Financial Highlights:

• Loss from operations reduced to £0.512 million (2018: full year Loss of £0.792 million).
• Cash balance, at period end of £0.728 million (2018 year end: £1.326 million). A further £1.18 million (US$1.5million) held as restricted cash.
• On 15 February 2019 raised £1.5 million by the issue of Convertible Loan Notes to Arato Global Opportunities LLC to fund a returnable bank guarantee required in respect of the work programme on the Guercif licence in Morocco, and for general working capital purposes.               
• On 15 February 2019, 2,083,333 warrants were issued at an exercise price of 12p with a vesting period of two years, to Arato Global Opportunities LLC and 2,000,000 in warrants on the same terms issued to Novum Securities Limited, the arranger of the convertible loan notes.
• During the period £350,000 of the Loan Notes have been redeemed by conversion into 5,110,803 ordinary shares.
• On 7 June 2019 appointment of Brandon Hill Capital as the Company's broker
• On 30 July 2019 re-appointment of Novum Securities as a joint broker

Operational Highlights:               

• On 19 March 2019 Predator Gas Ventures Limited was awarded the Guercif Petroleum Agreement in Northern Morocco by ONHYM which includes the Moulouya Tortonian Prospect and is being prepared for early drilling
• On 10 April 2019 Predator Oil & Gas Ventures Limited accepted a one year extension of the term of the  Licensing Option 16/30 ("LO 16/30")('Ram Head') to 30 November 2019 subject to the carrying out of the work programme agreed with the Department of Communications, Climate Action and Environment.

Paul Griffiths Chief Executive of Predator commented:
"During the reporting period losses have been reduced and cash and restricted cash increased whilst adding the potentially transformational for the Company Moulouya_1 Prospect in Morocco. We excitedly await the early turn of the drillbit. Multiple prospects and leads have been identified in the area of the Guercif PA to ensure that there is significant "running room" in this sparsely drilled prospective area. The Directors look forward to significant news flow and an exciting time for its shareholders during the next 6 months as it continues with plans to drill the Moulouya_1 Prospect and progress to production in Trinidad. Ireland too could potentially offer some exciting medium-term M and A opportunities as security of energy supply becomes potentially of even greater significance if Brexit is successfully completed."

Morocco

During the reporting period, Predator, through its wholly-owned subsidiary Predator Gas Ventures Ltd., completed the signing of the Guercif Petroleum Agreement (the "Guercif PA") and Association Contract with the Office National des Hydrocarbures et des Mines ("ONHYM") which covers an area of 7,269 km². Predator is the designated operator with a 75% working interest (ONHYM 25%).

The agreed work programme includes the drilling of one well to a maximum depth of 2,000 metres in the Initial Period of the exclusive exploration licence of 30 months' duration.

On 15 February 2019 the Company issued a Convertible Loan Note in favour of Arato Global Opportunities LLC (the "Lender") to raise £1.5 million to provide a refundable Bank Guarantee of US$1.5 million to be put in place in respect of the work programme agreed to be carried out by the Company under the terms of the Guercif PA, and for general working capital purposes. The Bank Guarantee is refunded in full to the Company upon completion of the Guercif work programme.

Trinidad

During the reporting period the Company has continued to make steady progress in respect of its Enhanced Oil Recovery Pilot Project using carbon dioxide injection ("CO2 EOR") in the Inniss-Trinity field onshore Trinidad. The Company replaced its originally proposed infill drilling programme with FRAM Exploration (Trinidad) Ltd. ("FRAM") with the Pilot C02 EOR Project. The Directors believe that this would offer greater potential well productivity compared to conventional infill drilling. The Company has advanced the Pilot C02 by completing reservoir engineering studies and securing exclusivity over Trinidad's C02 surplus supply.

The Company has received preliminary approval from Heritage Petroleum Company Ltd. to proceed with C02 EOR planning on their licence under FRAM's operated Incremental Production Services Contract, providing an important validation from the State oil company of management's technical and commercial model for CO2 EOR.

The added technical and environmental complexity of the CO2 EOR Pilot, being the first of its kind in Trinidad, and the requirement for new environmental approvals has delayed the Company's desired objective in achieving incremental oil production at the end of the reporting period.

Ireland

During the reporting period the Company extended Licensing Option 16/30 offshore Ireland to 30 November 2019 for a work programme agreed with the Department of Communications, Climate Action and Environment ("DCCAE") including inter alia the purchase and reprocessing of existing seismic data and ongoing desk-top studies.

A new CPR was produced by SLR confirming original prospective gas resources for the Ram Head gas discovery (made by Marathon in 1984/5) net to the Company in the range of 725.5 to 1,826.6 BCF (Best and High Estimates respectively). The new CPR incorporated for the first time a Conceptual Development Scenario based on 10 development wells and including new desk-top reservoir engineering work undertaken on behalf of the Company. The results show that a technical recovery rate of 96% could be achieved at an initial field rate of 400 mm cfgpd based on gross in place gas of 1,834 BCF if developed direct to shore via a new 20" gas pipeline.

At the end of the reporting period the Company was still anticipating the award of a Successor Authorisation (Frontier Exploration Licence) to the Corrib South Licensing Option 16/26. The application for a Successor Authorisation is still actively under consideration by the DCCAE and the Company continues to provide additional updated information required before formalities can be completed and a decision can be made.

During the reporting period the Company has engaged in preliminary discussions with several parties regarding potential M & A transactions incorporating the Company's strategically valuable Irish gas assets. The Directors are of the opinion that these assets could be consolidated with other compatible gas assets in Ireland to form an integrated business that would have a larger critical mass and therefore a greater influence in determining the energy mix going forward in Ireland to address the new political environment driven by climate change concerns versus security of energy supply.

Post Reporting Date 

On 4 July 2019 the Company announced significant progress in respect of its CO2 EOR Pilot in Trinidad, most importantly in obtaining the Certificate of Environmental Clearance for C02 EOR operations, without which operations could not proceed.

With the independent approval of the Company's Pilot CO2 Project by one of the most important and influential government agencies in the oil and gas sector in Trinidad now secured, the Company remains on track to exit 2019 as an oil producer and revenue creator.

New well completion designs were generated to concentrate C02 injection into only the potentially most productive oil sands, to significantly reduce initial capital and operating costs below the previously budgeted figure of US$ 600,000 and to materially improve the net-back per barrel based on the previous guidance of an average of US$10 per barrel. The net-back per barrel is expected to improve further as economies of scale are introduced by potentially expanding a successful CO2 EOR Pilot.

Capital costs for the CO2 EOR Pilot have been ring-fenced within the Company's currently available cash balances.

Planning is underway to carry out a well workover survey of the first proposed pilot C02 injection well and EOR production well (AT-4 and AT-5X respectively) in preparation for downhole completion.

A new CPR was produced by SLR giving contingent (development pending) CO2 EOR resources for the Inniss-Trinity field in the range of 5.3 to 8.9 million barrels of oil (Best and High Estimate respectively). A successful CO2 EOR Pilot would de-risk these Contingent Resources.

The Company has an exclusive option until 31 December 2019 to acquire FRAM for US$ 4.2 million, representing US 79 cents to 47 cents per barrel based on the above Contingent Resources.

A successful Guercif drilling programme in combination with a successful CO2 EOR Pilot could potentially create the opportunity to complete an acquisition of FRAM, subject to all regulatory consents, without a significant dilution factor for shareholders.

Ireland

On 8 July 2019 the Company reported that the Government of Ireland had decided not to proceed with the Climate Emergency Bill, which if progressed would have had a negative impact on hydrocarbon exploration offshore Ireland. Whilst this pragmatic approach is welcomed by the Company, Ireland still remains a high risk political environment for oil and gas investment. Consequently the Company adopts a cautious approach to developing its Irish assets and seeks to minimise any discretionary capital requirements for Ireland, preferring to wait and see how the Government of Ireland's decision works out in practice.

Corporate

On 19 July 2019 the Company announced a directorate change with the acceptance of the resignation of Sarah Cope from the Board and the position of Non-executive Chairman. Carl Kindinger was appointed Interim Non-executive Chairman. Mr. Kindinger has extensive financial experience in public companies and will strengthen prudent oversight of the Company's finances going forward as the Company enters an important phase in its business development strategy.