Financial highlights:

• Fully funded to satisfy all commitments for the next twelve months
• Expanded the portfolio of producing assets in Trinidad in order to achieve economies of scale ; taken critical steps in Morocco to finance and monetise near-term oil and gas development projects; facilitated future opportunities to pursue "blue sky" exploration potential for gas and helium in Morocco.
• First oil revenues realised in Trinidad: £66,815 (2024: £0)
• Loss from operations for the 6 months period includes administrative expenses of £821,277 (£872,485 for the 6 months period ended 30 June 2024) and the non-cash flow item of £ 1,176,935 (2024: £169,044) for share-based payments.  The total loss attributable to shareholders comprised £1,634,890 (2024: £978,238)
• Cash balance, at period end of £2,578,090 (2024 year end: £3,813,371).
• A further £1,093,425 (US$1,500,000) held as restricted cash
• £2,000,000 (before expenses) raised through a placing of 50 million shares at 4.0 pence per share. 10,000,000 warrants have been granted at 6 pence per share, exercisable within 3 years from 10 February 2025; 4,441,641 shares issued in settlement of a US$250,000 deposit required for the acquisition of a Trinidad based group of companies 
• Shareholder dilution minimized to enhance growth potential
• No loans.
• Negotiations progressing to extend First Extension Period of the Guercif Petroleum Agreement to 5 November 2026
• Issued share capital 666,316,395 ordinary shares (31 December 2024: 611,874,754)

Operational highlights:

• Onshore Morocco MOU-5 well was successfully drilled without any operational incidents
• Helium show on gas chromatograph consistent with Company's geological model for helium generation
• Post well evaluation confirms the well significantly down-dip from the culmination of the structure to the northwest
• Presence of mobilised salt, confirmed for the first time in the area, sets up the potential for an additional deeper Triassic   target with geological analogues at the Meskala and Tendrara gas fields in Morocco and Hassi R'Mel gas field in Algeria
• Denser seismic coverage required
• Preparations to test the "A" Sand in MOU-3 with, for the first time, the larger perforating guns
• Memorandum of Understanding executed for the purchase natural gas; designing, funding, constructing and operating an LNG distribution network; and to provide the services of selling and distributing LNG to industrial and commercial users in Morocco
• There has been no change in biogenic gas resources from the last Independent Technical Report in June 2024 
• Onshore Trinidad the acquisition of Caribbean Rex Limited and its sole asset the Bonasse Field was completed
• There are no outstanding work programme commitments on the Ministry Licence
• As a consequence of the acquisition the Company was able to establish a sales point for the Bonasse Field oil at the South Erin gathering facility
• A Production and Field Services Management Agreement was executed with NABI Construction (Trinidad and Tobago) Limited ("NABI") whereby the Company was relieved of the burden of funding field operating costs, workover and drilling costs in lieu of receiving 30% of gross sales revenues less tax and royalty and 20% of gross sales revenues less tax and royalty for infill drilling after recovery of NABI's drilling costs.
• NABI performed 6 light well workovers to restore the Bonasse Field to initial start-up production.
• Planning for up to 2 heavy workovers and one infill development well is progressing for execution later in 2025
• The acquisition of the entirety of all of the Challenger Energy Group's businesses, producing assets and operations in Trinidad subject to regulatory consent
• Completion is anticipated during Q3 2025
• Upon approval the acquisition will immediately add up to 285 bopd and increase the Company's revenues from production
• It is anticipated that the Company will manage the producing assets under similar arrangements with NABI as for the Bonasse field
• The acquisition will provide the Company with the organisational structure, logistical support and access to facilities and contractual arrangements necessary to progress the appraisal and testing of the Cory Moruga Exploration and Production Licence Snowcap-1 oil discovery through the stages of development, transport and sale of oil production
• Two heavy workovers of existing wells in Cory Moruga are planned to be carried out in 2025.
• Preparations for drilling Snowcap-1 Q1/Q2 2026 are progressing and a rig has been identified and inspected for reactivation
• 2C/2P of 1.4/12.91M barrels of oil resources for the Snowcap structure remain unchanged from the last Independent Technical Report dated January 2024
• Appraising and developing the Snowcap-1 discovery remains the core asset for the Company in Trinidad with the potential to deliver at initial production rates requiring a sales point with no capacity constraints and a sensible commercial handling fee.
• The acquisitions announced in the period under review increases the Company's footprint and visibility in Trinidad, which in turn creates more options for establishing a sales point for the Cory Moruga oil.
• Offshore Ireland: the application for a successor authorisation to the Corrib South Licensing Option
• 16/26 is still progressing. At the end of the reporting period the GSRO indicated that the process was near completion but once again asked for additional clarification of financial information.

Operational review

Morocco

The MOU-5 well was planned to test the Jurassic prospectivity of the Titanosaurus structure, which covers 187 km2 based on a loose 2D seismic grid.

The pre-drill reservoir target was a Domerian (earliest Jurassic) carbonate bank with potential reservoir development based on low impedance intervals interpreted from a seismic inversion model through the well location.

The reservoir caprock was thought to be Jurassic marls and claystones.

Hydrocarbon generation and migration was interpreted to be from deeply buried Lower Jurassic source rocks fault-juxtaposed with the target reservoirs mainly off-structure to the northwest, but potentially also to the southeast.

A chromatograph specific for testing for the presence of helium was to be run in conjunction with a conventional gas chromatograph. The MOU-5 well was located close to an area of deep faulting and possible granite intrusion that may have created the right conditions for helium generation and migration.

MOU-5 is a discretionary well that is not part of the Guercif licence commitment for the First Extension Period.

On Completion of the MOU-5 well it was intended to use the discretionary well to extend the First Extension Period to 5 November 2026 and to re-negotiate the remaining 3D seismic commitment to defer into the Second Extension Period and/or convert into a 2D seismic reconnaissance programme.

During the period under review a limited amount of the larger 27/8" perforating guns became available in Morocco for the first time. It was decided to use these to perforate the "A" Sand in MOU-3, where gas inflow into the well was experienced whilst drilling before the mud weight was increased to control gas inflow at the first intermediate casing point. 

The MOU-3 perforating programme for the "A" Sand was prepared and submitted to ONHYM for regulatory approval to carry out the operations using explosives.

The key objective of the perforating programme was to evaluate the effectiveness of the larger perforating guns and to collect samples, using nitrogen lift, in any perforated formation damage to evaluate the composition of the formation damage and mud filtrate. By understanding the critical threshold at which increased mud weight stops gas inflow and, by inference, suppresses gas shows and the resistivity response of wireline logs in deeply invaded reservoir sections, it would be possible to better design appraisal/development wells to avoid formation damage as a result of over-balanced drilling and so improve the potential for sustainable gas flow integrity over the expected production life of the independently confirmed gas resources.

Furthermore, this perforating programme would provide a better assessment of the effectiveness of perforating with smaller perforating guns and Sandjet.

Various desktop studies were commissioned and are ongoing. The gravity-magnetic modelling programme is focussed on the deep structure and the identification of major faults likely to have provided conduits for thermal gas migration from the Lower Jurassic source rocks, and areas of Hercynian granites which potentially may are a source of the helium analysed in the MOU-3 Moulouya Fan biogenic gas sample.

Biostratigraphic, petrographic, mineralogical and geochemical studies have been initiated for the well cuttings sampled in MOU-5. The scope of the studies is to interpret the age of the sediments penetrated by MOU-5; nature of any porosity developed in the primary Jurassic target and additional reservoirs  in MOU-5; organic richness and level of thermal maturity of the claystones and marls encountered in MOU-5; and X-ray Fluorescence trace element composition of the allochthonous salt, subsequently encountered in MOU-5, for exotic presence of Chromium, Lithium and Lead amongst other trace elements from a potential deep crustal source.

Operations summary

MOU-5 was drilled using Star Valley's Rig 101.

MOU-5 commenced drilling on 3 March 2025 and reached its intended total depth of 1137.8 metres measured depth on 12 March 2025 without any operational incidents. Wireline logs (sonic/resistivity) were run from 530 to 1130 metres measured depth.

MOU-5 was suspended for potential later re-entry and side-tracking updip to further evaluate the Domerian carbonate bank and helium show and for potential deepening to the untested deeper Triassic structure beneath MOU-5.

The well was drilled under pre-drill AFE cost estimate.

Results

MOU-5 encountered the primary Domerian carbonate target 205 metres deeper than the pre-drill prognosis. An unexpected gross interval of 58 metres of higher velocity anhydrite and salt was encountered in the section originally interpreted as "Domerian" pre-drill. This interval generated the high and low impedance contrasts seen on the seismic inversion modelling pre-drill. The salt is interpreted as allochthonous being of Triassic age. Salt mobilisation and lateral intrusion generated the divergent seismic geometries originally interpreted as onlapping Domerian reservoirs.

The Domerian carbonate target in MOU-5 had poor to non-reservoir characteristics. The programme of desk top studies will help determine the potential for improved reservoir development within the extensive 187 km2 area of the carbonate bank development. 

MOU-5 encountered a gross interval of 30 metres of sands below the Domerian carbonate never encountered before in this part of the Guercif Basin. The gross interval includes zones with potentially attractive reservoir characteristics.

Gas chromatograph data and wireline logs do not show evidence of the presence of hydrocarbons. The helium chromatographic registered a show at the base of the mobilised salt at a potential fault plane based on post-well seismic interpretation.

Forward plans

MOU-5 drilling results have importantly established for the first time the presence of Triassic salt in this part of the Guercif Basin.

Limited legacy 2D seismic coverage incorporating the drilling results now indicates that the salt is potentially thick and extensive and mobilised in a number of areas.

Additional seismic data are required to infill and extend the legacy 2D seismic database to better define the salt distribution and the deeper potential Triassic structures, assisted by the aforementioned gravity-magnetic modelling programme.

The Trias gas potential is now the focus for future drilling plans. The deep Triassic structure below MOU-5 bears similarities with the structures hosting the Meskala and Tendrara gas fields in Morocco and the Hassi R'Mel gas field in Algeria. The Triassic, which is regionally a proven gas play, is potentially prospective over the entire 187 km2 area of the Domerian carbonate bank.

Desktop studies are planned to assess the potential for the presence of the Triassic TAGI reservoirs beneath the salt and for the occurrence of underlying Palaeozoic source rocks that may be mature for gas generation.

An advantage of the MOU-5 structure is that it has not suffered deep Jurassic to Tertiary burial, as indicated by preliminary post-well analyses of well cuttings, and therefore Triassic TAGI sands, if present, may have preserved good reservoir characteristics. 

In the area tested by MOU-5 the Domerian target is overlain and laterally isolated by mobilised Triassic salt, which potentially obstructs hydrocarbon migration pathways. The Jurassic Domerian carbonate bank however remains a target for follow-up drilling. Additional infill seismic and desktop studies will focus on the area north of MOU-5 where improved reservoir potential may exist and salt mobilisation may be less likely to obstruct hydrocarbon migration from Jurassic source rocks.

The schedule is well advanced to perforate the MOU-3 "A" Sand in the early part of Q3 2025.

Trinidad

Bonasse field
Completion by T-Rex Resources (Trinidad) Limited ("TRex"), a wholly owned subsidiary of Predator Oil & Gas Holdings Plc, of the acquisition of a controlling interest in Caribbean Rex Limited gave the Company operatorship of the Bonasse oil field in Trinidad's South West Peninsular.

A Production and Field Services Management Agreement was entered into with NABI Construction (Trinidad and Tobago) Limited ("NABI"), a highly competent in-country provider of drilling and workover services, equipment and expertise particular to the producing onshore oil fields in Trinidad. The commercial terms of this agreement allows the Company to receive 30% of gross sales revenues after deduction of royalty and taxes from production resulting from well-workovers of the existing wells in the field. For new wells drilled by NABI the Company receives 20% of gross sales revenues less royalty and taxes after NABI has recovered its drilling costs.

The Company has no exposure therefore to field operating costs or investment by NABI in well workovers and new drilling.

A throughput and services agreement was signed with Steeldrum Oilfields South Erin Trinidad Limited ("Steeldrum") that allows the Company to sell all crude oil from the Bonasse field via access to the existing crude oil sales arrangement and under the same commercial terms and conditions applicable to Steeldrum under the said arrangement. The Company has access to Steeldrum' s infrastructure, including a storage unit of 250 barrels capacity until such time as the Company puts in place additional storage capacity as production from Bonasse ramps up.

The commercial arrangements allowed the Company to bring the field back into production following initial investment by NABI in 6 light workovers of former production wells. An initial 16 bopd has now stabilized at 10 bopd to support the establishment of Predator as a producing operator in Trinidad. The profile is constrained at present to align with the available spare storage capacity at the South Erin gathering station.

The purpose of the agreements that have been put in place is to allow the Company a period of time to evaluate the technical database and production history to rank new opportunities capable of delivering material increases in production in a success case without exposure to initial workover and drilling costs.

Forward plans
NABI is expected to perform up to new two heavy workovers in the Bonasse field before the end of 2025 and to drill at least one new infield development well.

Drilling target is likely to be the upper part of the Middle Cruse sands in an undrained area where an offset well had an initial production rate of 66 bopd of 19.8° API oil from 43 feet of net oil sand between 986 to 1,252 feet measured depth.

Oil sampling and downhole bottom conditions for this new well will provide reliable analytical data with which to model the possible commercial benefits of a SGN thermochemical wax treatment in both enhancing and sustaining for longer optimum oil flow rates.

Cory Moruga Exploration and Production Licence
Snowcap-3 well planning continues and a currently stacked rig with the capability of drilling to 5,500+/- feet has been identified and inspected. A rig reactivation programme is being put together and it is expected that the rig will be "drill-ready" by Q1 2026.

The surface well location has been scouted on the ground and the cost of building an access road and the well pad construction are expected to be moderate given the favourable site conditions. The preferred surface location will facilitate the drilling of a vertical well to target the Herrera sands with the highest initial production rates in the adjoining Moruga West field. The Herrera #1 Sand for example has an initial production rate of up to 400 bopd in Moruga West and a long production life.

Potential re-entry of the Jacobin-1 and Snowcap-1 wells for heavy well workovers and SGN thermochemical wax treatment has been assessed. Some of the critical contractor well services required to execute a well workover programme have been reviewed and evaluated.

A factor that has been considered is that re-entry into older legacy wells carry greater operational risk compared to drilling new modern appraisal/development wells. Snowcap-1 for example may have an initial production rate of 80 bopd after a successful well workover, whereas a new penetration of the Snowcap-1 Herrera #8 Sand beyond the drainage area of the legacy well is forecast to produce initially 200 bopd.

A key facilities issue has been establishing storage and a sales point with the available capacity to take the expected higher levels of oil production from the Snowcap and Jacobin-1 workovers and eventually a potentially successful Snowcap-3 appraisal/development well.

To address this the Company has been focused on closing out the acquisition of Challenger Energy Group Plc's entire business and operations in Trinidad and Tobago. On Completion this will add up to 285 bopd of production. Importantly the acquisition would provide the Snowcap downstream logistical support for development and sale of oil into a pipeline entry point.

Forward plans
Prioritise the reactivation programme and well planning, contracting of well services for the Snowcap-3 appraisal/development well, provisionally scheduled to be drilled in Q1 2026.

Complete the acquisition of Challenger Energy Group Plc's entire business and operations in Trinidad and Tobago and re-organise and rationalize resources to provide economies of scale across the Company's portfolio of Trinidad assets.

Potentially replicate the Bonasse Production and Field Services Management Agreement with NABI Construction (Trinidad and Tobago) Limited to include Snowcap-1 and Jacobin-1 well workover activities and the Goudron, Inniss-Trinity and Icacos fields forming the principal assets of the transaction to acquire Challenger Energy Group Plc's entire business and operations in Trinidad and Tobago.

This would relieve the Company of the burden of performing field operations and free up management resources and capital to deploy on material growth opportunities such as the drilling of Snowcap-3. Contingent and Prospective 2P/2C oil resources of 14.31M barrels have been assigned to the Snowcap appraisal and development project based on an Independent Technical Report produced by ScorpionGeoscience dated January 2024.

Ireland

Company strategy is to focus on satisfying the financial criteria determined by the GSRO within the DECC to secure the award of a successor authorisation. The Company received from the GSRO a request for further clarification of the financial information it provided to the GSRO on 24 December 2024, six months after submitting the supporting financial information.

The Company is considering its response to the GSRO's request.

Financial review:

The Company reported an operating loss for the 6 months period of £1,650,743 (£978,238: for the 6 months period ended 30 June 2024). The increase in operating loss is primarily attributable to the £1,176,935 charge for share-based payments. This charge does not involve a cash outflow.

Administrative expenses for the period to 30 June 2025 totalled £821,277 compared to £872,485 incurred in the six months to 30 June 2024. This reduction is attributable to tighter control of corporate overheads mostly due to a headcount reduction of advisors. Fair value expense of share options comprised £ 1,176,935 (£169,044 for the 6 months period ended 30 June 2024). The increase is primarily due to the increase in share-based payments in the six months to 30 June 2025.

The Company is finishing the reporting period with cash reserves of £2,578,090 (2024: full year £3,813,371) and restricted cash of £1,093,425 (2024: full year £1,195,377) in the form of the security deposit for the Guercif Bank Guarantee in favour of ONHYM.

£2,000,000 (before expenses) has been raised through the placing of 50 million ordinary shares at a placing price of 4 pence per share.  10,000,000 warrants have been granted at 6 pence per share, exercisable within 3 years from 10 February 2025. 4,441,641 shares were issued to Challenger Energy Group Plc to satisfy the terms of a cash equivalent US$250,000 deposit to secure a period of exclusivity to acquire the Challenger Energy Group's Plc's business and operations in Trinidad and Tobago

On 20 February 2025, the Company issued 45,000,000 share options to executives at an exercise price of 5.5p with vesting conditions applying.

The acquisition of two operating companies in Trinidad by the Group's wholly owned subsidiary T-Rex Resources (Trinidad) Limited was effected during the period under review. 51% of the issued share capital of Caribbean Rex Limited was acquired for a consideration of US$1. Caribbean Rex Limited subsequently acquired 100% of the issued share capital of CEG Bonasse Limited for a consideration of US$1. 

During the period under review the Company commenced production in Trinidad and began to generate oil sales and an operating income.

The Company has no loans nor outstanding directors' loans.

The Company is well-capitalised for its committed work programmes over the next 12 months, free of loans and is in a position to deploy prudent levels of administrative expenditure focused on enhancing and promoting the potential of the Company's portfolio

Summary

During the period under review, the Company has completed the drilling, under budget forecast, of the discretionary MOU-5 well in the Guercif licence onshore Morocco. This was a play-opening well, based on the unexpected presence of salt, for the previously unrecognised Triassic potential, which is a proven and well understood target in the Moroccan and Algerian gas fields of Meskala, Tendrara and Hassi R'Mel. The pre-drill Jurassic target was encountered confirming the Jurassic play concept but seismic is required to find the optimum location to the northwest of MOU-5 to test the Jurassic play in an area where reservoir development may be better developed and potential oil and/or gas migration from mature Lower Jurassic source rocks can be better demonstrated in areas not impacted by salt mobilisation. The Trias is an important new target that offers future growth potential for the Company.

MOU-5 also encountered a helium show which supports the case, and taking into consideration the helium sampled in the Moulouya volcani-clastic fan in MOU-3, for helium migration via fractures from a deep crustal source.

Preparations for rigless testing of the "A" Sand in MOU-3, using for the first time the larger perforating guns, are well advanced.

The testing programme is expected to provide key information on the nature of the formation damage caused by over-balanced drilling. Desk-top studies are improving the understanding of the biogenic gas reservoirs encountered to date in the MOU-1, MOU-2 and MOU-3 wells. These reservoirs are specific to this area of the Guercif Basin and have no analogues in the gas-producing Rharb Basin but have been encountered in other parts of the world. It is critical to understand how the biogenic gas is distributed in these sequences as the potential may also exist for additional unconventional gas targets.

The Company is pleased to have executed a Memorandum of Understanding for a pilot micro-LNG project for the biogenic gas that, if a decision to develop is taken, would relieve the Company of the burden of financing the facility and the operation and funding of the micro-LNG distribution network to the Moroccan industrial centre.

Onshore Trinidad the Company have completed the acquisition of a controlling interest in Caribbean Rex Limited for no Consideration.

A Production and Field Services Management Agreement was entered into with NABI Construction (Trinidad and Tobago) Limited for a share of gross sales revenues less taxes and royalty. Together these transactions have allowed the Company to establish its first production revenues relieved from the burden of financing investment in well workovers and drilling and field operating costs.

This has given us the platform and framework of commercial transactions to progress the acquisition of Challenger Energy Plc's business and operations in Trinidad and Tobago as an intermediate step to production growth and economies of operating scale and efficient deployment of resources across our expanding portfolio of assets.

Snowcap-3 drilling plans are progressing with the identification and inspection of a suitable rig that is currently stacked awaiting reactivation.  A successful completion of the acquisition of Challenger's business and operations in Trinidad and Tobago would provide the Snowcap downstream logistical support for the development and sale of oil into a pipeline entry point thereby consolidating the production growth strategic objective during 2026.

Ireland remains a project that is dependent for future realisation on a third-party regulatory process that the Company has no control over. Until such time as the regulatory process concludes the Company is not funding any further work. 

KeyFacts Energy: Predator Oil & Gas Morocco country profile   l   Predator Oil & Gas Trinidad and Tobago country profile  l   Predator Oil & Gas Ireland country profile