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Predator Oil & Gas updates Trinidad acquisition timeline, eyes near-term production

10:18, 1st July 2025
Victor Parker
Vox Newswire
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Predator Oil & Gas (PRDFollow | PRD, a Jersey-based hydrocarbon explorer, issued an update on its full acquisition of Challenger Energy's Trinidad and Tobago portfolio.

For context, Predator entered into an agreement in February 2025 to acquire Challenger's Trinidad operations. The agreement stipulated that regulatory approval was required to complete the sale by April 30, 2025. However, this deadline was subsequently extended to June 30, 2025, primarily due to uncertainties surrounding the mid-March snap election in Trinidad and resulting change in government in May 2025.

In today's update, Predator said it has made substantial progress toward meeting the regulatory approval requirements, although the process is not yet finalised. Consequently, the two parties have agreed to extend the closing date to 7 days after regulatory approval is granted, with a revised longstop date of August 30, 2025.

In anticipation of completion in the near term, Predator and Challenger have begun working on the ground in Trinidad to ensure a smooth transfer of ownership and operations once final regulatory approval is granted.

 

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Despite a temporary regulatory delay, Predator is advancing its full acquisition of Challenger Energy's Trinidad and Tobago portfolio. Predator is acquiring 3 producing fields in Trinidad - Goudron, Inniss Trinity, and Icacos. The 3 fields are currently outputting ~272 bopd, with material upside available as PRD plans to increase production significantly in the near term.

Acquisition of CEG's Trinidad portfolio will facilitate production growth and revenue generation for Predator through integration with its existing production operations in the country to deliver economies of scale. Predator intends to use production revenues from the acquisition to accelerate the drilling of its Snowcap-3 development well, targeting 2C 1.4M and 2P 12.91M barrels of oil.

Preparations are ongoing to drill Snowcap-3 in Q1 2026. The appraisal well is targeting the best producing sand in BP's former Moruga West field 1.5km southeast of the Snowcap-3 location. In Moruga West, individual wells have flowed initially at up to 303 bopd from this single interval, with maximum recovery for a single well of 455,000 bbl over field life. This makes Snowcap-3 a key well for boosting PRD's producing portfolio that can be tied in quickly and at a low cost to enable early monetisation.

Predator has expressed confidence that it can materially increase the acquired portfolio's current average production of 272 bopd. PRD plans to apply its patented SGN Technology chemical wax treatment, which can substantially lower oil viscosities and improve recovery rates.

Predator has several options to finance Snowcap-3 later this year through an asset sale and/or partnering with a local company. PRD aims to maintain its debt-free status.

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