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Predator reports an eventful FY24 as it advances toward monetisation of its gas and oil asses in Morocco and Trinidad. In Morocco,

PRD

carried out extensive testing of its MOU-1 and MOU-3 wells. The rigless tests successfully identified reservoir formation damage and possible options to facilitate gas flow. The shallower MOU-3 was prioritised to demonstrate gas flow and accelerate revenues through a simpler CNG pilot.

Additionally, MOU-5 found its primary target, and is being advanced for helium exploration, and additional gas over the structure north of the well where reservoir development is predicted. The MOU-5 structure holds significant upside that can be unlocked through a large-scale 3D seismic programme, which

PRD

plans to fund through a farmout.

Post-period,

PRD

announced the successful acquisition of 51% of Caribbean Rex in Trinidad, and the prospective Bonasse field where

PRD

signed an offtake agreement with NASI.

PRD

also announced the acquisition of Challenger Energy's business, producing assets, and operations in Trinidad.

The addition of Challenger's Trinidad assets will add at least 272 bopd with significant upside available, while Bonasse's offtake agreement means sales from the field are imminent. First revenues from the Challenger acquisitions are expected by July 2025, as well as first revenues from the Jacobin-1 and Snowcap-1 workover programmes.

Predator remains debt-free, with a robust cash position at period-end, giving it sufficient runway and liquidity to fund all its work programmes over the next 12 months. To bolster its balance sheet,

PRD

completed 2 placings in 2024 while implementing effective operational and corporate cost controls.

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Posting old news making people fool

'The extensive MOU-1 and MOU-3 rigless testing programme has made progress in identifying the extent of the reservoir formation damage and the range of potential options required to achieve reservoir clean up to facilitate potential gas flow. We remain confident that the selected option and/or options can eventually be successful.

Prioritising the shallow "A" Sand for rigless testing is driven by the need to demonstrate gas flow and accelerate monetisation through a simpler CNG pilot development option.

MOU-5 demonstrated the presence of our primary target and gave us the encouragement required to develop the helium exploration play and to focus on a large core area north of MOU-5 where reservoir development is predicted.

There is no doubt that the MOU-5 structure offers considerable potential, but unlocking this potential requires a large 3D seismic programme which the Company only wishes to fund through a farmout process given our immediate portfolio priorities to monetise our gas and oil assets in Morocco and Trinidad in 2025.

The Company continues to maintain adequate cash liquidity to fund all our work programmes over the next 12 months due largely to accessing funds in the equity market when the opportunity was presented to us and a very significant and material operational saving on the MOU-5 drilling costs through effective operational oversight.

2025 is already proving to be a year of great challenges due to the turmoil created in the financial and equity markets by uncontrollable political events. This has led to reduced availability of finance; volatile commodity prices; weakened investor sentiment and caused a dash to liquidate assets for cash. Frustratingly this has led to a write-down across the oil and gas sector in general in the public market valuation of companies irrespective of the value of oil and gas resources in the ground.

We are confident that market conditions will ameliorate during 2025. However we have taken steps to ensure that we prioritise revenue generation from our producing and near-production assets; maintain the ability to sell specific assets if attractive to do so; and, where prudent, acquire additional cash-generating assets.

Improving our cash liquidity through two Placings completed at an opportune time before the market was impacted by the above circumstances ensures that we are fully-funded to complete our programme to monetise over the next 12 months from a position of strength.

We continue to manage costs by moving towards the implementation of Production and Field Services costs to remove the burden of operating costs and administrative personnel and some capital costs whilst retaining adequate cash flow from a material percentage of sales revenues.'

Original announcement link

Source: Predator Oil & Gas

News very near

Excellent news. 📰

D: 08:38 17 Mar 2025 GMT

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I think i will buy more and hold for the massive rise.....

strong buy here

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Next target 4p from here

Let,s see the bigger move

1.57 to buy

Going up .changing the direction

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