Predator Oil & Gas Holdings (PRD) H2 2024 earnings summary

Executive summary

• Strengthened positions in Morocco and Trinidad, advancing towards hydrocarbon production and exploration for additional reserves.

• Entered First Extension Period for Guercif concession in Morocco, with all commitments met and a robust 2025 work programme planned.

• Drilled MOU-5 well in March 2025, confirming significant up-dip potential and ongoing post-well studies.

• In Trinidad, established low-cost operations and expects to commence oil production in 2025, with further acquisitions and workovers planned.

• Offshore Ireland, re-engagement with stakeholders for Corrib South and Mag Mell FSRU projects following a shift in government energy policy.

Financial highlights

• Operating loss for 2024 was £1,887,410, a significant reduction from £4,187,581 in 2023, mainly due to lower share-based payments and absence of performance bonuses.

• Cash reserves at year-end were £3,813,371, down from £6,484,034, reflecting drilling and operational expenditures.

• No debt as of 31 December 2024; company remains well-capitalised for planned operations.

• Issued 46,713,092 new shares during the year, increasing share capital to 611,874,754 shares.

• Technical consulting and legal/professional fees increased due to expanded activities in Trinidad and fundraising.

Outlook and guidance

• Fully funded for all 2025 firm commitments, including MOU-5 drilling and Trinidad workovers.

• Anticipates positive cash flow from Trinidad oil production in 2025, leveraging tax losses to enhance netbacks.

• Plans to monetize Moroccan gas through CNG development, targeting high-priced industrial markets.

• Ongoing evaluation of further acquisitions in Trinidad and potential farm-out or asset sales in Morocco and Ireland.