RE: Financial results out16 Apr 2025 07:25
IRELAND
In the case of Predator Oil and Gas Ventures Ltd., cash commitments are insignificant and no substantive expenditures are anticipated going forward in 2025. The Group is awaiting the outcome of an applications for a successor authorisation to Licensing Option 16/26 (Corrib South) which is under active consideration as confirmed by the Department of the Environment, Climate and Communications ("DECC"). There are not likely to be any significant funding implications emerging from this process in 2025 as the Group has been notified by a potential farminee of an intention to farm into Corrib South upon award of a successor authorisation.. In the future, the potential exists for the Company, as promoters of a LNG project to receive introduction and service providers' fees and a free minority equity position in a joint venture vehicle to move to the project development stage. Under these circumstances the inter-company loan would constitute past costs contributing to the level of free equity. Recovery of the relatively modest inter-company loan therefore has a variety of ways of being repaid. A potential award of the Corrib South successor licence and a closing of a farm down to one of the Corrib gas field owners would potentially grant the Group access rights to the Corrib infrastructure with which to re-purpose the Mag Mell FSRU project to deliver LNG to the Corrib pipeline and for potential gas storage at Corrib South. The change in the Irish Government coalition and the deteriorating situation with relation to gas supplies and gas storage in Europe provides an incentive for a new government policy in relation to security of energy and gas supply. This is reflected in the increased level of communication between the DECC and the Group over the Corrib South application for a successor authorisation.
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