Predator Oil & Gas expands Trinidad portfolio, commences sales from Bonasse field

 () , a Jersey-based hydrocarbon explorer, issued an update on its Trinidad operations and announced the commencement of oil sales from its Bonasse field assets.

Predator said its acquisition of Challenger Energy's Trinidad portfolio announced last month was progressing on schedule through the regulatory process. Once completed, at least 272 bopd will be added to 's production forecasts. First revenues from the newly acquired assets are expected in July 2025.

Predator also announced a throughput and services agreement with Steeldrum Oilfields that will allow  to sell all crude oil from its recently acquired Bonasse field in Trinidad via access to Steeldrum's existing crude oil sales arrangement. Simultaneously,  entered a PAFSMA agreement with local contractor NABI Construction, under which  will receive 30% of gross sales revenues minus a 12.5% government royalty while NABI will cover all associated costs.

As part of a Phase 1 work programme under the PAFSMA, four wells have been identified for light workovers to bring the Bonasse field back into production. Forecast production is building to a first target of 35 bopd. Results from the first 2 workovers have already established production of 16 bopd.

Predator also updated on the SGN thermo-chemical wax treatment, which it aims to deploy in Trinidad to improve recovery rates.  said the Trinidad Ministry of Energy and Energy Industries had approved EARTH Company's SGN Reagent A and Reagent B chemical products for use in the Snowcap-1 and Jacobin-1 workover programmes.

 said it was fully financed for the workovers at Snowcap-1 and Jacobin-1, and would retain 100% of expected sales revenues, based on the wells potentially delivering higher flow rates after the wax treatment. First revenues are forecast for July 2025.

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Predator continues to develop its recently expanded Trinidad portfolio, reporting steady regulatory, operational and commercial progress that should boost production significantly in the near-to-medium term. The addition of Challenger's Trinidad assets will add at least 272 bopd with significant upside available, while Bonasse's new offtake agreement with NABI means sales from the field are imminent.

Importantly, NABI will cover all capex under the PAFSMA agreement, while  will receive a 30% royalty. At the same time, Bonasse's workover programme is well underway and building to a 35 bopd initial target. In the event of any new drilling by NABI and not , the latter will still receive 20% of revenues after NABI recovers its drilling costs.

Another exciting development is the greenlighting of EARTH's SGN thermo-chemical wax treatment for use at Snowcap-1 and Jacobin-1. The treatment aims to substantially lower oil viscosities while improving recovery rates. Its initial deployment will be at the Jacobin-1 well, with  hoping to replicate the 3-fold increase in oil flow rates that the treatment yielded in some Saudi Arabian fields.

Legacy analysis of the well drainage areas at Bonasse indicate a typical area of 4.5 acres per well and a STOIIP volume of 382,500 barrels of 22.8 API oil. The historical primary recovery factor is as low as 4.18% - it is this low primary recovery factor that creates an excellent opportunity for application of the SGN technology.

Predator is fully funded from existing cash resources for all its work programmes in Trinidad and Morocco. Additional discretionary balance sheet cash is available for further acquisitions in Trinidad. Next, investors can look forward to July 2025 when first revenues from the Challenger acquisitions are expected, as well as first revenues from the Jacobin-1 and Snowcap-1 workover programmes.

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