Client NewsPredator Oil & Gas Holdings Plc: Financial Statements for Year End 31 Dec 2022
Predator Oil & Gas Holdings Plc (PRD), the Jersey-based Oil and Gas Company with operations in Trinidad, Morocco and Ireland is pleased to announce its audited financial statements for the year ended 31 December 2022, extracts of which are set out below.
The Company’s Annual Report is available to shareholders to download from the Company’s website at www.predatoroilandgas.com. In line with ESG best practice no hard copies of the Annual Report will be printed.
In addition, a copy of the 2022 Annual Report will be uploaded to the National Storage Mechanism and will be available for viewing at
The financial information set out below does not constitute the Company’s statutory accounts for the year ending 31 December 2022.
Highlights of Financial Results for 2022
· Loss from operations of GBP2,558,844 (2021: Re-stated loss of £1,517,571).
The increase in operating loss is entirely attributable to share based payments (the award of options).
· Administrative expenses of GBP2,545,789 (2021: Re-stated £1,517,552).
Excluding share based payments for options and warrants corporate administrative expenses were GBP1,310,909 (GBP1,323,268 for the restated period to 31 December 2021).
· Increased cash balance at period end of 2022 GBP3,323,161 (2021: Re-stated GBP1,523,035).
· Additional, restricted cash of USD1,500,000 (USD1,500,000 for the period ended 31 December 2021).
· Placed 66,500,000 new ordinary shares of no par value in the Company to raise GBP4,335,000 (before expenses).
· Exercise of warrants Novum Securities Ltd. resulted in the issue of 5,949,210 new ordinary shares of no par value in the Company to raise GBP242,253.
· Exercise of share options by directors and former directors resulted in the issue of 18,363,712 new ordinary shares of no par value in the Company to raise GBP837,852
· Debt-free except for directors loans of GBP507,604
Highlights of key Operational Activities in 2022
· Completed post-well geological desktop studies for MOU-1 drilled in 2021.
· Validated the Moulouya Fan geological concept.
· Validated a thermogenic gas source in MOU-1.
· Re-evaluated the MOU-1 rigless testing programme to determine cost-effective ways to perforate additional potential targets for testing.
· Reprocessed 278 kilometres of 2D seismic data in Guercif.
· Completed geophysical studies for MOU-1 to confirm seismic amplitude response
Is in response to presence of gas at the top of the Moulouya Fan.
· Mapped an area of stronger seismic amplitudes for the Moulouya Fan of at least 30km².
· Technical work supports 2022 SLR CPR Best Estimate net gas resources of 295 BCF.
· Identified several potential drilling locations on the Moulouya Fan.
· Completed all well planning, well inventory purchases and mobilisation of well services in preparation for commencing MOU-2 drilling operations.
· Identified a drilling location for the MOU-NE Jurassic target.
· Executed a binding term sheet with Challenger Energy Group Plc to settle historical issues and to acquire TRex Holdings Trinidad Ltd. and the Cory Moruga field subject to the consent of the Ministry of Energy and Energy Industries.
· Continued to raise awareness in Ireland in respect of the Mag Mell offshore LNG import option and its applications for successor authorisations for Corrib South and Ram Head in the context of security of energy supply.
Highlights of Directorate Changes
· Board was strengthened by the appointment of Alistair Jury and Carl Kindinger as Non-executive directors with additional financial experience to replace outgoing Non-executive directors.
Post Period End:
· MOU-2 was drilled to 1,260 meters Measured Depth and suspended awaiting technical assessments for a potential re-entry.
· Optiva Securities Ltd. exercised warrants resulting in the issue of 2,035,714 new Ordinary shares in the Company of no par value to raise GBP79,500.
· An update on the proposed rigless testing of MOU-1 was provided.
· Placed 14,174,056 new ordinary shares of no par value in the Company and a director loaned 22,189,580 existing ordinary shares to raise GBP2,000,000 (before expenses).
· Update on MOU-3 civil engineering well site preparations.
Paul Griffiths, Executive Chairman of Predator Oil & Gas Holdings Plc commented:
“We are pleased to have managed operating losses and administrative expenses in 2022, after allowing for share-based payments whilst increasing cash balances at the end of the period and maintaining a debt-free status. This has been achieved despite rising global cost inflation and maintaining momentum in our three areas of business operations in what again has been very challenging times due to the UK-Russian conflict.
Preparing for the drilling of MOU-2 and beyond has resulted in us having to establish a brand new operational base in Morocco to ensure that we can source well inventory and services in a competitive manner and continue to press forward with drilling operations at the pace required to avail of opportunities to sell gas to the Moroccan industrial market.
The Moulouya Fan has been identified as a sizeable asset capable of in itself potentially supplying all of the current industrial market’s CNG requirements. It will require additional wells over time to maintain and scale up the gas supply, but the priority at present will be to complete a drilling and rigless testing programme to validate the commercial CNG concept.
There will be geological and operational challenges to overcome which are no different to those faced by other operators along this particular trend of gas discoveries and fields.
Currently the Company is the only operator in Morocco preparing for imminent drilling.
We thank our shareholders for their continued support as always but particularly in what has been another volatile year in the financial markets coupled with unprecedented rises in modern times in inflation and cost of living. We will continue to focus on developing our Moroccan asset during 2023.”
This announcement contains inside information for the purposes of Article 7 of the Regulation (EU) No 596/2014 on market abuse
For further information visit www.predatoroilandgas.com
Follow the Company on twitter @PredatorOilGas.
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