Rns25 Sep 2024 07:07
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Interim Results for the period ending 30 June 2024
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Predator Oil & Gas Holdings PLC
25 September 2024
FOR IMMEDIATE RELEASE
25 September 2024
Predator Oil & Gas Holdings Plc / Index: LSE / Epic: PRD / Sector: Oil & Gas
Predator Oil & Gas Holdings Plc
("Predator" or the "Company" and together with its subsidiaries "the Group")
Report and Interim Financial Statements for the 6 months to 30 June 2024
Financial highlights:
· Fully funded to satisfy all commitments for the next twelve months
· Preparing the organisational structure necessary to accelerate the transition to production and a possible future partial divestment and monetisation of discovered gas onshore Morocco
· Total comprehensive Loss for the 6 months period is £978,238 (£2,361,721 for the 6 months period ended 30 June 2023)
· Cash balance, at period end of £4,352,190 (2023 year end: £6,484,034)
· A further £1,186,155 (US$1,500,000) held as restricted cash
· £304,476 (before expenses) raised through the exercise of 5,221,203 broker warrants, 2,890,908 of the warrants exercisable at 5.5 pence per share; 1,780,412 of the warrants exercisable at 5.7 pence per share; 549,883 of the warrants exercisable at 8.0 pence per share
· No material shareholder dilution
· No debt
· Application dated 5 June 2024 to enter the First Exploration Period of the Guercif Petroleum Agreement submitted which on ratification will reduce the Company's firm regulatory financial commitments and work programmes
· Issued share capital 570,382,865 (31 December 2023: 565,161,662)
Operational highlights:
· Onshore Morocco initial conventional rigless testing programme successfully executed and preparations for next stage to evaluate Sandjet perforating technology performance progressing
· MOU-3 shallow higher pressure gas remapped with gross P50 and P10 gas-in-place of 37.75 and 53.81 BCF respectively - potentially a separate standalone CNG development project.
· Preparations to drill the MOU-5 well to test the large 187km2 Titanosaurus Jurassic structure have been progressed and refined based on new desktop seismic modelling of potential reservoirs which has increased gross gas-in-place estimates to 8.036 and 14.729 TCF - establishing a potential gas-to-power development option adjacent to the Maghreb Gas Pipeline
· Onshore Trinidad low-cost administrative office established and in-country operating capability being progressed
· Additional well intervention opportunities identified and being advanced in the context of economies of scale and enhancing near-term potential product
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