisation be ultimately rejected.”

→ That’s not an “active lawsuit” – it’s a protective claim under the state’s own conditions, in case the licence is blocked.

What’s inaccurate or misleading in that post

• “PRD are suing the Irish govt” – No. They lodged a request for compensation (an administrative step). Not the same as taking Ireland to court.

• “Code for Corrib Successor is unlikely” – The RNS never says that. It says if the successor is rejected, then compensation should be considered. That’s conditional, not an admission of defeat.

• “Mag Mell billions” – Early RNSs did discuss multi-Bcf storage potential, but those were conceptual scenarios (LNG storage, CCS). They were always contingent on regulatory approval, and PRD flagged that risk. It’s not new.

• “No progress in Ireland = failure” – The reality is Ireland’s government has shifted policy heavily against new oil & gas and LNG. Multiple operators have stalled (not just PRD). That’s politics, not just company execution.

• “Expensive data room promoted” – True they opened a data room, but that’s normal industry practice. It doesn’t mean failure, just that no partner has yet committed under Ireland’s policy cloud.

• “By their own RNS admission, resorting to suing” – Wrong framing. It’s not “resorting to.” It’s keeping a legal/financial option open under a dysfunctional regulatory system.

What this really means

• Ireland is a headwind asset: PRD has ideas there (Corrib South, Mag Mell), but government policy has blocked progress for years.

• Predator’s management is signalling: “If you don’t let us move forward, at least compensate us for the cost of waiting.”

• That doesn’t kill the company – because Morocco (gas) and Trinidad (oil) are the value drivers now. Ireland is optionality, not the core.

If you want a short LSE-style response, it could be:

The RNS didn’t say “PRD are suing Ireland.” It said they’ve lodged a protective request for compensation if the Corrib successor is rejected after 7 years of delay. That’s standard in a hostile regulatory environment, not proof of failure. Ireland was always a long shot – the core value today is Morocco (gas + LNG with Vivo) and Trinidad (Snowcap reserves + production). Calling it a “lawsuit” is just spin.

People keep spinning the same “doom” lines, but the actual RNS wording doesn’t back them up:

• MOU-3: Company said successful perforation with larger guns, samples recovered, well shut-in for build-up. That’s not “completely failed” — that’s data gathering to fix over-balance issues. If you call that “done for,” you’re ignoring the text.

• MOU-6: RNS makes clear the point of testing MOU-3 is to design MOU-6. Nowhere did the company say you can’t test until you drill again. Claiming otherwise is just inventing hurdles.

• 3D seismic: They’re negotiating staged 2D/3D with ONHYM to manage time and cost. “Years of 3D right now” is just fear-mongering.

• ONHYM litigation: Zero evidence. Only appears on chat forums via AI “summaries.” Official RNSs speak of extensions, not lawsuits.

• MOU-5: Yes, the shallow Jurassic dusted — but the discovery of salt and helium is what opened the Triassic play. If you pretend that’s nothing, you’re deliberately ignoring the upside the company itself highlights.

So yes, if you cherry-pick one line and call the rest “hopium,” you can make anything sound dead. But read the actual RNS and you’ll see why the negativity looks like spin, not analysis.

Do I really have to spell this out to the fools that try to scare us! I guess so - please have a read:

A lot of people seem confused about what Predator means when they talk about the “next drill.” Here’s the straight read:

• Snowcap (Trinidad): That’s the only actual drill that’s formally on the books right now. It’s planned for 2026, targeting proven oil reserves, and it’s lower risk because it’s funded through partners. That’s why PRD can talk about it openly — it’s tactical, it keeps cash flow growing, but it’s not happening this year.

• Morocco: The situation is different. The shallow gas has already been confirmed in multiple wells (MOU-1, 2, 3, 4). The next step here isn’t another hole in the ground, it’s testing/stimulation of MOU-3 to prove it can flow at commercial rates. That’s enough to get the Vivo micro-LNG/CNG deal moving, without PRD spending millions on another well right away.

• The deeper play (Triassic): This is where the real prize is. MOU-5 missed its shallow target, but it proved something bigger: salt is present, and that’s the key ingredient in giant gas fields in Morocco/Algeria. To unlock that, they will need to drill again (MOU-6 or equivalent). But that well will be expensive, and PG isn’t about to rush into it without a partner.

So when the RNS says “next drill,” it’s not a promise of spudding a well tomorrow. It’s Predator sending a message:

• We have Trinidad covered (Snowcap is safe, funded, later).

• We can monetise shallow Morocco gas through testing, not new drilling.

• If someone wants a piece of the big Triassic upside, now is the time to come to the table and help fund MOU-6.

That’s a tactical way of flushing out a partner without committing shareholder funds too early.

Cont

🎯 Bottom Line

• Significance: High — this is Vivo signalling it is serious about Moroccan gas-to-industry distribution, and Predator is one of their supply bets.

• Frequency: Maybe 1–3 a year. This is not routine “noise.”

• Waste of time? For Predator, no — because Vivo already has a precedent in Morocco (Chariot). But it only turns “real” when Predator proves flow rates.

Sorry links haven’t copied

1. 🚨 Real Significance of the Vivo–Predator MoU

• Predator’s bottleneck is not finding gas, it’s selling it. Drilling has already confirmed shallow biogenic gas and hinted at deeper Triassic potential, but Morocco lacks small-scale infrastructure.

• Vivo is a downstream giant in Morocco — they have distribution networks, depots, service stations, and customer relationships. They know how to take molecules and get them into industry.

• By Vivo signing, Predator is essentially saying:

• “We don’t need to raise $20–50m to build our own LNG/CNG facility.”

• “We’ve got a partner who’ll carry that load, if we prove the gas.”

• For investors, this is a derisking signal. The usual question with juniors is: “So what if you’ve found gas — how do you monetise it?” Vivo answers that.

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2. 📊 How Often Does Vivo Sign These Deals?

• Vivo has signed several MoUs or Heads of Terms in the last few years, but not dozens. The notable ones:

• Chariot Energy (Morocco, 2024): Heads of Terms to develop a CNG plant and virtual distribution network【web†source】.

• Uganda National Oil Company (2023): LPG supply & distribution agreement【web†source】.

• Somagaz acquisition (Mayotte, 2022): Acquired an LPG import/storage/distribution business【web†source】.

• Pattern: maybe 1–3 significant energy transition / gas / LPG MoUs per year. This is not something they churn out weekly.

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3. ⚖️ When is it “Real” vs “Waste of Time”?

• Real (likely to stick):

• When Vivo’s involvement is downstream/infrastructure (their comfort zone).

• When it’s in countries where they already operate (like Morocco, where Vivo Energy Maroc is established).

• When there’s clear industrial demand for gas (Morocco has some of the highest industrial gas prices in the world).

• Example: The Chariot–Vivo agreement in Morocco. Very similar to Predator’s. It’s progressing because it fits Vivo’s strategy.

• Less real (MoUs that die quietly):

• When Vivo is only being used for “branding” — i.e., the upstream junior wants to pump its stock.

• When there’s no viable gas resource yet, or demand is questionable.

• When the host country’s regulation/politics are messy.

• These MoUs often don’t advance beyond the press release stage.

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🧭 So What About Predator?

• Predator has confirmed shallow gas (with contingent resources) and is actively testing MOU-3. It’s not hypothetical.

• Morocco is a core country for Vivo — they already supply fuels/lubes there and signed a similar deal with Chariot.

• Vivo doesn’t sign these lightly. They aren’t in the business of humouring tiny AIM explorers unless there’s real commercial potential.

• To Vivo, the risk is low: if Predator can’t flow gas, the MoU costs Vivo little. But if it works, Vivo locks in first-mover advantage in Morocco’s domestic gas dis

Funny how the loudest voices spend so much energy scribbling in crayon across the blackboard — as if drowning the chalk lines of numbers, facts, and MoUs will somehow erase them.

The trick is simple: bury substance under noise, ridicule what you can’t refute, and hope nobody notices the difference between a playground squabble and a boardroom agreement.

Yet, beneath all that sand-kicking, the footprints are still there — Vivo didn’t sign a colouring book.

Some of us prefer reading balance sheets to nursery rhymes.

Cont

Reading Between the Lines

Why it Looks Like a “Duster” (for casual readers)

• The Jurassic Domerian carbonate — the original target — had poor to non-reservoir. That is geologically a miss.

• Gas chromatograph data didn’t show hydrocarbons. No immediate commercial flow.

• So yes, if you take only that line, it’s a duster.

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Why It’s Not So Simple (the careful wording)

1. Down-dip Location, Not Concept Failure

• They stress that MOU-5 was “significantly down-dip.” That suggests the trap/crest may still have reservoir, but they drilled too low structurally.

• In exploration, that’s very different from “play doesn’t work.”

2. Discovery of Salt (Unexpected Positive)

• The real prize may not have been the Jurassic, but the Triassic beneath.

• Salt is a seal and structural creator. Its presence is why Meskala, Tendrara, Hassi R’Mel are giant fields.

• Before MOU-5, Predator didn’t know salt was there. Now they do — and that opens up a whole new play across 187 km².

3. Helium Show

• A helium anomaly at a fault plane is not commercial yet, but helium is globally strategic.

• It strengthens the case that the system has migration pathways from deep crustal sources.

4. Framing as a “Play-Opener”

• Paul Griffiths’ language: “Without MOU-5 this would never have been possible… the Triassic is now the focus.”

• Classic way of saying: “Yes, the first target missed, but we’ve unlocked something bigger.”

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📌 Big Picture for Morocco

• Shallow biogenic gas (MOU-1 to MOU-4): Already has contingent resources, waiting on stimulation/testing. Vivo MoU suggests commercial path if flow is proven.

• Triassic conventional gas (MOU-5 revelation): Potentially transformational — analogous to multi-TCF fields nearby. Needs more seismic + deeper well.

• Helium: Side bonus, but strategically valuable.

So, MOU-5 was a miss at the shallow Jurassic level, but a geological win for the bigger picture. The wording is careful:

• To the casual eye, it’s a “duster.”

• To the industry/keen investor, it’s a pivot point: proof of salt + deeper Triassic target.

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🎯 My Take

• If Predator had only Morocco shallow biogenic gas, the “duster” narrative would sting.

• But MOU-5 has effectively upgraded the acreage: confirming salt + Triassic + helium.

• The RNS wording is careful because they don’t want to over-hype (risk of market abuse), but also don’t want to downplay the long-term prize.

So: short-term: yes, no commercial gas from MOU-5; long-term: much stronger strategic upside for Morocco.

To help PP 😃

🛢️ What They Actually Said About MOU-5

In the Interim Results 

• “Successfully drilled without incidents.” – starts positive (always sets a calm tone).

• “Helium show… consistent with geological model.” – not commercial gas, but a geological tick.

• “Well significantly down-dip from culmination of structure.” – important: they are saying we drilled in the wrong part of the structure rather than the structure doesn’t exist.

• “Presence of mobilised salt, confirmed for the first time in the area, sets up deeper Triassic target with analogues at Meskala, Tendrara, Hassi R’Mel.” – this is a big geological positive: the salt wasn’t expected, but its presence is what underpins giant gas fields in Morocco/Algeria.

• They admit: “Domerian carbonate target… poor to non-reservoir.” — that specific target was indeed a duster.

• But then pivot: “MOU-5 importantly established presence of Triassic salt… deep Triassic structure now the focus.”

• And: “Helium show supports case for deep crustal source.”

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In the AGM Notes 

• Morocco is summarised in promotional language:

“Potentially faster route to commercialisation of shallow biogenic gas… Moroccan gas prices high, fiscal terms among the best in the world.”

• Noticeably absent: No mention of MOU-5 disappointment. No “duster” words. They only talk about ongoing testing (MOU-3 “A sand”).

Cont

Cont

🧭 Why This Matters

• Trinidad: Gives Predator steady cashflow and keeps the lights on.

• Morocco: The “company maker” – if the shallow gas can flow and Vivo builds the LNG/CNG network, Predator could unlock hundreds of Bcf and rerate heavily. Triassic/helium add blue-sky upside.

• Ireland: Optionality – not core, but if granted could add leverage.

🛢️ Trinidad (Oil)

This is where Predator now has producing fields and contingent resources.

• Snowcap structure (Cory Moruga licence):

• 2P reserves: ~12.91 million barrels of oil

• 2C contingent resources: ~1.4 million barrels

(From Independent Technical Report, Jan 2024 )

• Appraisal well (Snowcap-3) is planned for 2026, targeting initial flows of 200–400 bopd.

• Currently some production from Bonasse (~10 bopd) and Challenger assets (~285 bopd gross, with Predator’s share under the NABI agreement).

• Other Trinidad assets: Bonasse, Inniss-Trinity, Icacos, Goudron.

These are producing or near-producing fields, mainly mature with legacy tax losses. The NABI agreements mean Predator takes a % of revenues (15–30%) with no opex burden .

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🔥 Morocco (Gas & Helium)

Predator’s big upside play is the Guercif licence (75% Predator, 25% ONHYM).

• Biogenic shallow gas (MOU wells):

• Independent Technical Report (June 2024, Scorpion Geoscience) confirmed contingent gas resources across MOU-1, MOU-2, MOU-3, MOU-4.

• Exact volumes haven’t been publicly re-upgraded since then, but previous guidance has suggested hundreds of Bcf potential (biogenic shallow gas is harder to quantify, but commercially interesting for CNG/micro-LNG).

• Triassic TAGI play (deeper, conventional gas):

• MOU-5 unexpectedly found mobilised salt and confirmed Triassic potential with analogues to Tendrara (Morocco) and Hassi R’Mel (Algeria).

• This is earlier stage but could be multi-TCF scale if proven — Predator themselves compared it to established North African gas giants .

• Helium:

• Helium shows detected in MOU-3 and MOU-5.

• Not yet resource-classified, but could add strategic value given global helium scarcity.

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🇮🇪 Ireland (Gas, Offshore Corrib South)

• Corrib South (licence 16/26):

• Predator has applied for a successor authorisation.

• It is adjacent to the producing Corrib gas field.

• No current resources booked (application stage), but satellite prospects could be material if drilled.

• More of a long-shot, regulatory-dependent asset.

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📊 Balance Sheet of Resources

To summarise in plain terms:

• Proven / Producing:

• ~285 bopd (gross, Trinidad), with Predator’s share under revenue split agreements.

• This is small, but cash-flow stabilising.

• Contingent (discovered, not yet commercialised):

• 14.31 million barrels oil (Snowcap contingent + reserves).

• Shallow biogenic gas in Morocco – independently confirmed, but commercialisation depends on successful well stimulation and LNG/CNG infrastructure (Vivo deal is key).

• Prospective (exploration upside):

• Triassic TAGI gas play in Morocco — could be very large.

• Helium shows in Morocco — unquantified, but strategic.

• Corrib South, Ireland — regulatory bottleneck, but possible future gas tie-in.

Cont