Predator Oil & Gas FY24 results: Drilling progress in Morocco and Trinidad, continued M&A, focus on cash generation

 () , a Jersey-based hydrocarbon explorer, announced its final results for the year ended December 31, 2024 (FY24).

Predator halved its operating loss year-on-year to £2.06m from £4.24m in FY23, primarily due to decreased drilling activity in Morocco where  focused on preparations for the MOU-5 project. Predator managed to keep corporate administrative expenses low despite inflationary pressures and the acquisition of a 51% stake in Caribbean Rex.

In terms of balance sheet, Predator had no debt at period-end and a cash balance of £3.81m, down from £6.48m the previous year. Additionally,  reported restricted cash of £1.5m.

Operationally, 's activities focused on testing and improving well performance in Morocco, particularly the MOU-1 and MOU-3 wells. Rigless testing of the 2 projects revealed formation damage from heavy drilling muds. A Sandjet test using high-pressure water successfully perforated two intervals in the MOU-3 well, but failed to achieve gas flow. Ongoing desk-top studies aim to determine the range of options available to increase drawdown pressure, to clean up the reservoirs and promote flow to surface.

In the meantime,  focused on the MOU-3 "A" Sand reservoir, the best candidate for potential gas flow and pilot CNG development. 3rd party studies are ongoing to identify the best method for perforating through the shallow hole. Gas samples confirmed biogenic gas, including helium. Additionally, planning for the new MOU-5 was well-advanced by end of 2024, with prep work adjusted to measure potential helium concentrations. Drilling at MOU-5 began on March 3, 2025 with positive initial results.

In terms of M&A, in Trinidad  completed the acquisition of a 16.2% interest in the Cory Moruga licence and a 51% stake in Caribbean Rex Resources, including the Bonasse field. Production was restored at the licence and workovers were completed in early 2025. An oil offtake agreement was signed to enable quick revenues, and additional well workovers and acquisitions of onshore fields are being evaluated. In Ireland, the company met regulatory requirements for the Corrib South successor authorisation, and plans a back-to-back farm-in with a Corrib stakeholder.

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Predator reports an eventful FY24 as it advances toward monetisation of its gas and oil asses in Morocco and Trinidad. In Morocco,  carried out extensive testing of its MOU-1 and MOU-3 wells. The rigless tests successfully identified reservoir formation damage and possible options to facilitate gas flow. The shallower MOU-3 was prioritised to demonstrate gas flow and accelerate revenues through a simpler CNG pilot.

Additionally, MOU-5 found its primary target, and is being advanced for helium exploration, and additional gas over the structure north of the well where reservoir development is predicted. The MOU-5 structure holds significant upside that can be unlocked through a large-scale 3D seismic programme, which  plans to fund through a farmout.

Post-period,  announced the successful acquisition of 51% of Caribbean Rex in Trinidad, and the prospective Bonasse field where  signed an offtake agreement with NASI.  also announced the acquisition of Challenger Energy's business, producing assets, and operations in Trinidad.

The addition of Challenger's Trinidad assets will add at least 272 bopd with significant upside available, while Bonasse's offtake agreement means sales from the field are imminent. First revenues from the Challenger acquisitions are expected by July 2025, as well as first revenues from the Jacobin-1 and Snowcap-1 workover programmes.

Predator remains debt-free, with a robust cash position at period-end, giving it sufficient runway and liquidity to fund all its work programmes over the next 12 months. To bolster its balance sheet,  completed 2 placings in 2024 while implementing effective operational and corporate cost controls.

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