Predator Oil & Gas

We’re naturally disappointed that MOU-6 has not delivered in line with pre-drill expectations. However, 1st successful perforation of target formation & well data collected is invaluable in terms of helping to calibrate the potential for gas interpreted by NuTech log analysis in MOU-1, MOU-3 and MOU-4. Emphasis will now concentrate on partner negotiations. In the meantime operating team is in the process of transferring to🇹🇹, where Snowcap-3 well is focus of drilling preparations. 1st of two instalments of deferred consideration for acquisition of former Challenger Energy Group’s business & assets in🇹🇹in 2025 is complete

Proceeds from the placing announced today are focussed on exploiting a window of opportunity to accelerate production growth in🇹🇹to avail of higher oil price & economies of scale. Additionally, we have experienced that drilling & well testing costs have increased due to global inflation generated by the Middle East Conflict. It’s absolutely critical therefore that #PRD remains well capitalised as it transitions to accelerated production to demonstrate short-term financial strength & ability to access the capital markets for business growth to support partnering up in🇲🇦& DCCE financial review in the context of the potential awarding of a Corrib South successor authorisation. Corrib South has the potential to extend the life of the Corrib infrastructure & provide a new indigenous gas supply & reduce dependence on imported gas from Britain

We're pleased to have successfully completed the drilling phase of MOU-6 based on the new well design & mud weight strategy. This has resulted in much improved well cutting samples & wireline logs compared to previous data. The well confirmed pre-drill expectations of a thicker uppermost TGB-6 Fan interval compared to the MOU-3 & MOU-1 wells. Better wellbore conditions & access to the larger perforating guns, combined with a more comprehensive suite of wireline logs will provide well test information essential to potentially calibrate the sections penetrated by MOU-1, MOU-3 and MOU-6. We're pleased to have received approval on schedule to drill the Snowcap-3 well🇹🇹. Operational focus will now shift to 🇹🇹

#PRD at the MOU-6 well site

Well head being prepared recently for welding and installation #PRD

Rig on way from MOU-5 to MOU-6 using the new road build at the side of the bridge that we had to have approval to build #PRD

Specialist logging tools arrived safely for checking & calibration #PRD

Preparations for drilling the Snowcap-3 well in🇹🇹are proceeding smoothly & on schedule. We expect to have the date for commencement of MOU-6 well operations in🇲🇦within the next 2 weeks on current schedule. Successful well testing with flow of hydrocarbons is the catalyst for finalising commercial deals & financing arrangements for development based on potentially attractive revenue forecasts. Speculating with regard to such arrangements at this time is mis-guided. We’ve demonstrated financial strength by always maintaining an adequate balance sheet. That has made it possible for us to retain our original equity in our projects & operatorship & control thereof during the higher risk stage of portfolio development over several years. This is what has attracted parties to our well-managed operations. This is combined with a recognition of our ability to execute drilling programmes with a low operating overhead & significant growth potential within the assets under our management. This strengthens our negotiating position when it comes to the most critical part of the oil & gas cycle - monetisation

Snowcap 3 site works