Predator3 Dec 2024 10:02
The recent placement lowered our share price and was not generally well received, (as we had been told that there would be no requirement for a placement for 12 months).
The additional money should however, help to add value. I see the placement as a positive, even though it damaged sentiment.
A re-rate, starting in Q1, will be very welcome.
A reminder of what the additional funding is for:
Guercif onshore Morocco.
1. Perforate higher pressure gas sand between 339 and 350 metres in MOU-3
600,000
(Still no news on the swabbing unit.)
It's possible that they will want to start MOU-5 and finish off MOU-3 while all the relevant experts and equipment are in place at the same time.
2. Contingency for testing MOU-5 and potential helium sampling
550,00
(Funding to drill was in place and now we have finance to test. Unknown how many zones that will cover)
3. Satellite remote sensing and gravity/magnetic study to potentially locate fracture zones for enhanced helium concentrations
50,000
I'm hoping this is now underway as we will need this information for MOU-5 and possibly MOU-6.
4. Contingency to close out Corrib South farmout offshore Ireland - conditions for award of successor authorisation now a likely near-term goal in H1 2025
25,000
This is now becoming very interesting. The new government will hopefully revisit Predator's option. The Green party got their just reward and are no longer an influence. Ireland's security of supply is among the worst in Europe. A cold winter will focus the mind.
5. Public Relations
Predator's historical Trinidad CO2 EOR Project is being presented by the Ministry of Energy and Energy Industries at COP 29 - global PR opportunity
10,000
Has this taken place yet? I would like to see an update on Trinidad soon.
6. MOU-6 well planning and long lead items
300,000.
Hopefully, we will start seeing progress in Morocco in Q1.
Maybe back to back drills?
Onshore Trinidad:
7. Complete acquisition of new producing field
15,000
( There is the potential for a slow but steady income over time)
8. Drill two infill shallow development wells on new field and apply chemical wax treatment.
Put on production - forecast 80 to 120Β
bopd initially
350,000
(This will add much needed revenue and should start producing oil this month)
9. Review new country entry onshore Africa.
Prospective acreage analogous to geological basins in Algeria and Libya which contain large producing fields - First Mover status to negotiate a Production Sharing Agreement
100,000
Could this be viewed as another Trinidad type asset, with a slow and steady income?
TOTAL COSTS
2,000,000
Morocco is the main prize, however, Ireland will reach a point where our option will become part of a general discussing on security of supply. We are in the right place at the right time and there are not many other options available.
Trinidad is the safety net.
All of this at a very low share price.