Two Analyst Comment12 Jan 2024 11:21
The shares are up 10% in early trading following the announcement of Predator’s planned forward work programme for 2024, which includes a rigless testing programme at the onshore Morocco Guercif licence and Snowcap-1 and Snowcap-2ST1 well re-entries in onshore Trinidad We think shareholder focus should remain on the Company’s efforts to demonstrate the volumetrics and flow potential from completion of the rigless testing programme in 1H24 to support an application for an Exploitation Concession. On success, we look forward to further operational updates from management on the impact of the test results on achieving early monetisation through either a CNG-based development or potentially a corporate transaction.
Predator Oil & Gas Holdings (PRDP.L, 9.25p, £52m) Trading update. Activity levels ramping up in near term with testing of the Guercif rigless test due to start later this month, with second phase of testing slated for end/Feb/early March. Recent acquisition of T-Rex Resources in Trinidad adds the Corey Moruga field to the portfolio with multiple well workovers planned this year. A new resource assessment has P50 recoverable resources of 1.4mmbbls (gross) and 12.9mmbbls prospective resources (gross). PRD is funded for all planned activity this year, so success should help to lift company to next level.
To receive PRD information directly please register with predator@flagstaffcomms.com