Predator Oil & Gas Holdings (PRD) H1 2024 earnings summary

Executive summary

• Fully funded for all operational commitments over the next 12 months, with no debt and no material shareholder dilution.

• Focused on advancing Moroccan gas assets, particularly the Guercif CNG project and the high-impact MOU-5 well, while consolidating Trinidad oil interests.

• Strategic flexibility to pursue partial divestment and monetisation of discovered gas, and to accelerate production transition.

• Significant technical progress in Morocco and Trinidad, with new well interventions and resource upgrades.

Financial highlights

• Total comprehensive loss for the six months ended 30 June 2024 was £978,238, a significant reduction from £2,361,721 in the prior year period.

• Operating loss decreased due to reduced drilling activity and lower share-based payment expenses.

• Cash balance at period end was £4,352,190, with an additional £1,186,155 held as restricted cash.

• £304,476 raised through the exercise of broker warrants; no new debt incurred.

• Administrative expenses reduced to £1,041,529 from £2,311,893 year-over-year.

Outlook and guidance

• Initial Sandjet rigless testing in Morocco to be completed in H2 2024, with potential for further work based on results.

• MOU-5 drilling remains a top priority, targeting multi-TCF gas resources for gas-to-power development.

• Trinidad Cory Moruga project expected to generate positive cash flow by end of 2024.

• Potential for partial or complete divestment of Moroccan CNG project to accelerate monetisation.